Vikas Solomon
Life Insurance Operations, Projects, Branch Management, Underwriting
Mumbai
Summary
Collaborative leader with dedication to partnering with coworkers to promote engaged, empowering work culture. Documented strengths in building and maintaining relationships with diverse range of stakeholders in dynamic, fast-paced settings.
Overview
21
21
years of professional experience
3
3
Languages
Work History
Senior Manager II - Central Underwriting
ICICI Prudential Life Insurance Co. Ltd
06.2021 - Current
- Responsible for the underwriting portfolio of Pan India Banca-assurance channel (ICICI Bank, IndusInd Bank, UCO Bank, IDFC Bank, RBL Bank, AU Bank and Credit Business
- Handling a team of 45 skilled underwriters processing and ensuring issuance of the policies within the agreed TAT
- Ensuring team is achieving respective daily targets. Encouraging below average performer to achieve the target. Motivating team for a team work to manage the high volumes during month ends
- Responsible for adherence of all guidelines & SOPs by self & team members. Ensuring every member of the team is well versed with the Underwriting guidelines & processes
Daily operations involves checking the quality of team, error trends and zero underwriting loss at claims stage &
Minimum UW error leading to escalations - Monitoring ageing cases of the team & ensuring immediate closure of TAT breach proposals
- Responsible to check that team members are attending various trainings & learning from various initiatives, share feedbacks & learning with each team member based on various escalations & hind-sighting errors to avoid repetition of same mistakes
- Review of Process & System for any gaps leading to triggering of requirements in piece meal & sharing inputs for enhancement of system/process
Review requirement trends & type of requirements getting triggered for the channel to check any adverse deviation impacting issuance percentage - Monitoring Channel's data indication our performance on daily basis & updating management on weekly basis about overall trend, highlighting issues, if any in core system or rule engine
- Provided strong leadership to enhance team productivity and morale.
- Handling the training and quality analysis for various vendors who are involved in initial underwriting data entry
- Boosted team member productivity by enhancing performance monitoring and instituting motivational approaches.
- Reviewed applications for insurance coverage and reports from loss control specialists to determine risks.
- Made approval and denial recommendations by determining accurate risk levels.
- Identified and resolved application discrepancies for accuracy and compliance with relevant regulations.
- Documented underwriting decisions and provided evidence of compliance with applicable regulations.
- Developed and implemented underwriting policies and procedures, establishing useful and accurate processing of applications.
- Scrutinized underwriting performance to identify weaknesses and provide recommendations for improvement.
- Utilized knowledge of insurance principles, policies and procedures to make decisions on risk assessment.
- Collaborated with other professionals to develop innovative underwriting solutions.
- Monitored underwriting teams' performance and provided mentoring to achieve personal and department production goals.
Manager - Projects/PMO/ Underwriting
PNB Metlife India Insurance Co. Ltd
10.2016 - 05.2021
- BAU/Floor manager for the present underwriting team
- Responsible for the productivity of the team on a daily basis
- Life underwriting is part of the daily core activity
- Underwriting authorization - 15 Million
- Directly involved in underwriting proposals received under Group business
- TAT management for the underwriting team is a key responsible activity
- Responsible for the Project Management (PMO) for the underwriting function
- Manage and maintain all the metrics and related decks for the function, which is published to the operations head and global management team
- Involved in manpower planning/budgeting for the function
- Audit tracking, closure, sensitization and report generation is part of the core activities
- Part of the team to work to report on Achievements, Metric & Other KPI Tracking
- As part of projects, responsible to check on underwriting cases which fall under AURA errors/production defects
- Managing system controls related to risk and fraud check through IIB/Experian
- Workload management through monitoring of Straight Through Processing
- Worked on the simplification and redesigning of MER report for the organization
- Liaison with IT to report and update on IT & Ops issues for the function
- Directly involved in strategy - vision & corner stones, engagement calendar, training coverage
- Responsible for Enterprise Risk Self-Assessment, which includes detailing of the risk library, controls and closures with risk, implementations of recommendations and reporting to the committee
- Involved in annual time motion study to analyze and report system performance and manpower utilization
- Monthly expense provisioning is one of the key responsibility
- Currently working with Ernst & Young representatives in assessing time/resource management for the organization
- Responsible for the content and designing the monthly newsletter related to the underwriting function
- Assessment and final approval of Elite/Met Royale advisors
- Part of the team to prepare FRD and BRD for system enhancements related to underwriting function
- Directly involved in preparation of Process notes and SOPs as and when a new project is initialized
- Currently a part of the biggest international project of Global Metlife- 'Partnership In Box'
- As part of the Project working on: PASA (Pre-Authorized Sum Assured), India UW Simplification Project, Simplification of proposal form for individual and group products, Revision and enhancement of AML guidelines, Revision and enhancement of Non-Medical Grids, Customer notifications and servicing, Re-Build HNI proposition for all functions, Mortality experience across all demographics and products, Assessing and redesigning of guidelines related to Group products.
