Client Account Specialist

Newport, an Ascensus company, helps employers offer their associates a more secure financial future through retirement plans, insurance and consulting services. Newport offers comprehensive plan solutions and consulting expertise to plan sponsors and the advisors who serve them. As a provider and partner, Newport is independent, experienced, and responsive.

Section 1: Position Summary

This role is responsible for creating, analyzing, managing, and delivering comprehensive reports of bank and insurance company owned life insurance (BOLI & ICOLI) policies for an assigned group of clients. They work closely with stakeholders and the Carrier Data Coordinator to ensure accuracy and relevance. Key responsibilities include data analysis and report development. This role develops and maintains a full understanding of trends for each client’s BOLI/ICOLI portfolio and performs detailed analysis to ensure accuracy of reports. This role has a direct impact on the ongoing relationship with BOLI and ICOLI clients.

Section 2: Job Functions, Essential Duties and Responsibilities

Client Reporting

• Develops and maintains an in-depth understanding of the reporting needs for each client.
• Researches and resolves any issues specific to each client concerning products, policy values, crediting rates, and other information in reports delivered.
• Prepares, reviews, and delivers all client reporting.
• Performs quality control checks, reports to supervisor and Relationship Manager on client satisfaction, and any other items necessary to assure customer loyalty.
• Handles large volume of Personally Identifiable Information (PII) with necessary sensitivity

BOLI/ICOLI Specific Knowledge & Interpretive Analysis

• Understands the differences and similarities between general account, separate account, and hybrid account insurance policies.
• Comprehensive understanding of separate account BOLI/ICOLI policies and related stable value features.
• Comprehensive understanding of various product mortality treatment features.
• Ability to read and interpret life insurance policy and related document provisions that may impact policy performance. Knowledge of accounting concepts and other results that may impact reporting and policy decisions.
• Understanding of how tax, regulatory, and GAAP standards impact BOLI/ICOLI.

Analytical

• Gathers and analyzes data from various sources to identify trends and draw meaningful conclusions while developing an in-depth understanding of each client’s BOLI/ICOLI products.
• Develops a process and methodology for regular yield analysis and identification of changes relevant to each client’s portfolio.
• Performs various financial functions and cell manipulation in Microsoft Excel including Internal Rate of Return (IRR), VLOOKUP, etc.
• Creation of ad hoc schedules and reports based on client requests/needs.
• Strong understanding of time value of money concepts.
• Solves complex problems and improves processes.

Procedural

• Maintains knowledge of proprietary BOLI/ICOLI administration system and its functions.
• Assists in the implementation and ongoing maintenance and application of regulatory requirements for BOLI/ICOLI clients.
• Contributes to development of executive-level reports, materials, and administrative standards for clients, and assists with the implementation of changes.
• Develops and maintains full understanding of day-to-day workflow processes required for assigned client plans.
• Self-starter working in a fast-paced, demanding environment under tight deadlines.
• Works independently to manage assigned workload while working under pressure and can readily adapt to changing priorities.

Collaborative

• Assists in facilitation of communication between the different business lines represented in Ascensus’ Newport team for all assigned clients.
• Collaborates with others, seeks/conveys information, initiates action, adapts to change and openly shares knowledge with colleagues.
• Participates in setting department standards, processes, and procedures.

Travel: Up to 5%

Responsible for protecting, securing, and proper handling of all confidential data held by Ascensus to ensure against unauthorized access, improper transmission, and/or unapproved disclosure of information that could result in harm to Ascensus or our clients.

Our Core Values of People Matter, Quality First and Integrity Always® should be visible in your actions on a day to day basis showing your support of our organizational culture.

Supervision

• N/A

Section 3: Experience, Skills, Knowledge Requirements

• Bachelor’s degree from an accredited university in Business, Finance, Accounting, Economics, Mathematics, or related field
• 3-5 years of total experience within the banking or insurance industry or equivalent combination of education and experience
• Must have advanced MS Office skills, especially in Excel
• Crystal Reports
• Life Insurance license or ability to obtain within 6 months
• In-depth knowledge of accounting principles preferred

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