Executive, Policy Management

Singlife Life Ltd; Singapore; On-site; SGD 45,000 - 65,000; Full time

Job summary

A leading financial services company in Singapore is seeking a dedicated individual for the Policy Servicing Team. The role involves managing insurance policies, ensuring compliance with regulations, and enhancing customer service. The ideal candidate will have strong analytical skills and a background in insurance policy servicing. Join us to contribute to a customer-centric environment and improve operational efficiency.

Qualifications

• Proven experience in insurance policy servicing or similar role.
• Good knowledge in life, investment linked and health insurance products.

Responsibilities

• Processing policy servicing requests for amendments, payouts, and cancellations.
• Attend to policy servicing enquiries and provide timely resolutions.

Skills

Analytical Skills

Problem Solving

Communication

Attention to Detail

Education

LOMA Certification

SCI Certification

Tools

AS400

FileNet

BPM Workflow

Job description

Singlife is a leading homegrown financial services company, offering consumers a better way to financial freedom. Through innovative, technology-enabled solutions and a wide range of products and services, Singlife provides consumers control over their financial wellbeing at every stage of their lives.

In addition to a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance, Singlife offers investment and advisory solutions through its GROW with Singlife platform. It also offers the Singlife Account, a mobile-first insurance savings plan.

Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme. Singlife is also an official signatory of the United Nations Principles for Sustainable Insurance and the United Nations-supported Principles for Responsible Investment, affirming its commitment to finding a better way to sustainability.

The merger of Aviva Singapore and Singlife was announced in September 2020 and created one of the largest homegrown financial services companies in Singapore in a deal valued at S$3.2 billion. It was the largest insurance deal in Singapore at the time.

Singlife was subsequently acquired by Sumitomo Life in March 2024, one of Japan’s leading life insurers, which valued Singlife at S$4.6 billion, making the transaction one of the largest insurance deals in Southeast Asia.

Purpose of the Role:

The role is responsible for effective management and enhancing the servicing of insurance policies, ensuring seamless communication and the daily operation of Policy Servicing Team in line with Fair Dealing Outcomes[1]. This includes service strategies that are timely, consistent, and delightful to Singlife customers and distribution partners.

The role requires:

• Knowledge of life, investment linked and health insurance products under Singapore Life Ltd.

• Familiarity with regulatory requirements for insurance, FDO and PDPA

Key Responsibilities:

Policy Administration

• Processing of policy servicing requests for policy amendments, payouts, cancellations and client modifications.

• Ensure accurate and timely processing of policy servicing requests in the policy administration systems.

• Review and approve policy amendments and endorsements.

• Maintain high standards of accuracy and compliance.

Customer Service

• Attend to policy servicing enquiries, transactions and escalations from policyholders and intermediaries.

• Provide timely and accurate resolutions to stakeholders.

• Ensure all interactions are conducted in a professional and customer-centric manner.

Compliance

• Ensure compliance with industry regulations and company policies in all policy servicing activities – appliable regulations in Singapore, including but not limited to those issued by the MAS and Group business standards and policies.

Process Improvement:

• Identify opportunities and review root cause of gaps for process enhancements to optimize policy servicing procedures

• Collaborate with cross-functional teams to implement best practices and streamline workflows.

• Contribute to the development and implementation of efficient workflows to improve customer experience.

Involvement in Initiatives, Enhancements, Data Cleansing and Production issue resolutions

• Participate in initiatives or enhancements related to policy servicing processes and systems.

• Work closely with Tech to ensure timely resolution of production issues affecting policy servicing.

• Review and analyse system changes to ensure they align with business requirements and objectives.

Coaching / Mentoring

• Provide guidance and mentorship to junior team members, actively contributing to their skill development and fostering a collaborative team environment.

Key Decisions within the Role

• Financial authorisation limits as per the Authorisation Limits for Customer Service Related Transactions and Administrators UnderwritingAuthorityLimits–IndividualBusiness

Requirements:

Experience

• Proven experience in insurance policy servicing or similar role.

• Good knowledge in life, investment linked and health insurance products, regulations, and industry best practice.

• Strong analytical and problem-solving skills, with the ability to understand complex business processes and systems.

• Exceptional attention to details and organization skills.

• Excellent communication, both verbal and written, with the ability to effectively interact with stakeholders all levels.

• Ability to work independently and as part of a team in a fast-paced environment.

• Knowledge in AS400 / FileNet / Dotsphere / BPM Workflow for policy administration is highly desirable.

• Profession(s) preferred: LOMA, SCI certification (CLI, ILP, FNA or M5, M8, M9, HI)

Key Stakeholders:

External:

• Policyholders and Intermediaries – Financial Advisers, Brokers.

• Regulatory bodies, e.g. CPF Board, MAS, MOH, LIA, Official Assignee in Insolvency and Public Trustee’s Office

• Banks and vendors

• Auditors

Internal:

• Distribution heads and business development managers

• Tech, Operations, Finance, Actuarial, Product Management, Marketing, Legal, Compliance, Risk Management, internal auditors
  

If you find yourself able to demonstrate the criteria above, apply with us now. We look forward to your application.