Risk Assessment Insurance Specialist

7 days ago

Toronto, Ontario, Canada Royal Bank of Canada Full time
Job Summary

We are seeking a highly skilled Risk Assessment Insurance Specialist to join our team at the Royal Bank of Canada. As a key member of our Financial Services Inc. team, you will play a critical role in ensuring the accuracy and compliance of our insurance policies.

Key Responsibilities
  • Branch Audit
    • Prepare policy information for branch directors and teams prior to their audit and work on the report prior to meeting.
    • Review owner's address, IA licensing, and ensure consistency with owner's address.
    • Highlight Agent of Record (AOR) Transfer in policies to the branch to ensure all documentation is in place and is within the branch secure folder.
    • Schedule a call with the Branch team and review the policy listing with a PowerPoint presentation.
    • Go through the checklist and ensure that the branch has everything in place prior to their audit.
    • Answer any questions during and after the branch audit call.
  • Policy Review
    • Sample 20 policies per month that have recently settled.
    • Concentrate on Universal Life and Whole Life products for review.
    • Ensure that suitability has been established and that the policy is in good standing.
    • Work with Estate Planning Specialist (EPS) on each policy and confirm with the EPS should there be any missing information.
    • Discuss each policy with Senior Management Team and obtain approval.
  • AOR Transfer in Policy Assessments
    • Generate a report of policies from the RBCWMFS Inc. database that have transferred into the agency.
    • Access policies by checking the carrier site first to confirm if the policy is still in force.
    • Compare the client and policy information on the RBCWMFS Inc. CRM database versus the carrier site.
    • Policies will require additional documentation to assist with the findings and assessments.
    • Concentrate on Whole Life and Universal Life products.
    • Request documentation from carriers such as original illustrations, applications, policy contract information such as schedules, financial UL funding.
    • Request Universal Life and Whole Life current in-force illustrations.
    • All communications with the carriers, advisor (agent of record), and EPS must be documented in our database.
    • Assessments, in-force illustrations, and original documents are to be uploaded to our CRM database system.
    • Assess and investigate if the policy is onside or offside and provide findings and assessment documents to both the advisor/agent of record and EPS.
Requirements
  • Must-Haves
    • Minimum 2-5 years in a life and living benefits insurance role.
    • Post-secondary studies in a related field.
    • Excellent communication skills.
    • Life & Accident/Sickness Insurance License (LLQP).
  • Nice-to-Haves
    • Bilingual French.
What's in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

Benefits

  • A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions, and stock where applicable.
  • Leaders who support your development through coaching and managing opportunities.
  • Ability to make a difference and lasting impact.
  • Work in a dynamic, collaborative, progressive, and high-performing team.
  • Flexible work-life balance options.
  • Opportunities to do challenging work.
  • Opportunities to take on progressively greater accountabilities.
  • Access to a variety of job opportunities across the business.
Job Skills

We are looking for individuals with the following skills:

  • Communication.
  • Competitive Markets.
  • Cross-Selling.
  • Customer Knowledge.
  • Customer Needs.
  • Group Problem Solving.
  • Identifying Sales Opportunities.
  • Insurance Products.
  • Perseverance and Follow-Through.
  • Sales.
  • Sales Activities.
  • Sales Closing.

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