Policy Compliance Specialist (Texas, Austin) - National Western Life Insurance Company

Who we are:

Prosperity Group Holdings, LP (“Prosperity”) is a holding company with three U.S. insurance entities: Shenandoah Life Insurance Company (“SHEN”), SBLI USA Life Insurance Company, Inc. (“SBLI”), S.USA Life Insurance Company, Inc. (“S.USA”); one Bermuda reinsurance entity, Prosperity Life Assurance Limited (“PLAL”); as well as an asset manager, Prosperity Asset Management, LLC (“PAM”).

Through the three U.S. insurance entities, Prosperity provides financial security to customers and their families through innovative protection, asset accumulation, and supplemental health insurance products. Through its reinsurance entity, it provides customized and innovative capital, investments and risk management solutions to its reinsurance clients. All Prosperity insurance/reinsurance entities are rated A- by A.M. Best and Kroll. Since 2019, assets under management by Prosperity entities have grown from $2.3 billion to $16 billion.

Prosperity is owned by funds affiliated with Elliott Investment Management L.P. (“Elliott”) and has access to flexible capital through Elliott. The funds that make up the capital provided by Elliott to Prosperity have no maturity date and therefore no time horizon to exit. This allows Prosperity to grow at their own pace over a long period of time.

Prosperity’s asset management team established a distinct business, PAM, under the Prosperity umbrella representing the investment management and asset origination team of Prosperity in 2022. In this capacity, PAM manages over $10 billion in assets for Prosperity’s insurance and reinsurance businesses. As part of the company’s vision to continue its expansion of its insurance business and grow to $25 billion in assets by 2025, Prosperity has entered into a definitive merger agreement to acquire National Western Life Group, Inc. At the close of the transaction, expected in the first half of 2024, Prosperity will have more than $25 billion assets under management and will be servicing more than 1 million policies.

Prosperity is a high-growth insurance holding company led by a seasoned management team with significant experiences in the insurance and asset management sectors.

Job Summary:

The Policy Compliance Specialist I is a mid-level customer support position that reviews and investigates Insurance Dept. inquiries or complaints including decisions in preparing appropriate correspondence; requesting and reviewing agent responses; and providing final position or resolution to the Insurance Dept. By statute, these complaints require timely and thorough communication. Untimely or incorrect responses could subject the company to penalties and/or lawsuits.

Essential Job Functions:

• Consult with NWL Legal Dept. and Marketing Dept. regarding Insurance Dept inquiries or complaint responses
• Make recommendations to management regarding agent actions discovered in Insurance Dept. complaints
• Log in consumer and Insurance Department complaints and maintain detailed complaint file for the Company as required by statute.
• Review complaint history for previous agent complaints
• Open and determine disposition of incoming mail received by POS Vice Presidents
• Mail correspondence and send faxes for Vice Presidents
• Indexes mail and transfers work to the proper Vice President
• Responsible for providing Schedule A information to qualified plans and administrators
• Make qualified plan trustee, address, and administrator changes to mainframe
• Assist agents and policyholders with general policy information
• Order Universal Life projections for International and Domestic agents
• Handle annual IRS and SEP mailings and follow-up research
• Research unidentified checks and deliver to proper department
• Prepare verification letters to auditors for Qualified Plans

Knowledge, Skills & Abilities:

• Strong organizational skills
• Demonstrated skill and ability in dealing with the public
• Knowledge and skill at applying customer service theories and practices
• Strong written and oral communication skills necessary
• Basic Computer skills.10-Key by touch or sight.
• Aware of updates that may change Insurance Dept. requirements.
• In depth knowledge of NWL products, supporting product documents and company policies.
• Knowledge of Insurance Dept. requirements for inquiry or complaint responses, including time limits, penalties, format and other required information that varies by state.

Education and Experience:

• High school or GED required, associate degree preferred
• 2-3 years customer service experience
• Prior insurance industry experience
• Completion of LOMA insurance courses preferred

Supervision & Leadership:

• No Supervision responsibilities

Work Environment:

• Regular and predictable attendance is required. Position allows for remote or in office attendance based on location
• Standard office environment
• Hybrid Work Schedule