Executive, New Business Operations

SINGAPORE LIFE LTD.; Singapore; On-site; SGD 50,000 - 75,000; Full time

Job summary

A leading homegrown financial services company in Singapore is seeking a dedicated professional for an insurance operations role. The position demands excellent knowledge in insurance, strong compliance with regulations, and a focus on customer service excellence. The successful candidate will manage daily operations, handle customer inquiries, and ensure regulatory standards are met in a fast-paced environment.

Qualifications

• Excellent working knowledge in insurance operations.
• Good verbal and written communication skills.
• Good understanding of regulations in the insurance industry.

Responsibilities

• Manage daily operations for Individual Life and Health Insurance Services.
• Ensure compliance with applicable laws and service standards.
• Design training programs for staff in the operation team.

Skills

Customer service

Complaint handling

Regulatory understanding

Problem solving

Communication

Interpersonal skills

Education

Degree in Insurance, Business Administration or Process Engineering

Insurance professional qualifications

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:

This role consists of:

• Policy Issuance – Creating client under a common client system, creating contract cover applied for, creating life insureds coverage, billing first premium, ensuring compliance with regulations e.g. Anti-Money Laundering (AML), Insurance Act, LIA undertaking.
• Client Level Changes e.g. change in personal particulars, contact details, returned mails.
• Handling Enquiries & Appeals – enquiries into status of application, appeals relating to administrative requirements.

Role Attributes:

• Manage daily operations for Individual Life and Health Insurance Services
• Handle complaints pertaining to transactions for Individual Life and Health Insurance Services
• Responsible for compliance with applicable laws, regulations and notices (including personal regulatory accountabilities in relation to fitness and propriety), and relevant Singlife’s Business Standards.
• Ensure full understanding of Fair Dealing Outcomes and one’s own accountability in delivering these outcomes as applicable to the role.

Key Responsibilities:

• The role assists the Manager in the Individual Life and Health Insurance Service operations on all transactional processing functions and process/workflow review and managing the people, process & systems to achieve operational efficiencies and service excellence. Continually improve efficiency and effectiveness of people, process and systems through System Thinking and Service Design Thinking to achieve desired Net Promoter Score.
• Deliver one-stop consistent and delightful customer experiences across all operation enquiries and transactions in accordance with the company’s service standards and quality objective.
• Ensure regulatory compliance and certification of all staff. Identify and obtain the Delegation of Authority for staff that’s needed to provide single-touch in Individual Life and Health Insurance Services operation handling.
• Responsible for ensuring that all correspondences provided to policyholders and advisers regarding their applications, are accurate, fast and with complete information.
• Design, coordinate and conduct relevant training programs for new and existing staff in the operation team – enquiries, processing, complaints investigation and resolution, business rules and processes, regulations, corporate governance and guidelines.
• Responsible for internal controls for financial and business protection pertaining to Individual Life and Health Insurance Services operations particularly in the area of prevention and detection of AML cases as well as unauthorised sales.
• Actively support Client Management, Service Relations and all Distribution Channels for all products to address all enquiries and complaints resolution pertaining to Individual Life and Health Insurance Services operation.
• The team is a highly mission critical function for the processing and issuance of all new applications from multiple Distribution Channels for all currently selling individual Life and Health policies. The work done directly determines the company’s achievement of Value of New Business (VNB) and Net Promoter Score (NPS).
• Ensure compliance with all applicable laws and regulations relating to the above functional activities.

Requirements:

Experience

• Excellent working knowledge in insurance operation.
• Good customer service and complaint handling skills.
• Good understanding of the principles for Life and Health products.
• Good understanding of the regulatory aspects of Life and Health insurance industry (MAS, LIA, CPF Board, MOH, MOM)
• Good verbal and written communication and interpersonal skills.
• Good problem solving and decision-making skills

Education

• Degree preferably in Insurance, Business Administration or Process Engineering
• Insurance professional qualifications preferred

Key Stakeholders:

• Business, Underwriting, Claims and System Support units to ensure appropriate transactional handling
• Clients, intermediaries, Third Party Administrators, Vendors, Official Assignee, LIA, CPF Board and MOH
• Internal and External Auditors

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