Max Life Insurance - Assistant Vice President - Finance - Collection & Fin-IT

Title: Assistant Vice President - Finance(Collection and Fin-IT)

Location: Gurgaon

Exp range - 10-14 yrs

JOB SUMMARY : 

- End to end Premium Collections Management at PAN India Level (annual premium size 20K Crores)

- Timely and accurately issuance of ~ 50 lacs Premium Receipt annually to policyholders with speed and accuracy

- Ensure 100% compliance of regulation on premium collections along IRDA/Compliance reporting on AML/64VB

- Responsible for effective system design with Financial benefits including Release Management, Defect Resolution, UAT.

- Drive automation agenda for Finance patch to eliminate manual work and risk of error etc.

- Represent Finance patch in design of Product functionalities and specifications and ensure smooth system implementation.

- Proven leadership and interpersonal skills: Team handling and stakeholder Management.

- Embed quality processes, controls and governance to mitigate operational risks involved in the processes.

- Manage Statutory, Internal and IRDAI Audits with no significant observations.

Detailed KRAs:

Collection Management:

- Effective system design with adequate controls to collect premium of ~ 300 branches/ business partners spread across India. Manage & monitor prompt deposition of collected premium as per the agreed turn-around time.

- Put in place an effective process to ensure allocation of monies to policy holder accounts in compliance to insurance regulations on speedy basis.

- Ensure compliance with AML Policy of the Company and IRDAI Regulation 64VB.

- Monitor Day and Month end certification of cash and cheque balances with offices.

- Ensure accurate allocation of NAV with applicable regulations on renewal collections.

- Smooth audits of branches by internal/external Auditors.

Fin-IT:

I Release Management

- Lead the process of requirement gathering from the user, analyze the same and brain storm with IT to identify the most optimum solutions with respect to Ingenium, myAgent, Oracle and other associated systems.

- Create comprehensive and detailed business requirement document (BRD) and place the same with IT.

- Walk through of the requirement from Technology Team.

- Lead the prioritization discussion with IT and Internal Stake holder.

- Ensure UAT with extensive test scenario and verify the results to ensure robustness of the built.

II Product Launch: 

- Partnering in New Product Launch and Development Process (15-20 products/riders annually)

- Identify Day 0, Day 1 & Day 2 requirements and ensure that complex & critical product features are developed before actual launch date.

- Analysis & Documentation of systems requirements for products and functionalities in alignment with Finance stakeholders.

- Benchmark product and features build across life insurance industry.

- Ensure commission setups of respective products in line with product file n use within stringent TAT.

III Defect Management and Access Controls: 

- Proactive discussion with Finance and cross patch users and IT on a defects logged and resolution thereof.

- Analyze system defects in light of RCA and work with IT Team and ensure corrective actions.

- Proactive tracking the defect and built system integrated checks along with controls to ensure no repeat of instances.

- Responsible for governing the access granted to users across the applications and own super user responsibility for ERP and other system.

IV Driving Automation agenda: 

- Driving automation for finance patch adapting smart tools like RPA, BOT etc.

- Identifying the Finance manual process and work on next level automation with integrated system based controls.

People Agenda & Stakeholder Management: 

- Build high performing team by providing opportunities, exposure & requisite trainings.

- High level of collaboration with relevant stakeholders within Finance and outside.

- Driving customer centricity by resolving the issues proactively and responding the queries within defined TAT.

- Leading Finance IVOC with regular connect with stakeholders and Field staff.