New Business Processor

Feel Good About Doing Good

The Knights of Columbus is a tax-exempt Catholic fraternal benefit society that provides financial security to members and their families through our life insurance, long-term care insurance, disability income insurance, investment and annuity products. Charity is at the core of our missions: our profits are donated to help those in need and to support our faith - $1.73B over the past ten years.

While we have many employees who are not Catholic, we follow the Church’s teachings in our investment strategies and our employee benefits. As part of our religious mission, we support the pro-life cause by contributing to the March for Life and pregnancy resource centers, we oppose assisted suicide and euthanasia, we are evangelists for the Catholic faith, and we help Christians who are facing religious persecution in the Middle East. We all work together to support our two million members as they volunteer to help others in their parishes and communities around the world.

Share Your Talent. Live Your Purpose.

We are a growing and purpose-driven community of professionals. Join us to discover how you can meet your goals and ours!

Overview

This position is a union role and the starting hourly rate is $31.47.

The New Business Processor processes all funds related to the New Business Department, including 1035 Exchange, RRSP Transfers, Internal value requests and cash payments. Performs application entry of Life policies, including processing conversion/exchange requests, creates and/or updates client records, policy records and coverage records and issuance of the policy upon approval from Underwriting. Processes replacement documentation, notifying existing life insurance companies of possible replacement. Ensures compliance with state regulations. Researches and replies to inquiries received via email. Review and process outstanding requirements received for pending policies. Researches payment issues and communicates with agents and/ external companies regarding disposition of transfer funds. Reconciles New Business clearing accounts. Provides quality assurance on all issued business. Verify all issued Life and Annuity policies are in accordance with insurance regulations to ensure all information and documentation is correct before issuance to the owner.

Core Responsibilities

• Enters data for and reviews all Canadian and United States new applications with creation of client records including: reviewing applications for thoroughness, updating/creating and maintaining client records, policy records, coverage records, entering all necessary information in Ingenium and/or Life70; cancels policies if eligibility requirements are not met.
• Issues, reissues and adjusts new policies to coincide with the funds received and Underwriting decision. Performs final review of application for state specific forms, and compliance before issuance of the policy.
• Monitors and processes all email and amendments received in AWD. Makes changes to pending policies per agent and client requests for all Canadian and United States applications
• Cancels policies under our Free Look Provisions when requested.
• Receives, processes, and researches incoming premiums using cash, dividends, loan values, death claim proceeds, annuity distributions, surrender, disability waiver and commissions as appropriate for internal and external transfer of funds.
• Tracks status and progress of active files by communicating with the appropriate internal department, external financial institutions or Field force in regards to retrieving and processing funds.
• Reviews application and replacement forms via AWD to determine if the policy is a replacement (internal and external); if replacement policy sends all replacement files to the underwriting department; if not a replacement policy, forwards application and forms to appropriate department/area/personnel
• Generates a replacement letter, creates illustration using Navigator, provides additional correspondence and mails out to existing companies
• Reconciles all New Business clearing accounts including researching and analyzing general ledger entries.
• 0. Conducts final review of all Life Insurance and Annuities contracts in Ingenium and L70 before release to the member, ensuring electronic files are accurate; validates client, policy and coverage details and corrects as necessary
• Provides administrative support to department leaders.
• Performs other related duties as assigned.
  
  

Skills Qualifications

• Knowledge of the rules of external Life/Annuity Funds and maintaining compliance
• Knowledge of KofC life plans, including various amendments, riders and associated forms
• Familiarity with the Rules of the Order
• Detail oriented; ability to determine and correct errors related to job duties
• Knowledge of back interest calculation for funds received beyond allowable time period
• Knowledge of the Ratebook
• Knowledge of basic accounting principles
• Communication skills
• Basic mathematical skills
• Customer service skills
• Ability to research and analyze data to correct errors and resolve issues Systems/Technical Knowledge:
• Ability to use PC and related software, including Outlook, Microsoft Word and Excel
• Ability to enter and view data in Ingenium and L70.
• Ability to use Ratebook
• Ability to use Navigator to run illustrations
• Ability to use a calculator
• Ability to use AWD
  
  

Education

• High school diploma
• 3-5 years of experience
  
  

Authorization To Work In The United States Is Required.

This position is not eligible for visa sponsorship.

Physical Demands

Must be able to remain in a stationary position for a majority of the workday.