Representative (8002BR) East Cleveland, Ohio

Working under the direction of the Payments Manager, the Representative will work to achieve the goals of processing the following service transactions:

  • Process requests such as bank fee refunds and Modified Endowment reversals
  • process administrative transactions on Universal Life policies
  • research and respond to miscellaneous service inquiries such as prior account changes, changing the dates on which premiums are drafted from policyowner's bank account via electronic funds transfer, and performing maximum option to purchase paid-up additions payment calculations.

In lieu of the items noted above, the Representative may process accounting functions such as closing our account at the end of the day, balancing the cash drawer, printing manual checks, making foreign currency payments, preparing the check deposit and reviewing the listing of uncashed checks, processing payments returned unpaid by the bank for FINRA Annuity New Business cases.

The position is also responsible for processing the following:

  • change the frequency of policy premium payments
  • add, change or delete bank account information used for electronic transfer to pay policy premiums, make loan repayments or purchase paid-up additional insurance
  • apply payments made by check or money order to pay premiums, purchase paid-up additional insurance or reduce policy loans
  • update company records to add, change or delete the Default Premium Payment Option or Automatic Premium Loan provision which use accumulated dividends or policy loans to pay past due premiums to keep the policy in force
  • send the required forms/paperwork to owners to authorize service transactions or correct information
  • review and process manual updates for transactions that do not update automatically

The Representative is expected to work independently with moderate supervision from the manager and assistance from the more senior team members as needed. They will work with other members of the Payment Team to provide timely, efficient, and accurate service to policyholders, agents, and employees of related service teams. The Representative is able to handle service requests within the listed processes. They may be expected to review procedures and make suggestions when appropriate. They will be empowered to make decisions to solve service related issues for policyholders, agents and the company. They use their knowledge of how related service areas work together to positively impact the achievement of department and company objectives. They assist in handling high-profile service requests. They may participate in project teams(for example recovery efforts to update company records or to develop new procedures).

High School Diploma, 3-5 years Customer Service experience, strong oral and written communication skills, strong customer service skills


Bachelor’s degree or at least 4 years of customer service experience Excellent PC skills including word, excel and Lotus Notes. Must have a good understanding of internal accounting systems. Excellent verbal and written communication skills. Excellent organizational, presentation, interpersonal skills and ability to multi-task. Demonstrate sound judgment and strong decision making and maintain high ethical standards. Must be able to work well independently as well as in a team environment.

Founded in 1845 and headquartered in New York City, New York Life Insurance Company is a Fortune 100 Company and the oldest and one of the largest mutual life insurance companies in America. New York Life maintains operations in all 50 states, as well as Mexico and Taiwan, through a network of more than 17,000 agents and more than 10,000 employees. The Company holds the highest financial strength ratings currently awarded to any life insurer from the four principal rating agencies A.M. Best, Fitch, Moody’s and Standard & Poor’s

The company serves its customers through its two major business units: the Insurance Group and the Investments Group. On consolidated basis, total insurance sales reached $1.3 billion in 2011, a company record. Investment sales, also on a consolidated basis, totaled more than $51 billion. Total assets under management at year end rose to a record $338 billion. The company paid out more than $7.6 billion in benefits and dividends to policyholders in 2011. Surplus and asset valuation reserve increased by $1 billion, or 6.4%, to a record $17.9 billion.