Role:Responsible for the accurate, timely, and compliant processing and disbursement of insurance claims payments. This role ensures that all valid claims (motor, property, liability, accident, etc.) are paid efficiently while maintaining strong financial controls, regulatory compliance, and fraud prevention.
Duties and Responsibilities
Claims Payment Processing
- Verification: Verify and validate claim settlement amounts against approved claims and policy terms.
- Payment Execution: Prepare and release payments via bank transfer, check, EFT, or other approved methods.
- SLA Adherence: Ensure payments are processed within agreed Service Level Agreements (SLAs) and regulatory timelines.
Reconciliation & Accounting
- Account Reconciliation: Perform daily reconciliation of claims payment accounts.
- Ledger Entries: Accurately record all payments in the general ledger and insurance core system.
- Financial Closing: Support month-end, quarter-end, and year-end closing activities for claims provisions.
Compliance & Risk Control
- Regulatory Compliance: Ensure full compliance with Insurance Commission (IC) regulations, tax requirements, and company policies.
- Fraud Prevention: Conduct payee verification and due diligence to prevent fraud and duplicate payments.
- Escalation: Identify and escalate suspicious or irregular claims for further review.
Documentation & Reporting
- Record Keeping: Maintain complete and accurate supporting documentation for all payments.
- Reporting: Prepare daily, weekly, and monthly claims payment reports and performance dashboards.
- Audit Support: Support internal, external, and regulatory audits.
Stakeholder Management
- Cross-Functional Coordination: Coordinate with Claims, Underwriting, Legal, and Operations teams on payment-related matters.
- Bank Relations: Liaise with banks and payment providers to resolve rejected or failed transactions.
Process Improvement
- Automation: Identify opportunities to automate and streamline the claims payment process.
- Digital Initiatives: Participate in system enhancement and digital transformation initiatives.
Qualifications & Experience
- Education: Bachelor's degree in Accountancy, Finance, Business Administration, or a related field.
- Certification: CPA license (or progress toward a CPA designation) is an advantage.
- Experience: Minimum 2–5 years of relevant experience in claims payment, accounts payable, or insurance finance.
- Technical Skills: Experience with insurance core systems is highly preferred.
- Strong knowledge of general insurance claims processes.
- Advanced proficiency in Microsoft Excel and accounting software.
- Excellent understanding of banking processes and electronic payment systems.
- Ability to handle high-volume transactions while meeting tight deadlines.
Shift: Dayshift
Setup: Onsite
Location: Muntinlupa City
By Applying, you give consent to collect, store, and/or process personal and/or sensitive information for the purpose of recruitment and employment may it be internal to Cobden & Carter International and/or to its clients.
