Life Insurance Claims Processor

About the position

The Life Insurance Claims Processor at Knights of Columbus is responsible for processing death claims for life and annuity products, ensuring accurate calculations and compliance with policy terms. This role involves reviewing documentation, corresponding with claimants, and determining benefits while providing exceptional customer service. The position is integral to supporting the organization's mission of providing financial security to members and their families.

Responsibilities

• Processes death claims for life and annuity products and life riders for all products.
• Terminates policies and creates coverages for secondary insureds upon the death of the primary insured.
• Calculates the value of death benefits and any taxable portions.
• Responds to inquiries from agents, clients, or beneficiaries regarding outstanding requirements for pending claims.
• Reviews all documents associated with death claims, ensuring all information matches and is complete.
• Corresponds with claimants, agents, or others to obtain required forms or documentation that have not been submitted.
• Determines death claim benefits based on the terms of the policy and date of death; calculates payments, including dividends, premiums, loans, and date of birth adjustments on death claim proceeds.
• Processes any online accounting to adjust the claim values to the date of death; transfers proceeds to appropriate accounts for loan reduction or payment of initial premiums on new applications.
• Processes funeral assignments and payments to funding companies.
• Composes correspondence and transmittal letters to beneficiaries regarding benefit amounts and tax consequences.
• Calculates federal and state withholding amounts based on the taxable portion of the death benefit.
• Performs manual calculations in case of multiple beneficiaries; processes transfers to other companies, confirming that fraternal death claims meet the required criteria.
• Calculates paid-up coverage amounts on policies that insure more than one client and creates coverages on all surviving insureds; removes coverages on policies when required.
• May split policy depending on the wishes of claimants, converting to new or transferring to other existing policies; sets up settlement options and deferred payment streams.
• Coordinates with New Business as necessary for new applications and policy numbers.
• Performs other related duties as assigned.

Requirements

• High school diploma required.
• 3-5 years of KofC insurance experience with knowledge of tax laws governing payment of death claims.
• Thorough knowledge of KofC life and annuity products.
• Mathematical skills and detail-oriented with the ability to determine and correct errors related to job duties.
• Strong communication and customer service skills.
• Ability to enter and review data in Ingenium; basic knowledge of Life70.
• Ability to use AWD and DCLM systems.
• Proficient in PC and related software, including Microsoft Office.

Benefits

• 13 paid holidays per year in addition to vacation and paid sick leave.
• Flexible workweek schedules.
• Certifications, designation, and tuition reimbursement for professional development.
• Short-term disability insurance.
• Long-term disability insurance.
• Dental insurance.
• Vision insurance.
• Health club membership reimbursement.
• Employee Assistance Program.