Job Summary
The Agent Commission, Payroll & Marine Insurance Executive is responsible for managing agent commission calculations and payouts, processing employee payroll, and handling administrative and operational tasks related to marine insurance policies. The role requires strong coordination between finance, HR, agents, and insurance underwriting teams to ensure accuracy, compliance, and timely execution of all financial and insurance-related activities.
Key Responsibilities
1. Agent Commission Management
- Calculate agent/broker commissions based on approved commission structures and policy terms
- Maintain accurate records of agent agreements, commission rates, and amendments
- Prepare commission statements and reports for agents and management
- Ensure timely and accurate commission payouts
- Reconcile commission expenses with premium collections
- Handle agent queries related to commissions, deductions, and payments
- Ensure compliance with company policies and regulatory guidelines
2. Payroll Management
- Process monthly/bi-weekly payroll accurately and on time
- Maintain employee payroll data including salaries, allowances, deductions, and incentives
- Calculate statutory deductions (tax, social security, insurance, etc.) as applicable
- Prepare payroll reports for management and audits
- Coordinate with HR on employee onboarding, exits, salary revisions, and leave records
- Ensure payroll compliance with labor laws and internal policies
- Maintain confidentiality of payroll and employee compensation data
3. Marine Insurance Operations
- Assist in the issuance, endorsement, and renewal of marine insurance policies
- Handle documentation related to marine cargo, hull, and freight insurance
- Coordinate with underwriting, claims, and accounts teams for smooth policy processing
- Maintain accurate records of policies, premiums, claims, and endorsements
- Support premium invoicing and follow-ups for collections
- Assist in claims documentation and basic claim processing
- Ensure compliance with marine insurance regulations and company procedures
4. Reporting & Documentation
- Prepare MIS reports related to agent commissions, payroll, and marine insurance
- Maintain organized records for audits and regulatory inspections
- Support internal and external audits with required documentation
- Identify discrepancies and suggest process improvements
5. Coordination & Compliance
- Liaise with agents, insurers, surveyors, and internal departments
- Ensure adherence to financial controls, insurance regulations, and company SOPs
- Support management in financial planning and operational efficiency
Required Qualifications
- Bachelor's degree in Commerce, Accounting, Finance, Business Administration, or a related field
- Certification or training in insurance or payroll management is an advantage
Skills & Competencies
- Strong knowledge of payroll and commission calculations
- Basic to good understanding of marine insurance concepts and documentation
- Proficiency in MS Excel and accounting/payroll software
- High attention to detail and accuracy
- Good analytical and problem-solving skills
- Strong communication and coordination abilities
- Ability to handle confidential information responsibly
Experience
- Experience in agent commission handling, payroll processing, or insurance operations
- Prior experience in marine insurance is preferred but not mandatory (depending on role level)
Key Performance Indicators (KPIs)
- Accuracy and timeliness of commission and payroll processing
- Compliance with regulatory and internal guidelines
- Quality and timeliness of marine insurance documentation
- Effective handling of agent and employee queries
- Audit and reconciliation accuracy
