Job Summary

The Suitability Specialist I position is responsible for reviewing and analyzing clients’ current financial situation and future situation and future financial needs by applying NAIC Suitability against the Annuity Transactions Model Regulation, the company and the industry standards to determine whether an annuity contract can be issued while considering company risk. This position reports to Supervisor, Suitability Team and has no direct reports.

Duties and Responsibilities

• Reviews and analyzes all form of business including, applications and replacements in order to make a sound suitability decision in accordance to the NAIC Suitability in Annuity Transactions Model Regulation along with the industry and company’s guidelines and standards.
• Ensures adherence to internal policies and procedures as well as state and federal regulatory requirements dealing with the annuity suitability review process.
• Makes determinations as to whether each sale will be accepted or declined based on suitability and other business guidelines.
• Appropriately escalates cases for Suitability Leadership review as needed, preparing documentation to support recommendation.
• Maintains comprehensive knowledge of offered annuity products as well as external financial products.
• Responds to written or verbal inquiries relating to Suitability from internal departments such as Sales, New Business and outside Producers and Marketing Organizations in a timely and professional manner.
• Works with agents and applicants to obtain missing or incomplete information needed to complete annuity suitability review, as well as clarifies additional documentation requirements.
• Actively manages workflow queues to ensure items are processed in a timely manner and in accordance with internal company standards.
• Effectively communicates with all other departments within the company regarding any changes to suitability procedures.
• Initiates and takes ownership in creating solutions, answering questions and finding information for internal and external customers.
• Shows understanding and empathy towards the concerns of internal and external partners, reinforcing a client-centric approach.
• Remains available to answer calls when scheduled, uses appropriate distribution codes when unavailable to take calls due to breaks, training, projects or lunch.
• Participates in training sessions and workshops to enhance knowledge and skills in suitability analysis and compliance.
• Actively participates and contributes to the goals and objectives of the Company by working collaboratively and fostering a positive and inclusive work environment.

Experience and Education Requirements

• High School Diploma or Equivalent required; Bachelor’s Degree preferred.
• Minimum of 1 year experience in insurance, life insurance or annuity industry required.
• Minimum 6 months of relevant compliance or internal audit experience preferred.
• Suitability experience or financial underwriting experience preferred.
• LOMA Designation preferred.

Knowledge, Skills & Abilities

• Effective verbal and written communication skills and listening skills; including the ability to effectively present information and respond to questions in a one-on-one or small group settings.
• Must have good mathematical, analytical, organizational, and problem-solving skills with attention to detail.
• Strong customer service orientation with ability to actively listen to internal/external customers.
• Effective communication and presentation skills, both verbal and written.
• Strong phone presence and skills in handling escalated calls under pressure.
• Ability to make reasonable, independent decisions with little instruction and solve practical problems that deal with a variety of concrete variables in situations where only limited standardization exists.
• Ability to prioritize workflows, establish and meet deadlines and manage multiple concurrent tasks.
• Ability to work effectively in a variety of situations and respond to change in a positive manner.

Other Requirements

• Perform other functions, duties and projects as assigned
• Regular and punctual attendance
• Minimal to no travel is required for this position.

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