Assistant Manager, Distribution Sales Commission & Compensation

Income Insurance Limited; Singapore; On-site; SGD 70,000 - 90,000; Full time

Job summary

A leading insurance company in Singapore is seeking a meticulous Manager to oversee the management of sales commission schemes. The role involves ensuring accurate commission processing, managing compensation strategies, and maintaining compliance with regulatory requirements. Candidates should have a bachelor's degree and 6–8 years of experience in commission management, particularly in financial services. The position requires strong analytical and communication skills along with proficiency in Excel and data visualization tools.

Qualifications

• 6–8 years of experience in commission management or financial operations.
• Strong understanding of sales compensation models.
• Proven ability to manage large datasets and complex calculations.

Responsibilities

• Oversee the accurate processing of commissions and bonuses.
• Collaborate on agent compensation structures.
• Generate reports on commission trends and performance.

Skills

Analytical skills

Communication skills

Attention to detail

Stakeholder engagement

Education

Bachelor’s degree in Accounting, Finance, Business

Tools

Excel

Power BI

Tableau

Job description

We are seeking a meticulous and analytical Manager to oversee the end-to-end management of sales commission schemes for our insurance agents. This role plays a critical part in ensuring timely and accurate commission processing, driving compensation strategies, and supporting business growth through effective incentive frameworks.

Key Responsibilities

Commission Operations & Accuracy

• Oversee the accurate and timely processing of monthly commissions, bonuses, overrides, and special incentive payouts for insurance agents.

• Monitor and validate commission outputs to ensure alignment with sales performance, contract hierarchy, and compensation plans.

• Manage exception handling, escalation, and resolution of commission discrepancies.

Compensation Strategy & Framework

• Collaborate with Distribution leaders to review, design, and enhance agent compensation structures to align with business goals.

• Evaluate existing commission plans for effectiveness and propose refinements where needed.

• Provide insights and analysis to support strategic compensation reviews and product launches.

System & Process Enhancement

• Partner with IT and system vendors to maintain and enhance the commission system (e.g., ensure rules and logic are updated accurately).

• Lead UATs for system changes, commission plan updates, and new incentive programs.

• Continuously improve workflow automation, reporting tools, and control mechanisms.

Reporting & Governance

• Generate and review monthly dashboards and reports on commission trends, cost analysis, and performance payouts.

• Ensure governance and compliance with internal audit, regulatory, and contractual requirements (e.g., MAS regulations, agent contracts).

• Support internal and external audits related to compensation and sales incentive schemes.

• Stakeholder Management

• Act as a key liaison between Distribution, Finance, Compliance, and HR on commission-related matters.

• Provide advisory support to sales leaders and agency force on compensation queries and incentive plan interpretation.

Requirements

• Bachelor’s degree in Accounting, Finance, Business, or related fields.

• At least 6–8 years of experience in commission management, incentive programs, or financial operations—preferably within the insurance or financial services industry.

• Strong understanding of sales compensation models for tied agency, IFA, or bancassurance channels.

• Proven ability to manage large datasets, complex calculations, and system-based commission rules.

• Proficient in Excel, commission platforms, and data visualization tools (e.g., Power BI, Tableau).

• Detail-oriented, analytical, and process-driven.

• Strong communication and stakeholder engagement skills.

• Experience with regulatory frameworks (e.g., MAS, AML, fit & proper) is a plus.