MetLife - Manager - Financial & Annuity Reconciliation - CA

Job Description - Manager Reinsurance Administration

Reports to (Responsibility Level): Director

Supervises: UM/ Managers

Location: Noida

Shift - 2pm - 11pm, extended during BD days.

Position Summary

This position is responsible for overseeing the full range of reinsurance administration pertaining to Financial and Annuities Reinsurance. This includes a wide range of functions related to the (i) administration of reinsurance agreements, including reinsurance settlements, operational accounting, reconciliation, and financial reporting analysis, (ii) development, maintenance, monitoring and controls of Fin Re and Annuities reinsurance administration platforms/systems, including developing specifications, test plans and performing UAT, and (iii) oversight of all control functions, internal and external audit support and other as needed.

Main Responsibilities

1. Oversee all monthly reinsurance accounting and administration responsibilities for Financial and Annuity Re including all aspects of the monthly general ledger closing process.

2. Review periodic reinsurance settlements by compiling data from the ledger, direct administration systems, the reinsurance data mart, valuations and various other internal sources.

3. Supervise monthly financial reporting, such as booking accounting entries, setting up wire transfers in TWS and balance sheet certifications. Ensure overall governance and highlight/escalate a potential issue.

4. Supervise the analysis of current and historical financial results for Financial & annuity reinsurance; design and prepare reports/studies that will enhance the analysis. Answer issue based queries to Reinsurance Controllers relating to analytics.

5. Compare Reinsurance claims to Direct claims and Reinsurance reserve requirements

6. Supervise the implementation of new treaties in the ERDR system

7. Review Annual DAC Tax computation for Tax department and DAC tax letters for reinsurers.

8. Perform research relating to queries raised by reinsurers, auditors, etc. and assist with preparing timely responses

9. Prepare internal MIS and analytics relating to reinsurance Inquiries highlighting resource utilization and turnaround time and provide tracking of audits (Reinsurance, D&T, SOX, and State exams).

10. Develop specifications for changes and/or enhancements to reinsurance IT systems

11. Create test plans for system updates and complete related user acceptance testing

12. Cater to STAT and GAAP requirement for reporting and analysis for reinsurance.

13. Document administration and financial reporting workflows and recommend improvements to these processes where appropriate

14. Prepare monthly reports summarizing experience under all reinsurance treaties for the current month/ YTD.

15. Review STAT foot note 23 and collateral reporting

16. Review Annual Financial Report before submission to Leadership

Knowledge, Skills and Abilities

Education - Post CA experience of 6-8 years in the industry of same domain.

Experience - Overall experience of 5-7 years in a similar industry and related profile is required

- Experience in Accounting, Treaty administration, knowledge of GAAP/STAT accounts and closing and reporting related activities.

- Should possess experience in handling end to end financial closing activities ranging from the booking of accruals, processing payments, investigating, resolving and reconciling outstanding balances and items.

Knowledge and skills (general and technical)

- Proficiency in English

- Understand the complexities involved in treaty settlement and captive reporting

- Good computer navigation skills, ability to work with multiple mainframe and web-based systems

- Strong knowledge of Microsoft Office, with exceptional strength in Excel and Access

- Strong analytical skills to research and resolve complex problems

- Life insurance accounting/finance experience preferred

- Reinsurance administration experience preferred but not required

- Experience with systems implementation/corrections/enhancements

- Experience in reading and interpreting business documents and contracts

- Strong interpersonal, communication and relationship building skills

- Data gathering ability/ attention to detail

- Ability to work in a team environment with minimal supervision

- Ability to work successfully in fast-paced, production driven environment with tight deadlines

- Adaptable to change