Assistant Vice President, Account Management (Employee Benefits & Healthcare)

SINGAPORE LIFE LTD.; Singapore; On-site; SGD 50,000 - 70,000; Full time

Job summary

A leading homegrown financial services company in Singapore seeks a dedicated professional to manage renewal portfolios and enhance client relationships. The role involves achieving premium targets, maintaining renewal rates, and collaborating with various stakeholders to drive business growth. Ideal candidates will have experience in Employee Benefits and strong communication skills.

Qualifications

• 3 years of experience in Employee Benefits industry.
• Sound knowledge of Life and Health Insurance.

Responsibilities

• Achieve annual premium targets and maintain 90% renewal persistency.
• Upsell new products to existing clients.
• Ensure timely submission of monthly business reports.

Skills

Presentation Skills

Interpersonal Skills

Communication Skills

Negotiation Skills

Education

Recognized university degree

GCE ‘A’ level

Diploma with relevant professional insurance qualifications

Tools

Microsoft Excel

Job description

Singlife is a leading homegrown financial services company, offering consumers a better way to achieve 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 sustainability.

The merger of Aviva Singapore and Singlife was announced in September 2020, creating 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 it one of the largest insurance deals in Southeast Asia.

Purpose of the Role:

1. Contribute to the growth and profitability of assigned renewal portfolios.
2. Maintain high renewal persistency to achieve business targets and profitability.
3. Build strong relationships with assigned intermediaries.
4. Actively engage and strengthen relationships with various internal and external stakeholders.
5. Ensure renewal business is timely processed and billed.
6. Manage and resolve issues/escalations raised by the intermediaries and/or clients, e.g., EB-Connect, MySinglife App, etc.
7. Conduct or participate in communication sessions for renewal accounts arranged by the intermediaries.
8. Collate the business unit’s financial performance and reporting.
9. Work with distribution channels to promote cross-selling of retail plans.
10. Perform credit control.
11. Participate in projects to expand and create growth opportunities in career progression.

Role Attributes:

• Oversight of renewal business for brokers source assigned.

Key Responsibilities:

Financial

• Achieve annual premium targets.
• Maintain a minimum 90% renewal persistency rate.
• Upsell new lines of products to existing clients for APE targets.
• Work with distribution to promote cross-selling of retail individual products.

Non-Financial

• Adhere to the service level as agreed under the service agreement.
• Respond to incoming emails within 3 working days.
• Respond to escalations within the agreed TAT.
• Responsible for monthly invitation of group policies due for renewal.
• Follow up for renewal data and the compulsory due diligence form to the billing team for billing/endorsement.
• Responsible for collection of premiums within the credit term.
• Ensure timely submission of monthly business reports to brokers (as per SLA).
• Conduct staff communication sessions to employees and intermediaries.
• Send reminders on outstanding premiums to brokers at least 30 days before the LOG suspension and claims withhold kicks in.
• Ensure risks are underwritten/accepted in accordance with the risk management and underwriting policies of the company and ensure compliance with regulatory requirements.

Requirements:

Experience

• Preferably with 3 years of experience in Employee Benefits industry and sound knowledge of Life and Health Insurance.

Capability

• Able to work independently.
• Strong presentation skills.
• Strong interpersonal skills.
• Strong communication and negotiation skills.
• Proficient in Microsoft Excel.

Education

• Recognized university degree; or at least GCE ‘A’ level or Diploma with relevant professional insurance qualifications.
• Capital Markets & Financial Advisory Services (CMFAS) Exams: Modules 5 & 9 (CLI, ILP equivalent).
• Certificate in Health Insurance.

Key Stakeholders:

External:

• Customers: Intermediaries, and HR of Corporate customers.
• Others: Consulting Firms, Medical Providers, reinsurers.

Internal:

• Various Departments: Group Operations - Group Life & Health Services, Claims, Underwriting, Group Receipting, Set-up, Compliance, Legal, Finance, Marketing, Group Actuarial & Reinsurance, Pricing.

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