Pan-American Life Insurance Group (PALIG) is seeking a Producer Services Associate to join the Producer Services team in our New Orleans, Louisiana Office and will be subject to a hybrid work schedule. This person will handle all servicing aspects related to Producers. It includes due diligence on contracting paperwork, entering data into the administrative system, maintenance of producer information and payment of commissions. It also includes responding to emails and telephone calls from producers as well as all accounting transactions such as tax reporting, debit balance monitoring and suspense related items pertaining to producers.
ESSENTIAL FUNCTIONS:
Producer Contracting & Maintenance:
Responsible for the initial licensing, appointing and contracting of a new producer for the Domestic and Private Client Life line of business, which includes, but is not limited to:
- Initiate background checks on potential producers
- Coordinate initial Anti-Money Laundering training
- Review completed background check reports and make recommendations regarding approval or denial of the producer/agent
- Process state Department of Insurance appointments
- Data entry in administration systems
- Responsible for providing service or assistance to Sales and/or Managing Producers with respect to licensing, contracting, appointing, first time licensing, etc.
- Responsible for the maintenance of producer’s information in system of record. This includes but is not limited to renewals, address changes, contract changes, commission assignments, license updates, updating E & O coverage, region updates, terminations, etc.
Producer Services-related Accounting Transactions:
- Monitoring, researching and clearing of suspense accounts
- Monitor and reconcile compensation system exception report or kick out accounts
- Reconciliation of commission calculations and payments
- Monitor and reconcile tax withholding with each commission cycle, filing of tax reporting and withholding monthly/annually.
- Reconcile and approve 1042’s and 1099-Miscellaneous tax reporting for all active and terminated producers where applicable.
- Monitor PALIG’s Producer Debit Balances to include the preparation of any Debit Balance Audits, reporting a producer to Vector, removing a credit balance via a Life-Comm journal voucher from one company to another, communicate with producer and report a producer to collections when unsuccessful with attempts to collect the debt.
- Review and reconcile monthly/annual compensation bonus accrual process.
- Assist with internal and external commission audits.
Producer Services Inquiries:
- Receive, research and timely address inquires received from Producers and/or Sales Team.
- Communicate clearly and professionally with all parties involved
Projects & Other Assignments:
- Working with Business Analysts to complete special projects
- Other duties as assigned by management
Training and Development:
- Assist with training new employees on current practices and procedures.
- Assist with the creation and revision of procedures and training material.
- Work toward improving and streamlining processes
KEY REQUIREMENTS & KNOWLEDGE, SKILLS & ABILITIES:
- High School Diploma or equivalent, advanced degree preferred (associate or bachelor's degree with a focus in accounting)
- 2 - 3 years of work experience preferably in the Life Insurance and/or Banking/Finance Industry or Agency/Producer field
- Accounting experience with reconciliation, analysis, and general ledger experience to include accounts payable/receivable preferred
- Bilingual in English and Spanish preferred (ability to read/write/speak)
- Proficient with Computer Skills, Excel, Word and Access
- Excellent analytical, communication and organizational skills
- Excellent customer service skills
Pan-American Life Insurance Group Offers:
- Comprehensive Compensation Packages (base & bonus)
- Comprehensive Benefits Package: Medical, Dental, 401K, Paid Time Off, and Tuition Reimbursement, etc. are some examples. New hires are eligible for medical and dental coverage on the first of the month following 30 days of service.
Who We Are:
Pan-American Life Insurance Group (PALIG) serves the life, accident, and health insurance needs of individuals and businesses in 49 U.S. states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands through its U.S. based member companies - Pan-American Life Insurance Company and Pan-American Assurance Company.
At Pan-American Life, our employees are our greatest asset. We are grateful for the collaborative efforts of our employees and partners, and for the confidence of the policyholders whose life and health we protect. It is through this long-standing commitment that Pan-American Life continues to succeed.
Pan-American Life is an Equal Opportunity Employer/Drug Free Workplace.
Top Skills
What We Do
Since 1911, Pan-American Life has been dedicated to being the first-choice partner for top rated life, accident and health insurance and employee benefits for local and multi-national companies, as well as individuals seeking trusted financial security. Guided by the success and strength of its over 110-year history, PALIG has established a track record as one of the most financially sound insurance companies. The company’s heritage manifests a longstanding dedication to providing customers with innovative products and services to secure their future. PALIG employs more than 1,650 worldwide and provides top-rated life, accident and health insurance, employee benefits and financial services in 49 states, the District of Columbia (DC), Puerto Rico, and the U.S. Virgin Islands. The Group’s member companies offer individual and/or group life, accident and health insurance throughout the Americas in the United States, Latin America and the Caribbean. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including Barbados, the Cayman Islands, Curacao and Trinidad and Tobago.
To learn more about Pan - American Life Insurance Group, visit palig.com and to join our team, visit https://www.palig.com/about-palig/careers
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