Onboards new managing general agencies (MGA)/distributors and advisors to allow them to market BMO Life Assurance products. Considers contracting requests and provides support to MGAs/distributors and advisors. Maintains compensation rates so that payments are accurate and timely. Answers technical questions related to contracting and compensation payments.
- Ensures alignment between stakeholders.
- Provides guidance to the contracting team regarding general contracting principles as well as specific concerns involving validity of contracts.
- Understands and mitigates risks and regulatory implications of contract management and compensation structures.
- Builds change management plans of varying scope and type; leads or participates in a variety of change management activities including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
- Conducts independent analysis and assessment to resolve strategic issues.
- Ensures activities are executed in accordance with established policies and procedures and compliance requirements.
- Assesses and provides guidance on any non-standard contracting request or special contracting and compensation arrangement while ensuring that contractual obligations are met
- Leads or participates in defining the communication plan designed to positively influence or change behaviour; develops tailored messaging; and identifies appropriate distribution channels.
- Develops new practices and processes to support contract management, as required.
- Monitors and tracks performance, and addresses any issues.
- Mitigates relationship and financial risk by accurately setting up and maintaining MGA/Distributors and Advisor records in administrative systems to avoid inaccurate or delayed compensation which could result in unlimited financial risk.
- Identifies business needs, designs/develops tools and training programs; may include delivery of training to audiences.
- Maintain contracting guidelines to ensure they are complete, accurate and updated and escalates any issues.
- Works independently on a range of complex tasks, which may include unique situations.
- Ensures that accurate and timely processing of Advisor contracting is consistent with BMO Life Assurance philosophy and in compliance with provincial and federal laws and regulations.
- Breaks down strategic problems, and analyses data and information to provide insights and recommendations.
- Manages people and leads a team capable of delivering the desired business results.
- Provides advice and guidance to assigned business/group on implementation of solutions.
- Provides guidance and direction on more complex contracting files or special arrangements.
- Exercises judgment to identify, diagnose, and solve problems within given rules.
- Oversees the set-up of MGA/Distributors and Advisors on the administrative system to ensure appropriate compensation based upon sales and according to their contract.
- Participate in and identify the business requirements and contracting resources for any technology changes required to support contracting operations and/or resolve technical issues.
- Broader work or accountabilities may be assigned as needed.
- Manages the workflow to ensure that all work is completed according to contractual obligations including compensation payroll for MGA/Distributors and Advisors.
- Addresses escalated MGA/Distributor, advisor or customer situation according to established procedures.
- Maintains MGA/Advisor records on all systems as applicable to ensure timely and accurate payment of compensation.
- Reviews reports to ensure completeness of daily processing.
- Act as the internal subject matter expert on contracting management and any issues impacting contracting, identifying opportunities and assists, as required on project teams.
- Develops solutions and makes recommendations based on an understanding of the business strategy and stakeholder needs.
- Establishes, maintains and monitors reports that reflect business activity related to Advisor contracting.
- Supports the execution of strategic initiatives in collaboration with internal and external stakeholders.
- Builds effective relationships with internal/external stakeholders.
- Leads/participates in the design, implementation and management of core business/group processes.
- Focus is primarily on business/group within BMO; may have broader, enterprise-wide focus.
Qualification & Experience:
- Collaboration & team skills – In-depth.
- Experience working with managing general agencies/Distributors (MGAs) an asset.
- Technical proficiency gained through education and/or business experience.
- Influence skills – In-depth.
- Experience in compliance monitoring – asset.
- Expert level knowledge of insurance products, contracts and compensation schedules.
- Typically between 4 – 6 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
- Bilingual Language-Oral and Written- an Asset
- Analytical and problem solving skills – In-depth.
- Verbal & written communication skills – In-depth.
- Data driven decision making – In-depth.
Vacancy Type: Full Time
Job Location: Brampton, CA
Application Deadline: N/A