Service Specialist: Death Claims

Through our client-facing brands and our other specialist brands, Momentum Group enables business and people from all walks of life to achieve their financial goals and life aspirations.

We help people grow their savings, protect what matters to them and invest for the future. We help companies and organisations care for and reward their employees and members. Through our own network of advisers or via independent brokers and utilising new platforms Momentum Group provides practical financial solutions for people, communities and businesses.

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Role Purpose
As a Death Claim Service Specialist at Momentum Wealth Technical Support Service, you will play a crucial role in the receipt, review, and processing of Wealth death claims associated with both Voluntary and Compulsory products. Your work will directly impact the quality of service delivered to our clients and their beneficiaries during a sensitive time, emphasising our commitment to a personal and compassionate approach to investing.

This role is integral to ensuring that beneficiaries receive timely and compassionate service during a challenging time. By upholding the highest standards in claim processing, within the prescribed turnaround time, with a personal caring touch, you contribute to the overall mission of 'to us, it is personal'.

Requirements
Relevant Knowledge

• Relevant Product Knowledge: Understanding specific products offered by Momentum Wealth (local and international) within the investment space, including features, advantages, limitations, tax and fees impact, etc.
• Relevant Business Procedures and Processes: Sound understanding of business-related procedures and processes within the Momentum Wealth (local and international) services context, ensuring efficient service delivery and operational effectiveness.
• Relevant Systems: In-depth knowledge and understanding of the Wealth systems (local and international), its features, and the outcome of your actions.
• Investment Products: Comprehensive knowledge of various investment products, including their features, benefits, risks, and specifics. Familiarity with product types such as unit trusts, ETFs, structured products, personal share portfolios, living annuities and retirement annuities is essential.
• Financial Services Industry Knowledge: In-depth understanding of the financial services industry, including current trends, challenges, and opportunities. This knowledge is vital for providing informed service to clients.

Relevant Experience

• Investments Service: A minimum of 4 years of practical and relevant experience within the Momentum Investments service area. Familiarity with the four functional lines (Wealth, MWI, MCI, and Annuities) is advantageous, along with product, process, procedure, and system knowledge.
• Industry Experience: At least 10 years of practical and relevant experience within the broader Investment, Insurance, and Financial Services industry. Demonstrated excellence in administrative tasks and innovative client servicing and support, with experience in the investment industry (LISP) considered a plus.

Regulatory and Compliance

• Knowledge of relevant regulatory frameworks and compliance requirements that govern the financial services industry.

• Comprehensive knowledge and understanding of legislation within the insurance and investment industries, including but not limited to:

• Protection of Personal Information Act (POPIA), General Data Protection Regulation (GDPR), Treating Customers Fairly (TCF), Financial Intelligence Centre Act (FICAA), Know Your Customer (KYC), Anti-Money Laundering (AML), Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS), Financial Advisory and Intermediary Services Act (FAIS), etc.

Educational Background

• A minimum of a Grade 12 certificate is non-negotiable.
• A Bachelor of Commerce in Finance/Investments or related degree or relevant tertiary qualifications is advantageous.

Learning Agility
:

• Demonstrated ability to quickly learn and understand new systems and processes with confidence and ease.

Computer Literacy and Skills:

• Advanced dual-screen navigation and typing skills.
• Proficiency in the Microsoft Office suite (Excel, Word, PowerPoint, Outlook, and Teams) at an advanced level.

Duties & Responsibilities
Task Description:

• Processing Death Claims:

Initiate Claims:

• Receive and index death claim requests, creating an 'Investment Death Claim' task for each case.

Acknowledge Receipt:

• Send an email to the claimant or the sender of the instruction to confirm receipt of the death claim request.

Register Date of Death:

• Once a copy of the death certificate is received as proof of the investor's passing, register the date of death in the system.

Process Claims:

• Handle death claims for both voluntary and compulsory products, ensuring adherence to all applicable guidelines.

Forex Beneficiary Claims:

• Process claims related to Forex beneficiaries as required.

Draft Resolutions:

• Prepare resolutions for the stabilization funds (specifically the Retirement Annuity Option and Retirement Preservation Option) and present them to the Trustees.

