Assistant Manager, Agency Compensation

4 weeks ago

Kuala Lumpur, Malaysia Prudential plc Full time

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Agency compensation & benefits is a key department within the Agency division, providing services to key stakeholders with day-to-day interactions. The department provides the backbone upon which payment and collection services are provided to agents. The role requires:

- Various interactions with internal/external parties to the Company are expected, including Distribution teams, Agency force, Finance, Actuarial, IT and Legal/Compliance
- Interpret agency requests on compensation and benefits, assess requirements, identify/develop possible solutions and solves a range of problems
- Explains information in clear and concise manner
- Applies best practices and knowledge of internal/external business issues to improve existing processes

Roles & Responsibilities:
- Develop and implement key controls in commission cycle.- Develop good operational procedures for commission/compensation management including standard operating procedures.- Strong and solid understanding of Agency compensation & benefits business rules, Agency hierarchy in terms of commission payment and Agency Financing Scheme.- Strong and solid understanding on the regulatory guidelines in terms of commission and the corresponding impact to reporting - such as Balance Score Card for Agency.- Demonstrate ability to test and execute Agency commission related new initiatives/projects.- Prepare user requirements and design test case scenarios on new projects/enhancement projects on the Distribution Channels Management Systems, and supporting role for projects/enhancement with greater complexity.- Provide support to agents, as and when needed, in areas of commission, and liaise with Leaders/agents on compensation enquiries/complaints.- Ensure completeness and accuracy of all commission and bonus to agents every payment cycle.- Perform Financing Scheme qualification validation, financing scheme statement, commission recovery and related internal reporting and commission recovery.- Perform Balance Scorecard Reporting to BNM and MTA.- Ability to resolve problems arise on Agency compensation related matters as and when arise.- To follow-up all IT incident reported (agent commission related) and day 2 items.- Develop good operational procedures for regulatory reporting requirements.- Ensure regulatory guidelines in terms of compensation and benefits management are adhered to- Develop analytics on agency compensation and benefits, providing the basis for key management decisions.- Provide key support and line-of-sight to head of sections across the Company in terms of agency compensation.- Support the interaction with multiple stakeholders across the organization to ensure the commission analytics are fully understood.- Help establish and/or maintain risk management practices within the Agency compensation, in line with the various risk and compliance guidelines.- Actively manage processes to ensure adherence with regulatory guidelines.

Job Requirements:
- Minimum degree level, preferably in Accounting & Finance or Economics, Business Information.-
- Proficiency in MS Excel, Words, PowerPoint.- Data analytics using tools such as Power BI and Alteryx.-
- Articulate and proficient in written and spoken English.- Has great presentation and communication skills to articular clearly and accurately messages across diverse group of audience will be an advantage.- Capable to solve moderately complex problems and have new perspective on existing solutions.

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