Client Account Specialist

Company

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.

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. The 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, with a direct impact on the ongoing relationship with BOLI and ICOLI clients.

• Develop in-depth understanding of the reporting needs for each client.
• Research and resolve any issues specific to each client concerning products, policy values, crediting rates, and other information in reports delivered.
• Prepare, review, and deliver all client reporting.
• Perform quality control checks, report to supervisor and Relationship Manager on client satisfaction, and any other items necessary to assure customer loyalty.
• Handle large volume of Personally Identifiable Information (PII) with necessary sensitivity.
• Understand differences and similarities between general account, separate account, and hybrid account insurance policies.
• Have comprehensive understanding of separate account BOLI/ICOLI policies and related stable value features.
• Have comprehensive understanding of various product mortality treatment features.
• Read and interpret life insurance policy and related document provisions that may impact policy performance, and understand accounting concepts and other results that may impact reporting and policy decisions.
• Understand how tax, regulatory, and GAAP standards impact BOLI/ICOLI.
• Gather and analyze data from various sources to identify trends and draw meaningful conclusions while developing an in-depth understanding of each client’s BOLI/ICOLI products.
• Develop a process and methodology for regular yield analysis and identification of changes relevant to each client’s portfolio.
• Perform various financial functions and cell manipulation in Microsoft Excel including Internal Rate of Return (IRR), VLOOKUP, etc.
• Create ad hoc schedules and reports based on client requests/needs.
• Strong understanding of time value of money concepts.
• Solve complex problems and improve processes.
• Maintain knowledge of proprietary BOLI/ICOLI administration system and its functions.
• Assist in the implementation and ongoing maintenance and application of regulatory requirements for BOLI/ICOLI clients.
• Contribute to development of executive-level reports, materials, and administrative standards for clients, and assist with the implementation of changes.
• Develop and maintain 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.
• Work independently to manage assigned workload while working under pressure and can readily adapt to changing priorities.
• Assist in facilitation of communication between the different business lines represented in Ascensus’ Newport team for all assigned clients.
• Collaborate with others, seek/convey information, initiate action, adapt to change and openly share knowledge with colleagues.
• Participate in setting department standards, processes, and procedures.

• 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.

Up to 5%.

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.