Communication:

• Maintain effective communication with advisers, clients, and third-party financial service providers (FSPs) to address any outstanding requirements via phone and email.

Minimize Issues:

• Actively work towards reducing any possible losses and manage escalations or complaints to ensure a smooth operational process.

Follow established procedures:

• Ensure that all tasks are completed in accordance with the set procedures to maintain consistency and compliance in the death claim process, and to minimise risk of fraud, etc.
• Use the standard death claims checklist to verify that each step of the claim process is verified and completed accurately.
• Adhere to the four-eye principle by conducting a peer review of death claims. This quality control measure is essential for minimising errors, reducing our risk, and ensuring both accuracy and a positive service experience for beneficiaries.

Provide Feedback:

• Report daily on stats related to claim processing and outcomes.

Achieve Targets:

• Meet personal daily and monthly production, quality, and client satisfaction targets.

Service Level Compliance:

• Familiarise yourself with the prescribed SLAs for processing death claims.
• Track the processing time for each request to ensure compliance with SLAs.
• Communicate proactively with relevant stakeholders if death claims are at risk of exceeding their SLA.

Tools and Systems Usage:

• Utilise Jira, Gemstone, and BPM systems accurately to record incidents, track progress, and document the death claim process.
• Ensure all entries in these systems are complete and reflect the correct status of the actions taken.
• Validate data in the systems regularly to avoid errors and maintain data integrity.

Participate in Projects and Reporting:

• Be involved in continuous improvement projects aimed at optimising the death claim process.
• Provide feedback based on your experiences to enhance operational efficiency.
• Generate regular reports on death claim processing statistics, trends, and issues to share with management and stakeholders.
• Collaboration and Support
• Set up regular meetings with the death claims, forensics and risk teams to discuss ongoing issues and collectively brainstorm solutions to complicated problems.

General Responsibilities

• Exceptional Customer Service: Deliver positive, seamless, and professional customer service in every interaction, ensuring your responses are timely and considerate.
• Consistent Client Experience: Maintain a differentiated client experience even in a pressurized, fast-paced, and deadline-driven environment.
• Client Confidentiality: Uphold client confidentiality in all interactions and processes, reinforcing trust and security.
• Accurate Processing: Capture and process valid instructions accurately and efficiently on the first attempt, consistently exceeding service-level timelines and quality standards.
• Information Gathering: Request and gather any necessary information and documentation, adhering strictly to legislative, compliance, and risk guidelines.
• Team Collaboration: Support the Wealth service team in processing tasks as needed, contributing to a collective effort to create a centre of excellence in service delivery.
• Regulatory Compliance: Adhere consistently to all product, legislative, risk, and compliance processes and procedures.
• Client-Centric Principles: Implement Client Centric and Treating Customers Fairly principles in all dealings to ensure fair and transparent service.
• Risk Management: Take personal responsibility for managing reputational and financial risks related to client interactions and instruction processing.
• Performance Accountability: Own personal responsibility for meeting daily and monthly targets related to production, quality, and client satisfaction.
• Team Contributions: Actively contribute toward the Wealth teams' goals, taking joint responsibility for achieving collective deliverables.
• Problem Resolution: Research, follow up, and resolve client inquiries efficiently, involving all relevant stakeholders and providing continuous feedback.
• Client Service Improvement: Participate in initiatives to identify improvements that enhance the client service experience, increase operational efficiency, and mitigate risks.
• Self-Development: Commit to personal growth by actively seeking opportunities for improvement in knowledge and skills relevant to your role.
• Expertise Development: Continuously enhance your professional understanding of products, processes, compliance, and industry legislation to provide informed service.
• Alignment with Values: Embrace and embody the Momentum Group values: Accountability, Diversity, Excellence, Integrity, Innovation, and Teamwork in all aspects of your role.

Competencies

• Service Excellence Orientation
• Collaboration and Team Spirit
• Proactivity and Adaptability
• Independent and Team Work Balance
• Effective Networking
• Organisational Skills
• Attention to Detail
• Honesty and Integrity
• Resilience and Tenacity
• Ethical Conduct and Values Alignment
• Effective Communication Skills
• Analytical Skills