Business Analyst

Mphasis is a leading IT solutions provider, offering Applications, Business Process Outsourcing (BPO) and Infrastructure services globally. They are seeking a Senior Business Analyst with expertise in Annuity and Life Insurance to join their team, responsible for analyzing business needs and ensuring compliance with relevant regulations.

Responsibilities:

• Require a Senior Business Analyst with Annuity and Life Insurance domain knowledge at USA location with 8 to 14 years of experience (Level 5/6)
• Strong Business domain skills are essential
• Seeking an experienced professional to join our team in the field of life insurance and annuities
• Perform simple SQL queries
• Insurance domain SME with US based ANNUITY and Life domain knowledge
• Perform Functional Testing and review test artifacts
• Work with agents to establish compensation structures that incentivize sales and customer satisfaction
• Requirement elicitation, stakeholder management, GAP analysis
• Study AS-IS state and envision TO-BE state
• Create & review test plan, test strategy & test cases
• Have a good understanding of enterprise architecture
• Good understanding of Agile methodology
• Train & Mentor junior team members
• Good communication skills: verbal, both one-on-one and with a group, and written

Requirements:

• 8 to 14 years of experience in the Annuity and Life Insurance domain
• Strong Business domain skills
• Annuity knowledge: Fixed, Variable & Indexed Annuities
• Knowledge of IRA plans e.g. Traditional IRA, Roth IRA, 401(k), 403 (b), 457, SEP, SIMPLE
• Strong understanding of U.S. Retirement Services - Group
• Understanding of Individual Retirement Accounts (IRA)
• Understanding of Annuities – Fixed, Variable & Indexed
• Knowledge of Retirement lifecycle events and compliance
• Understanding of Tax implications and retirement regulations
• Knowledge of Defined Contribution (DC) plans like 401(k), 403(b), 457 and other plans
• Knowledge of Defined Benefit (DB) plans
• Understanding of Regulatory frameworks like ERISA, Secure Act 2.0, IRS & DOL guidelines
• Knowledge of Account opening & eligibility validation
• Understanding of Contributions: Annual limits (IRS thresholds), Catch-up contributions (age 50+)
• Knowledge of Transfers & rollovers: Direct vs indirect rollover rules
• Understanding of Distribution processing: Partial/full withdrawals, Systematic withdrawals
• Strong understanding of Life insurance including Term Life Insurance, Whole Life Insurance, Universal Life (UL), Variable Universal Life (VUL), Indexed Universal Life (IUL)
• Knowledge of Policy Life Cycle: New Business / Policy Issuance, Underwriting, Policy servicing, Policy changes, Beneficiary updates
• Hands-on exposure to policy admin systems like Vantage, ALIP, Navisys, FAST, OIPA, EXL Life Pro, etc
• Ability to perform simple SQL queries
• Insurance domain SME with US based ANNUITY and Life domain knowledge
• Ability to perform Functional Testing and review test artifacts
• Experience with Requirement elicitation, stakeholder management, GAP analysis
• Ability to study AS-IS state and envision TO-BE state
• Experience in creating & reviewing test plan, test strategy & test cases
• Good understanding of enterprise architecture
• Good understanding of Agile methodology
• Ability to train & mentor junior team members
• Good communication skills: verbal, both one-on-one and with a group, and written
• B.E degree