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NR Consulting · 1 month ago

Claims Processor - Insurance

New Haven, CT

Full-time

Hybrid

Mid Level

3+ years exp

NR Consulting is a company seeking a Claims Processor for insurance to manage death claims related to life and annuity products. The role involves reviewing documents, determining benefits, and corresponding with claimants while ensuring compliance with policy terms and tax laws.

ConsultingInformation TechnologyStaffing Agency

Responsibilities

Reviews all documents associated with death claims, ensuring all information matches and is complete; terminates policies

Reviews all policies held by insured to determine beneficiaries

Corresponds with claimants, agents or others to obtain required forms or documentation that have not been submitted; explains procedures, provides guidance, corrects misconceptions and explains problem resolution

Determines death claim benefits based on terms of policy and date of death; calculates payments, including dividends, premiums, loans and date of birth adjustments on death claim proceeds; processes any online accounting in order to adjust the claim values to the date of death; transfers proceeds to appropriate account for reduction of an outstanding loan on other policies or payment of initial premium on new applications; processes funeral assignments and payments to funding companies

Composes correspondence and transmittal letters to beneficiaries regarding benefit amounts and tax consequences; provides documents to department typist for processing

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, confirm that fraternal death claims meet the required criteria

Calculates paid up coverage amounts on policies that insure more than one client and then creates coverages, through file maintenance, on all surviving insureds; removes coverages on policies when required

May split policy depending on 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