Distribution Compensation Specialist
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What you'll do
- Work with Agency Distribution / Partnerships Distribution / Customer to design, review and recommend changes to Agency Distribution / Partnerships Distribution compensation and incentives to achieve business objectives and ensure financial supportability
- Obtain relevant approval for compensation changes in compliance with governance
- Ensure performance is monitored relative to business case and support in providing senior management with regular updates
- Perform post implementation review on approved business cases
- Support agency recruitment by developing the effective means to achieving recruitment targets and objectives
- Review the effectiveness of various recruitment schemes and work with Agency Recruitment to implement further improvements
- Review and support the implementation of Distribution Strategies, especially from product and compensation analytics perspective
- Understand the impact and implication of such initiatives and provide coordination within Finance and Actuarial where appropriate
- Build DCA knowledge of the organization, processes and customers
- Manage Agency appeals, carrying out an assessment of reasonableness, business needs and financial costs, while ensuring timely resolution and adherence to governance standards
What they're looking for
- At least 7 years of relevant experience in finance or actuarial roles or positions
- Degree in Actuarial or Finance
Nice to have
- Agency experience is a plus
Summarised by NextRaise from the employer’s description, which follows in full below.
Full description from employer
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.
Reporting to the Head of DCA, the Distribution Compensation Specialist will assist in the review and performance of business cases, compensation and tracking of incentive spent.The role partners closely with Agency Distribution, Partnership Distribution and Customer Team to design, cost and holistically evaluate the effectiveness of all incentives and distribution compensation.
Job Description:
Compensation and Incentive Schemes
Work with Agency Distribution/Partnerships Distribution/Customer to design, review and recommend changes to Agency Distribution/Partnerships Distribution compensation and incentives to achieve business objectives and ensure financial supportability
Obtain relevant approval for compensation changes in compliance with governance
Ensure performance is monitored relative to business case and support in providing senior management with regular updates. Where necessary, recommend changes to management together with distribution
Perform post implementation review on approved business cases
Agency Recruitment Schemes
Support agency recruitment by developing the effective means to achieving recruitment targets and��objectives.
Review the effectiveness of various recruitment schemes and work with Agency Recruitment to implement further improvements
Business Strategies and Special Projects
Review and support the implementation of Distribution Strategies, especially from product and compensation analytics perspective.
Understand the impact and implication of such initiatives and provide coordination within Finance and Actuarial where appropriate
Build DCA knowledge of the organization, processes and customers
Agency Appeals
Manage Agency appeals, carrying out an assessment of reasonableness, business needs and financial costs, while ensuring timely resolution and adherence to governance standards.
Who we are looking for:
Competencies & Personal Traits
Good technical financial knowledge
Good understanding of insurance industry issues and trends
Detailed and Meticulous
Strong analytics skills
Ability to work autonomously
Good communication skills
Business acumen
Inquisitive and ability to think out of the box and look beyond existing solutions and own area to define/resolve issues
Working Experience
At least 7 years of relevant experience in finance or actuarial roles or positions
Agency experience is a plus
Education
Degree in Actuarial or Finance
Language
English
Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.
Company
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