Executive– Claims Payout- Contract @ IDBI Federal

Company Name :    IDBI Federal Life Insurance Co. Ltd.

Designation:    Executive – Claims Payout - 6 Months Contract

Job Description:

•  Processing policy & Claims payouts

• Collation of the payment request soft copies received for policy payouts - from NB/POS/Group operations.

• Checking whether Payment request has been approved as per DOA.

• Check whether COO approval is attached with the Freelook processed beyond Freelook period.

• Following up with the respective function incase of discrepancies.

• Daily refund summary as per payment mode.

• Preparation of Bank instructions as per the Daily refund summary.

• Printing of FEDL cheques for policy payouts & claims payout

• Filing of Documents/Voucher's & acknowledgements of payment.

• Maintaining cheque register for manually issued cheques.

• Scanning / Faxing of Bank instructions for Federal Bank.

• Updations of files:

Daily GL extract of need to be updated in the files maintained

• Policy refund IDBI

• Payment control Elixir.

• Policy Payments A/c

• Refund process till date

• Updating of quick cheque file

• Collection Bank upload & MIS

• Preparation of Bank upload file for Collection Account.

• Preparation of MIS on Delay in Banking of cash & cheque

Keywords: Claims Payout, MIS, Policy Payouts, Payment

Company Profile:

IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. At IDBI Federal, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on July 31st, 2011, the company has issued over 3.09 lakh policies with over Rs 17,435 Cr in Sum Assured.

Desired Profile:

• Candidate should have an experience in processing policy and claims payouts

• Should be conversant with Microsoft office (Word & Excel) and with mail correspondence

• Result oriented & could accomplish job within TAT

• Candidates worked with Oracle and from an insurance industry would be preferred

Experience:     1 - 5 Years

Role:     Finance Exec.

Functional Area:     Accounts, Finance, Tax, CS, Audit

Education:

UG - B.Com - Commerce

PG - Any PG Course - Any Specialization,Post Graduation Not Required

Location:     Mumbai, Mumbai Suburbs, Navi Mumbai

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