Business Development Associate

4 weeks ago

Toronto, Ontario, Canada BMO Full time

About the Role:

The New Business Associate is a key member of our team, responsible for providing exceptional customer service and processing life insurance applications with precision and efficiency. This role is ideal for individuals who thrive in fast-paced environments and are passionate about delivering high-quality results.

Key Responsibilities:

  • Process life insurance applications for Advisor distribution channels, ensuring timely and accurate completion.
  • Issue and settle policy contracts, maintaining high service and quality standards.
  • Address customer service issues, escalating as necessary to the Manager, New Business, while demonstrating sound judgment in handling customer interactions.
  • Understand and follow established policies and procedures for new business applications, issuing, and settling policy contracts.
  • Exhibit a strong sense of partnership with internal and external customers, demonstrating a commitment to service and urgency in completing tasks.
  • Investigate and resolve inquiries from the field and other team members related to specific cases.
  • Collaborate with Underwriting and Underwriting Support staff to exchange information and facilitate efficient decision-making by the underwriter.
  • Effectively communicate with Case Coordinators to obtain any outstanding requirements.
  • Provide accurate and professional service to customers and MGAs/Advisors, performing tasks such as:
    • Answering advisor inquiries to provide accurate information about BMO Life Assurance applications.
    • Running policy illustrations to verify premium calculations are correct.
    • Liaising with internal departments to ensure accurate and timely exchange of information.
    • Performing simple and complex New Business administrative tasks, as required for the processing of insurance applications.
    • Managing time-sensitive financial transactions, understanding market timing and the impact of backdating.
    • Understanding the impact of the movement of money within the organization, adhering to GAAP and AML guidelines to meet OSFI audit requirements.

Risk Management:

  • Adhere to all aspects of First Principles, our code of Business Conduct and Ethics, including individual accountability for potential conflicts of interest, safeguarding customer information, trading in securities, anti-money laundering, privacy, and disclosure of outside business activities.
  • Accuracy and timeliness of work completed by this role are critical to BMO Life Insurance's reputational risk.

Required Skills:

  • Strong customer service orientation.
  • Ability to effectively multi-task.
  • Ability to handle high-pressure situations with tight turnaround requirements.
  • Excellent organization skills.
  • Productivity-focused: Able to consistently process a high volume of tasks daily.
  • Ability to make sound transactional decisions in accordance with policies and directives.
  • Proficient with Microsoft Office (Word, Excel).
  • Bilingual (French) an asset.

Required Knowledge:

  • High school diploma.
  • University/College graduates preferred.
  • Excellent English - Written and Oral Communication skills required.
  • Fluently Bilingual in French would be an asset.
  • Completion of introductory LOMA courses (LOMA 1 and 2) preferred.
  • Working knowledge of life insurance products, particularly Universal Life, Traditional Life, and Critical Illness product features, and channels.
  • 1-2 years' experience in Life Insurance; New Business or Customer Service area preferred.
  • Previous experience with systems used to administer cases would be an asset (including: INGENIUM, WinRisk, Work Management, and Digital Library FileNet).

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