Graduates: Policy Renewal Officer at Fosad Consulting Ltd

Fosad Consulting Ltd – Our client, a non-banking financial service institution is looking to hire a highly intelligent, young and dynamic professional with integrity to fill the role of Policy Renewal Officer (PRO).

Job Title: Policy Renewal Officer (PRO)

Description

• Process applications for, changes to, reinstatement of, and cancellation of insurance policies. 


• Duties include reviewing insurance applications to ensure that all questions have been answered, compiling data on insurance policy changes, 


• Changing policy records to conform to insured party’s specifications, compiling data on lapsed insurance policies to determine automatic reinstatement according to company policies, 


• Canceling insurance policies as requested by agents, and verifying the accuracy of insurance company records.

Responsibilities

• Interview policy holders and take their calls to provide customer service and obtain information on claims.


• Process, prepare, and submit business or government forms, such as submitting applications for coverage to insurance carriers.


• Process and record new insurance policies and claims.


• Correspond with insured or agent to obtain information or inform them account status or changes.


• Organize and work with detailed office or warehouse records, maintaining files for each policyholder, including policies that are to be reinstated or cancelled.


• Review and verify data, such as age, name, address, and principal sum and value of property on insurance applications and policies.


• Collect initial premiums and issue receipts.


• Modify, update, and process existing policies and claims to reflect any change in beneficiary, amount of coverage, or type of insurance.


• Transcribe data to worksheets and enter data into computer for use in preparing documents and adjusting accounts.


• Notify insurance agent and accounting department of policy cancellation.


• Calculate premiums, refunds, commissions, adjustments, and new reserve requirements, using insurance rate standards.


• Examine letters from policyholders or agents, original insurance applications, and other company documents to determine if changes are needed and effects of changes.


• Compare information from application to criteria for policy reinstatement and approve reinstatement when criteria are met.


• Obtain computer printout of policy cancellations or retrieve cancellation cards from file.


• Compose business correspondence for supervisors, managers and professionals.


• Check computations of interest accrued, premiums due, and settlement surrender on loan values.

Qualifications

• B.Sc in Insurance, Business Administration or any related field.


• One year experience in a similar role

Note: Only qualified candidates will be contacted.

Location: Lagos

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Graduates: Policy Renewal Officer at Fosad Consulting Ltd