Commissions & Referral Fee Specialist (Insurance Brokerage)
Reporting to: Group Controller / Finance Manager (dotted line to CFO as required)
Location: Flexible (supports Hong Kong, Singapore, Dubai, Cayman, BVI, US operations)
Role Summary
The Commissions & Referral Fee Specialist owns the end-to-end commission operations cycle—ensuring accurate accounting for incoming insurer/product commissions and accurate calculation and processing of outgoing referral partner fees. This role maintains the group's product commission schedules, referral partner sharing arrangements, incentives, and promotional updates, and partners closely with Product Marketing and operations teams to ensure promotions and special campaigns are applied correctly and reflected in commission outcomes.
Key Responsibilities
1) Incoming Commissions Accounting (AR / Revenue Support)
Track, validate, and reconcile incoming commissions from insurers/product providers against expected commission schedules, issued policies, and premium/payment events.
Maintain commission receivables files, support month-end close with commission accruals, and prepare documentation for management reporting and audit.
Investigate and resolve commission variances (rate mismatches, missing payments, timing differences, clawbacks, policy changes).
2) Referral Partner Fees (AP / Calculation & Settlement)
Calculate outgoing referral fees / commission sharing by partner, campaign, and agreement terms (including tiering, thresholds, timing rules, and clawbacks where applicable).
Prepare partner statements, validate supporting data, and coordinate approvals prior to payment processing.
Maintain controls to ensure referral fees are only paid on eligible, verified transactions and align with signed agreements.
3) Product Commission Schedules & Records Management
Maintain and update the master library of:
Product/insurer commission schedules
Referral partner commission-sharing agreements
Incentives, bonuses, and campaign mechanics (eligibility windows, exclusions, caps)
Own change control: versioning, effective dates, documentation, and communication of updates to relevant stakeholders.
4) Promotions, Incentives & Cross-Functional Coordination
Partner with Product Marketing to interpret promotions and ensure they are applied appropriately (e.g., product-specific boosts, limited-time incentives, advisor/partner campaigns).
Set up and maintain promotion trackers and "rules of application" so operational teams apply them consistently.
Perform post-campaign checks to validate outcomes and highlight exceptions or process improvements.
5) Controls, Reporting & Month-End Support
Produce weekly/monthly dashboards: expected vs received commissions, outstanding receivables, partner fee payable, aging, and exceptions.
Support month-end close with reconciliations, schedules, and commentary; ensure audit-ready documentation and traceability.
Improve processes and data quality, including templates, automation, and standardized tie-outs between CRM/case management records and finance.
Key Interfaces
Finance: Group Controller / Finance Manager, Finance Manager (close, reconciliations, approvals)
Commercial/Operations: sales/advisory teams, case management, client servicing
Product Marketing: promotions, incentives, product updates and commission changes
External: insurers/product providers, referral partners (as required), payment teams/banks (via finance)
Required Qualifications & Experience
Diploma or degree in Accounting, Finance, Business, or related field (or equivalent experience).
3–7+ years experience in commissions operations, finance operations, or accounting support ideally in insurance brokerage, wealth advisory, or financial services.
Strong Excel/Google Sheets skills (lookups, pivots, reconciliation logic); comfort working with large datasets.
High accuracy, strong documentation habits, and an investigative mindset for exceptions and discrepancies.
Preferred Experience / Knowledge
Familiarity with commission lifecycles: policy issuance, premium payment timing, clawbacks, endorsements, cancellations.
Experience with multi-market arrangements, multi-currency tracking, and partner sharing agreements.
Exposure to accounting systems (e.g., Xero) and CRM/case management tools.
Competencies
Exception-handling and root cause analysis (you don't just "note" breaks, you fix them).
Excellent stakeholder management; can translate promo mechanics into clear operational rules.
Detail-oriented with strong control mindset and balances speed with accuracy.
Process improvement orientation (standardize, document, automate).
Success Metrics (Examples)
Commission receipts reconciled accurately and on time; reduced aged receivables and unresolved exceptions.
Referral partner fees calculated correctly with strong audit trails; minimal disputes and rework.
Up-to-date commission schedules and promotion rules with clear effective-date governance.
Smooth month-end support: accurate accruals and complete documentation delivered on schedule.