Deputy Manager- Services
PNB Metlife India Insurance Co. Kolkata
05.2011 - 10.2016
- Responsible for all operational activities of the branch, supported by the operations team
- Quality checking of applications logged in the branch, processing of the forms and sending them to the central processing unit and underwriting team in the head office for issuance
- Following up with the sales and the new business team in order to close requirements pending to expedite the issuance process
- Conversion of new business cases within TAT, both medical and non-medical cases
- Responsible for Distribution Operations, i.e
- Processing of application forms for recruitment of Financial Advisors, licensing and commission of the advisors
- Monitoring of all Customer Service activities, such as closures of all requests, queries and complaints within TAT, lodged by customers visiting the branch or contacting us through phone or e-mail
- Responsible for supervision of branch operations activities keeping in mind the compliance and audit checks
- Vendor management for the branch, all bills, payments and issues related to the vendors supplying goods and services to the branch are managed under my supervision
- Overall responsible for all the administrative function of the branch
- Attending to post issuance queries and complaints of HNI customers
- Personally responsible for looking into the needs of Core Financial Advisors (MDRTs and President Qualifiers)
- Responsible for training and guidance of operations executives in my team
- Have been playing a major role as a Branch Training Support (BTS), responsible for training the entire operations team in the East Zone about new product launches or system changes on the company
- Ombudsman SPOC for the East Zone
- Responsible for the all the Ombudsman hearing help for the zone
- Retention SPOC for the region
- Entire responsibility to manage and drive retention related activities and projects for the region
- Played a part a ISO implementer for the recent ISO Audit conducted in the organization
- Complete functioning of the regional office is done under my supervision, along with added functional and cross functional activities for the region and the zone.
Assistant Manager-Services
PNB Metlife India Insurance Co. Kolkata
03.2008 - 04.2011
- Responsible for all operational activities of the branch, supported by the operations team
- Quality checking of applications logged in the branch, processing of the forms and sending them to the central processing unit and underwriting team in the head office for issuance
- Following up with the sales and the new business team in order to close requirements pending to expedite the issuance process
- Conversion of new business cases within TAT, both medical and non-medical cases
- Responsible for Distribution Operations, i.e
- Processing of application forms for recruitment of Financial Advisors, licensing and commission of the advisors
- Monitoring of all Customer Service activities, such as closures of all requests, queries and complaints within TAT, lodged by customers visiting the branch or contacting us through phone or e-mail
- Responsible for supervision of branch operations activities keeping in mind the compliance and audit checks
- Vendor management for the branch, all bills, payments and issues related to the vendors supplying goods and services to the branch are managed under my supervision
- Overall responsible for all the administrative function of the branch
- Attending to post issuance queries and complaints of HNI customers
- Personally responsible for looking into the needs of Core Financial Advisors (MDRTs and President Qualifiers)
- Responsible for training and guidance of operations executives in my team
- Have been playing a major role as a Branch Training Support (BTS), responsible for training the entire operations team in the East Zone about new product launches or system changes on the company
- Ombudsman SPOC for the East Zone
- Responsible for the all the Ombudsman hearing help for the zone
- Retention SPOC for the region
- Entire responsibility to manage and drive retention related activities and projects for the region
- Played a part a ISO implementer for the recent ISO Audit conducted in the organization
- Complete functioning of the regional office is done under my supervision, along with added functional and cross functional activities for the region and the zone.
Process Leader
ICICI Prudential LIC Co. Ltd
04.2006 - 03.2008
- Main role consisted of Underwriting, got a limit of 5 lakhs i.e
- Can underwrite cases worth 5 lakhs of cover-Life, Health, Pension Plans
- Branch operations which included reconciliation of cash and cheque processed during the day by passing journal entries, dishonour processing for cheques which have bounced
- Agency management which consisted of recruitment, licensing and commission of advisors, mapping of advisors to Unit managers
- Follow up on quality legs which include maintaining the TAT of issuance for new business proposals
- Doctor Servicing -Empanelment of doctors and training the doctors with the medical procedures of the company so that they are compliant with the guidelines of the company
- Also played the role of supervisor of Spoke Co-ordinators, which consisted of handling operational issues and queries of spoke branches mapped to the main branch
- Kept an audit check on the operational and administrative activities of the spoke branches
- Have trained new recruits who joined the branch or spoke location with daily operational activities and guidelines and helped them grow into their new roles
- Lastly, had moved into audit check and monitoring activities for 20 branches
- Daily activities consisted of working on control and hygiene reports for the branches, hind sighting of new business forms processed, and regular checks on credit processing of the cheques banked by the branches
- Monitoring the activities under the operational front under the 20 main hub branches, supervising admin activities for audit purpose, keeping a check on the requirements for the branches
- Setting up and streamlining new branches in the east zone, which comprised of administrative setup, training of employees and audit compliance.
