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Duties and Responsibilities
Disbursement Processing and Recording
- Processes Requests for Payment Form (RFP) and verifies/checks that payment request follows the business units’ approval matrix, is completely signed and approved, and checks the completeness of support documents prior to disbursement processing.
- Individual Policy Related Payables, e.g. maturities, surrenders, claims, benefits, etc.
- Fund transfers and Placements
- Government dues and regulatory payments
- Supplier and vendor payables
- Employee reimbursement and/or cash advance
- Medical and laboratory fee to hospitals and clinics
- Group, MRI, EB claims and premium refunds
- Commission and service fee
- Other payables – Return to Sender checks re-processing, check replacements etc.
- Records payment transactions timely within the agreed Turn-Around Time (TAT) of three days (3) or less and book to proper ledger account.
- Prepares cheques or other forms of payment e.g. letter of instruction, auto-credit arrangement, telegraphic transfers and online fund transfers.
- Routes payment transactions to BDO Life authorized signatories and approvers for bank transactions and ensures that daily payment transactions are approved and authorized, and transmitted to the bank before cut-off.
- Receives checks for cancellation and/or replacement, stop payment order and analyzes, records the transaction to the proper account to be charged.
- Ensures transaction tickets (debit and credit notes or transaction slips) and official receipts are received and filed completely, together with the payment documents, with proper labeling and monitoring as filed.
Disbursement Reporting
- Prepares, reports on an organized and systematic summary of processed payment transactions on a regular basis (daily, weekly, monthly) to Business Units.
- Prepares, reports on an organized and systematic summary of payment rejected e.g. via Letter of Instruction or Auto-Credit Arrangement (daily, weekly, monthly) to Business Units.
- Executes daily or regular back feeding of payment transactions in Life-Asia systems and/or generate payment entry in SUN Systems.
- Prepares projected funds requirement to facilitate preparation of cash flow report
- Assists on the preparation of regulatory reports required by the BIR, Insurance Commission and to other regulators.
- Provides inputs for validation and analysis for bank reconciliation items
- Preparation of ad hoc reports or other reports that may be assigned
Others
- Systematically and completely files all documents/ electronic/computer files, etc. relative to Accounting disbursements and books.
- Provides the needed documents to internal and external auditor during year-end audit and other audit activities.
- Answers telephone calls and emails regularly and promptly.
- Assist co-team or other Units as required and/or as assigned by immediate head.
- Perform User Acceptance Tests, as assigned by immediate head.
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