Head, Annuity Operations

Annuity Operations Management:

• Provide overall leadership and direction for the organization's annuity operations function.
• Oversee the complete administration lifecycle of annuity policies from onboarding through ongoing servicing and benefit payments.
• Ensure accurate, timely, and efficient processing of annuity transactions.
• Establish and maintain effective operational procedures, controls, and service standards.
• Monitor operational performance and implement corrective actions where required.
• Ensure proper maintenance and integrity of annuity policy records and documentation.

Policy Administration & Servicing:

• Oversee the processing of new annuity business and policy administration activities.
• Ensure timely processing of policy amendments, beneficiary changes, transfers, withdrawals, and other customer requests.
• Monitor policy records to ensure completeness, accuracy, and consistency.
• Resolve complex policy administration issues and escalated cases.
• Ensure adherence to approved policies, procedures, and service-level requirements.

Benefits & Payment Management:

• Oversee the accurate and timely processing of annuity payments and contractual benefits.
• Ensure appropriate validation and authorization of payment instructions before processing.
• Monitor scheduled payments and identify exceptions, delays, and discrepancies.
• Work closely with Finance to resolve payment, settlement, and accounting-related issues.
• Ensure appropriate controls are maintained throughout the payment process.

Reconciliation & Operational Controls:

• Oversee regular reconciliation of annuity premiums, policy balances, benefits, payments, and related accounts.
• Investigate and resolve reconciliation exceptions and outstanding items.
• Strengthen operational controls to minimize errors, financial leakages, and processing risks.
• Maintain appropriate supporting documentation and audit trails.
• Collaborate with Finance and Investment teams to ensure accurate settlement and reporting of annuity transactions.

Customer Experience:

• Drive high standards of customer service across the annuity operations function.
• Ensure customer requests, enquiries, and complaints are handled efficiently and professionally.
• Monitor recurring customer issues and introduce improvements to address root causes.
• Work with Customer Service teams to resolve complex and sensitive customer cases.
• Promote a customer-centric culture across the annuity operations team.

Regulatory & Compliance:

• Ensure all annuity operations comply with applicable insurance regulations and internal policies.
• Maintain adequate operational documentation to support regulatory and internal audits.
• Collaborate with Compliance and Risk teams to identify and address operational and regulatory gaps.
• Monitor regulatory developments affecting annuity operations and ensure appropriate implementation.
• Support the preparation of regulatory reports and responses to regulatory enquiries.

Process Improvement & Digital Transformation:

• Review existing annuity processes and identify opportunities for efficiency and automation.
• Develop and implement improved operating procedures and workflow controls.
• Leverage technology and data to enhance accuracy, turnaround time, and service delivery.
• Drive continuous improvement initiatives across the annuity operations function.
• Identify opportunities to reduce manual processes and improve operational scalability.

Cross-Functional Collaboration:

• Partner effectively with Actuarial, Finance, Investment, Underwriting, Claims, Compliance, Risk, IT, and Customer Service teams.
• Collaborate with Actuarial teams on annuity calculations, valuations, and benefit-related matters.
• Work with Finance on reconciliations, settlements, financial reporting, and controls.
• Partner with Investment teams on matters relating to annuity funds and investment-linked processes.
• Ensure effective communication and coordination across all functions supporting annuity operations.

Team Leadership & Development:

• Lead, coach, and develop the annuity operations team.
• Establish clear performance objectives and service standards.
• Monitor team productivity, quality, and turnaround times.
• Identify capability gaps and implement relevant training and development initiatives.
• Build a culture of accountability, accuracy, collaboration, and continuous improvement.

Reporting & Performance Management:

• Develop operational dashboards and management reports covering annuity activities.
• Monitor key performance indicators relating to policy administration, payments, reconciliations, customer requests, and turnaround times.
• Provide management with regular reports on operational performance, risks, and improvement opportunities.
• Escalate material operational issues and risks appropriately.
• Use operational data and insights to support decision-making and process optimization.

Requirements
Education:

• Bachelor's Degree in Actuarial Science, Insurance, Finance, Accounting, Economics, Business Administration Or a related discipline.
• Professional certification or membership of a recognized insurance, actuarial, accounting, or financial services body will be an added advantage.

Experience:

• Minimum of 8–12 years of relevant professional experience within insurance, life insurance, annuity administration, pensions, financial services, or a related industry.
• Demonstrable experience managing annuity or life insurance operations.
• Previous experience leading an operations team within a regulated financial services environment.
• Strong exposure to policy administration, benefit processing, reconciliations, customer servicing, and operational controls.
• Experience collaborating with Actuarial, Finance, Investment, Compliance, Risk, and Customer Service functions.
• Demonstrated experience driving process improvement and operational efficiency initiatives.

Technical Competencies:

• Annuity Administration
• Life Insurance Operations
• Policy Administration
• Benefits & Payment Processing
• Reconciliation & Settlement
• Operational Risk & Controls
• Insurance Regulatory Compliance
• Customer Service Operations
• Process Improvement
• Data Analysis & Reporting
• Insurance Administration Systems
• Microsoft Excel
• Performance Management
• Operational Documentation.