Chief Manager - Business Finance - Insurance Sector

Candidate should have experience in Finance & Accounting in Insurance Industry in Premium, Commission, Claims and Reinsurance Accounting along with good understanding of IRDA compliance.

- Financial Accounting and analytics

- Financial accounting relating to premium, commission, claims, sales incentive and contests.

- Ensure correct accounting allocations between departments, locations, products and segments

- Expense management within defined budgets and highlight deviations

- Month end provisioning to ensure smooth and correct financial closing of books of accounts

- Responsible for system enhancements with regard to finance patch

- Managing Business Finance

- Ensure accurate and payouts for commissions

- Finalization of business arrangement with Business Partners

- Monitoring Business Partners profitability and business targets

- Calculation of incentive of sales force and ensure monthly payouts

- Periodical review of statement of accounts and quarterly reconciliation with Business Partners

- Responsible for finance system enhancements

- Reinsurance Accounting and Reconciliation

- Calculation of monthly reinsurance premium provision

- Booking of accurate reinsurance claim recoverable from re-insurer.

- Reconciliation of claim paid vs. re-insurance claims.

- Preparation of Statement of Accounts and quarterly reconciliation with re-insurer.

- Management and Statutory Reporting

- MIS on Distribution performance relating to new business sales, Renewal Collection

- Dashboards on monthly profitability and business projections

- Variance Analysis on Premium Collection, Sales Segment, Product MIX, Commission and OPEX

- Responsible to any adhoc statutory submission relating to premium collected, claims paid and commission payouts,

- Compliance with IRDA regulations & regulatory reporting

- System implementation and enhancement

- Raising business requirement for system enhancement and ensure UAT and go live

- Ensure correct commission and bonus setups in IT compensation system

- Report designing through IT System to ensure monthly MIS and Dash boarding

DESIRED COMPETENCIES:

- Sound understanding of business finance laws and statutory regulations pertaining to Business Financial management, reporting of commission, premium and claim numbers

- Hands on experience in compliance with IRDA regulations & regulatory reporting

- Experience in handling reconciliation between Policy Administration System and Oracle

- Expert Knowledge and hands on experience of business finance / operational finance.

- Strong Financial and commercial acumen.

- Attention to detail and quality orientation.

- Customer centricity, both internal and external

- Strong analytical, problem solving & decision making abilities

- Proficiency on working in MS - Office (High on Excel, Word and Power-point)

- Working with and through others

- People management skills

- Positive orientation and proactive

- Good Communication, interpersonal, presentation and team working skills

- Ability to influence without formal reporting and relate to people at all levels.

- Demonstrated ability in developing, grooming talent and mentoring subordinates.

- Understanding of current technology and applications to enhance finance operations.

- Relevant experience in financial services/insurance sector is desirable

MEASURES OF SUCCESS:

Performance measures:

- Completion of all accounting activities with minimum pending transactions ensuring full accuracy and within agreed timeliness

- Timely and accurate finalization of monthly reporting, and statutory compliance

- Timely finalization of audited accounts with minimal changes from management accounts

- Efficient transmission of financial information to other team members

- Feedback from supervisor and other colleagues.

- Quality of financial data

- Minimum number of Audit Issues

- Adherence to agreed TATs

- Minimum audit observations, deviation from targets

- Designing financial processes, controls and efficiency measures.

Internal & External Customers:

- Feedback from stakeholders

- Turnaround time, quality and control over reconciliation, customer feedback

MINIMUM EDUCATION, EXPERIENCE & ELIGIBILITY:

- CA or MBA in Finance with 8 -15 years of similar experience in Insurance industry with strong accounting experience

- At least two to three years of strong experience in a Insurance Industry with good knowledge in Premium, Claim and Commission process and IRDA rules.