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BMO Financial Group Manager, Contracting Insurance in Toronto, Ontario

Address:

60 Yonge Street

Job Family Group:

Customer Solutions

Onboards new managing general agencies (MGA)/distributors and advisors to allow them to market BMO Life Assurance products. Considers contracting requests and provides support to MGAs/distributors and advisors. Maintains compensation rates so that payments are accurate and timely. Answers technical questions related to contracting and compensation payments.

  • Manages people and leads a team capable of delivering the desired business results.

  • Act as the internal subject matter expert on contracting management and any issues impacting contracting, identifying opportunities and assists, as required on project teams.

  • Assesses and provides guidance on any non-standard contracting request or special contracting and compensation arrangement while ensuring that contractual obligations are met

  • Addresses escalated MGA/Distributor, advisor or customer situation according to established procedures.

  • Provides guidance and direction on more complex contracting files or special arrangements.

  • Provides guidance to the contracting team regarding general contracting principles as well as specific concerns involving validity of contracts.

  • Develops solutions and makes recommendations based on an understanding of the business strategy and stakeholder needs.

  • Provides advice and guidance to assigned business/group on implementation of solutions.

  • Conducts independent analysis and assessment to resolve strategic issues.

  • Supports the execution of strategic initiatives in collaboration with internal and external stakeholders.

  • Builds effective relationships with internal/external stakeholders.

  • Ensures alignment between stakeholders.

  • Establishes, maintains and monitors reports that reflect business activity related to Advisor contracting.

  • Reviews reports to ensure completeness of daily processing.

  • Breaks down strategic problems, and analyses data and information to provide insights and recommendations.

  • Monitors and tracks performance, and addresses any issues.

  • Builds change management plans of varying scope and type; leads or participates in a variety of change management activities including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.

  • Leads or participates in defining the communication plan designed to positively influence or change behaviour; develops tailored messaging; and identifies appropriate distribution channels.

  • Ensures that accurate and timely processing of Advisor contracting is consistent with BMO Life Assurance philosophy and in compliance with provincial and federal laws and regulations.

  • Develops new practices and processes to support contract management, as required.

  • Manages the workflow to ensure that all work is completed according to contractual obligations including compensation payroll for MGA/Distributors and Advisors.

  • Oversees the set-up of MGA/Distributors and Advisors on the administrative system to ensure appropriate compensation based upon sales and according to their contract.

  • Maintain contracting guidelines to ensure they are complete, accurate and updated and escalates any issues.

  • Participate in and identify the business requirements and contracting resources for any technology changes required to support contracting operations and/or resolve technical issues.

  • Leads/participates in the design, implementation and management of core business/group processes.

  • Identifies business needs, designs/develops tools and training programs; may include delivery of training to audiences.

  • Maintains MGA/Advisor records on all systems as applicable to ensure timely and accurate payment of compensation.

  • Mitigates relationship and financial risk by accurately setting up and maintaining MGA/Distributors and Advisor records in administrative systems to avoid inaccurate or delayed compensation which could result in unlimited financial risk.

  • Ensures activities are executed in accordance with established policies and procedures and compliance requirements.

  • Understands and mitigates risks and regulatory implications of contract management and compensation structures.

  • Focus is primarily on business/group within BMO; may have broader, enterprise-wide focus.

  • Exercises judgment to identify, diagnose, and solve problems within given rules.

  • Works independently on a range of complex tasks, which may include unique situations.

  • Broader work or accountabilities may be assigned as needed.

Qualifications:

  • Typically between 4 - 6 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.

  • Experience working with managing general agencies/Distributors (MGAs) an asset.

  • Expert level knowledge of insurance products, contracts and compensation schedules.

  • Experience in compliance monitoring – asset.

  • Technical proficiency gained through education and/or business experience.

  • Verbal & written communication skills - In-depth.

  • Collaboration & team skills - In-depth.

  • Analytical and problem solving skills - In-depth.

  • Influence skills - In-depth.

  • Data driven decision making - In-depth.

  • Bilingual Language-Oral and Written- an Asset

We’re here to help

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at www.jobs.bmo.ca/ca/en.

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

BMO Financial GroupServing customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $728 billion as of October 31, 2018, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.We serve Canadian clients through BMO Bank of Montreal®, our personal and commercial banking business, BMO Nesbitt Burns®*, one of Canada's leading wealth management firms, and BMO Capital Markets™, our North American investment and corporate banking division.In the United States, clients are served through BMO Harris Bank, a major U.S. Midwest personal and commercial bank, and BMO Private Bank, with wealth management offices across the United States, as well as BMO Capital Markets™, our North American investment and corporate banking division.We help our customers make money make sense by delivering the broadest range of financial services through a single point of contact. Our financial service professionals provide access to any services our customers require across the entire enterprise.

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