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New Business Specialist- Annuity experience required in Indianapolis, IN at Vaco

Date Posted: 1/3/2019

Job Snapshot

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Job Description

Our client is looking to add to their team. They are located North Indianapolis.

The New Business Specialist takes ownership of incoming new annuity business cases and oversees the new business process from application submission to contract issuance. This includes performing preliminary suitability reviews and ensuring application documents are accurate, complete and ready for data entry processing. The New Business Specialist is the primary contact for distribution partners regarding the status of incoming applications, obtaining missing information/documents and resolving any issues that arise during processing and issuance of the annuity contract.

Essential Responsibilities and Duties:

  • Reviews and analyzes new business applications to make sure the correct documents are prepared, content is complete and accurate, and that all required accompanying documents have been submitted and are ready for data entry processing.
  • Researches and resolves issues that arise in the application process, including identifying and obtaining missing information, required documents, and is primary contact for agents, IMOs and other distribution partners regarding the status of application processing.
  • Ensures incoming checks or transfer requests accompanying incoming applications are accurate and that transfer requests have been submitted to the transferring financial institute.
  • Performs preliminary suitability reviews of incoming applications to ensure the best product is being provided to the client based on client needs and state suitability requirements. Advises agent/IMOs regarding product features and best product for the client/contract owner.
  • Prepares new business packet for data entry and submits complete packet to Annuity Administration for processing.
  • Acts as subject matter expert for new business forms, processing guidelines and procedures, annuity contracts and exception handling. Reviews and recommends exception processing.
  • Builds strong, long-lasting relationships with agents, IMOs and distribution partners through pro-active communication regarding new business practices and application processing status, and prompt resolution of processing issues, outstanding requirements, and/or exception processing,
  • Keeps up-to-date and fully knowledgeable regarding annuity products, including features, requirements, state suitability and compliance requirements, etc., and understands agent licensing, commission and hierarchy requirements.
  • Maintains accurate records in associated systems including client relations management application (CRM/Salesforce) and document management system (OnBase.)

Additional Responsibilities:

Participates in cross-functional teams for product enhancements, new product development, system testing and upgrades.

Performs other duties as assigned.



Prefer Associate degree in Business or equivalent training and experience

Professional designations such as LOMA's Fellow/Associate Life Management Institute (FLMI/ALMI), Fellow/Associate Secure Retirement Institute (FSRI/ASRI), Associate Customer Service (ACS), Associate Annuity Products Administration (AAPA), or demonstrated work toward achieving designations.


  • 5 or more years of experience processing annuity contracts in an insurance company setting; additional experience with life insurance, policy services and claims helpful.
  • Advanced knowledge of annuity products, contract provisions and interest rates. Understanding of tax laws and consequences pertaining to annuities.
  • Knowledge of state suitability guidelines and requirements, AML and identifying potential fraud situations.
  • Working knowledge of computer systems and applications for processing new requests (LifeFit), working within the workflow queues (OnBase) and client relationship management (CRM/Salesforce).