What are the responsibilities and job description for the Policy Compliance Specialist position at National Western?
Category
Administration
Description
Who we are :
Prosperity Group Holdings, LP ("Prosperity") is a holding company with three U.S. insurance entities : Shenandoah Life Insurance Company ("SHEN"), SBLI USA Life Insurance Company, Inc. ("SBLI"), S.USA Life Insurance Company, Inc. ("S.USA"); one Bermuda reinsurance entity, Prosperity Life Assurance Limited ("PLAL"); as well as an asset manager, Prosperity Asset Management, LLC ("PAM").
Through the three U.S. insurance entities, Prosperity provides financial security to customers and their families through innovative protection, asset accumulation, and supplemental health insurance products. Through its reinsurance entity, it provides customized and innovative capital, investments and risk management solutions to its reinsurance clients. All Prosperity insurance / reinsurance entities are rated A- by A.M. Best and Kroll. Since 2019, assets under management by Prosperity entities have grown from $2.3 billion to $16 billion.
Prosperity is owned by funds affiliated with Elliott Investment Management L.P. ("Elliott") and has access to flexible capital through Elliott. The funds that make up the capital provided by Elliott to Prosperity have no maturity date and therefore no time horizon to exit. This allows Prosperity to grow at their own pace over a long period of time.
Prosperity's asset management team established a distinct business, PAM, under the Prosperity umbrella representing the investment management and asset origination team of Prosperity in 2022. In this capacity, PAM manages over $10 billion in assets for Prosperity's insurance and reinsurance businesses. As part of the company's vision to continue its expansion of its insurance business and grow to $25 billion in assets by 2025, Prosperity has entered into a definitive merger agreement to acquire National Western Life Group, Inc. At the close of the transaction, expected in the first half of 2024, Prosperity will have more than $25 billion assets under management and will be servicing more than 1 million policies.
Prosperity is a high-growth insurance holding company led by a seasoned management team with significant experiences in the insurance and asset management sectors.
Job Summary :
The Policy Compliance Specialist II is a mid-level customer support position that reviews and investigates Insurance Dept. inquiries or complaints including decisions in preparing appropriate correspondence; requesting and reviewing agent responses; and providing final position or resolution to the Insurance Dept. By statute, these complaints require timely and thorough communication. Untimely or incorrect responses could subject the company to penalties and / or lawsuits.
Essential Job Functions :
- Consult with NWL Legal Dept. and Marketing Dept. regarding Insurance Dept inquiries or complaint responses
- Make recommendations to management regarding agent actions discovered in Insurance Dept. complaints
- Log in consumer and Insurance Department complaints and maintain detailed complaint file for the Company as required by statute.
- Review complaint history for previous agent complaints
- Open and determine disposition of incoming mail received by POS Vice Presidents
- Mail correspondence and send faxes for Vice Presidents
- Indexes mail and transfers work to the proper Vice President
- Responsible for providing Schedule A information to qualified plans and administrators
- Make qualified plan trustee, address, and administrator changes to mainframe
- Assist agents and policyholders with general policy information
- Order Universal Life projections for International and Domestic agents
- Handle annual IRS and SEP mailings and follow-up research
- Research unidentified checks and deliver to proper department
- Prepare verification letters to auditors for Qualified Plans
Knowledge, Skills & Abilities :
Education and Experience :
Supervision & Leadership :
Work Environment :
Position Requirements
Full-Time / Part-Time
Full-Time
Compensation Range
47,000-$52,000
Position
Policy Compliance Specialist
Exempt / Non-Exempt
Non-Exempt
About the Organization
National Western Life provides high quality insurance products on a global basis to meet the financial security needs of well-defined market segments. We provide professional and friendly service to our policyholders and agents and are responsive to the needs of our employees, shareholders and the community.
EOE Statement
We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status or any other characteristic protected by law.
This position is currently accepting applications.
Salary : $47,000 - $52,000