Technical Support Executive
Wipro BPO (a.k.a. Spectramind)
07.2004 - 04.2006
- Main role consisted of troubleshooting hardware failure in the Dell computers owned by Home Consumers in the United States of America, guiding them how to go through steps in order to get their system back to the working state
- If in any case a particular part is damaged then a service technician was sent by us to replace the part
- At a later stage was shifted to the Software Technical Support, which was troubleshooting and fixing any kind of software issues the customer is facing on his system.
Process Associate
GE Capital International Services India
05.2003 - 06.2004
- Core job consisted of dealing with customers of big American commercial and private labels such as Exxon, Exxon Mobil, Old Navy, Gap, American Eagle Outfitters, The Men's Wearhouse, Lowe's Home Improvement and many other large concerns
- Main area of work consisted of recovery of payments defaulted by the customers on the private label credit cards of the above concerns
- Customers consisted of who have missed just a single payment to the customers who have not been paying since the last 6 months
- There is a huge difference in dealing with customers with different profiles
- This was achieved after extensive training for 2 months, which consisted of voice training, process training, customer relationship, and other trainings from time to time basis, some of them not related to core job, such as Time management, Human Resource Management, Crisis management, etc
- From Jan 2004 to June 2004, was posted with GEFA Financial services, - Working with Insurance industry, in a process with GE Financial Assurance, dealing in Annuities
- Handling different areas relating to Defined Contribution viz., Payroll, HR Edits, Loan Delinquency, Govt Reporting, QDRO, Check-Tapes and Month-end Summary
- Major Client includes, ACG, Kellogg, AHRP, PPG, Alliance Coal, Ondeo Nalco, Keycorp, IBM, Nortel Networks, A.G
- Edwards, etc
- Payroll includes handling contributions deducted form the employees pay checks for the 401(k) plan
- Funding and balancing the payroll of Clients
- HR Edits-Ensuring each employee is updated correctly on the system accordingly to their correct employment status sent by the client
- Loans - check an employee's vested balance to verify whether he meets the eligibility criteria for loan approval
- Loan Delinquency- Finding out the employees who are being delinquent on their loan repayments and sending warnings and defaulting(taxing) them for the same
- Govt Reporting Scheme -Reporting the federal and state withholdings for the various clients for their 401(k) plans
- As a record-Keeper, Tracking the Defined Contribution of various clients
- Qualified Domestic Relation Order - Transferring a specified percentage or a fixed dollar amount of an employee's funds into the account of an alternate payee, usually the ex-spouse
- Checktape - To ensure overall balancing of funds of the Company by balancing out individual reports like Buy/Sell, Check and Share delivery report etc
- Month end - It is a systematic consolidation of all the daily and weekly processes to ensure smooth financial reporting to the client
- Handled successful transition of processes in situation of on-site attrition
- Direct Client Interaction - Handling multiple clients.
Executive
Convergence Contact Center
01.2003 - 03.2003
- Responsibilities comprised of Telemarketing of Commercial Websites and Yellow Pages to small business houses in America.
Education
Masters in Business Administration (MBA)-Finance -
Sikkim Manipal University
Bachelor of Commerce II (Honours) - undefined
St. Xavier's College, Kolkata
Bachelor of Commerce I (Honours) - undefined
St. Xavier's College, Kolkata
Indian School Certificate Examination (ISC) -
The Assembly of God Church School, Kolkata
KolkataIndian Council for Secondary Examination (ICSE) -
The Assembly of God Church School, Kolkata
KolkataSkills
Advanced Software Development Course in MS-DOS, UNIX, Windows 98, Windows XP, Windows MEundefined
Personal Information
Date of Birth: 09/20/80
Extracurricular Activities
Participated in Various Co-Curricular Activities and Cultural Events in the Present Place of Work. Active Participation in School Fests, Dramas, Debates. Youth Coordinator of Church Youth Group involved in Social Activities.
References
Available on Request.
Timeline
Senior Manager II - Central Underwriting
ICICI Prudential Life Insurance Co. Ltd
06.2021 - Current
Manager - Projects/PMO/ Underwriting
PNB Metlife India Insurance Co. Ltd
10.2016 - 05.2021
Deputy Manager- Services
PNB Metlife India Insurance Co. Kolkata
05.2011 - 10.2016
Assistant Manager-Services
PNB Metlife India Insurance Co. Kolkata
03.2008 - 04.2011
Process Leader
ICICI Prudential LIC Co. Ltd
04.2006 - 03.2008
Technical Support Executive
Wipro BPO (a.k.a. Spectramind)
07.2004 - 04.2006
Process Associate
GE Capital International Services India
05.2003 - 06.2004
Executive
Convergence Contact Center
01.2003 - 03.2003
Masters in Business Administration (MBA)-Finance -
Sikkim Manipal University
Bachelor of Commerce II (Honours) - undefined
St. Xavier's College, Kolkata
Bachelor of Commerce I (Honours) - undefined
St. Xavier's College, Kolkata
Indian School Certificate Examination (ISC) -
The Assembly of God Church School, Kolkata
Indian Council for Secondary Examination (ICSE) -
The Assembly of God Church School, Kolkata