Bajaj Allianz - Vice President - Business & Financial Planning/Reporting

Role - VP - Business & Financial Planning and Reporting

Reporting to - Executive Vice President

Role in brief - Financial planning & shareholders reporting, evaluation of business proposals (organic and in-organic) along with analysis of financial performance across BALIC; in order to provide businesses & management team, with timely and accurate business insights and tracking of critical metrics to ensure early traction on misses/ potential gaps and propose recommendations for improving financial health of the company along with early engagement with partner and shareholders on various issues

Total Team Size: 13

Educational Qualifications : Minimum qualification required- Chartered Accountancy/ MBA in Finance

Experience:

- Minimum 10+ years of experience in insurance business (14+ years of total experience)

- Knowledge of insurance industry and accounting domain is MUST

Job description :

1) Business & Financial Planning, P&L discussion and Stakeholder management:

1. Responsible for annual financial plan (AOP), Re-AOP/ Re-forecast/ Estimates (multiples in one year), Long Range plan (LRP) for the company which visualize financial strength, growth with detailed short term and long-term actionable & goals and smooth approval from Shareholders

2. Lead the discuss for all business and financial transactions including premium, reinsurance, commissions, expenses, investments etc. with respective department/ function heads for budgets and financial targets and ensuring delivery of the same

3. Responsible for delivery company key financial metrics (MoS) results with no significant negative outcomes and worked very closely with CEO, Mancom and CFO to achieve the same

4. Track critical aspects to ensure early traction on misses/ potential gaps, raising flags to fix up the same and this has helped to draw mitigation plan, early engagement with partner and shareholders on various issues

5. Vertical/ Partner level P&L discussion with sales head/ vertical heads and sharing guidance on product mix, PPT/PT mix, sales credit, educate them with impact/ sensitivity analysis on key financial metrics so that taking corrective action would be easy

6. Lead Group profitability discussion with business team, along with active re-pricing of Group business partners, closure of non-profitable partnerships, wherever required (Mainly under MFI/NBFC business); the same is based on very detailed/ extensive exercise of death incidence rate review on fortnightly/ monthly basis

7. Undertake monthly PIR (post implementation review) of all key new relationship and highlight key concern so that the same can be addressed considering Bajaj life works with multiple partners/ brokers/ verticals/ sub-verticals etc.

8. Work closely on maximising existing relationship potential, along with sales team & CEO and facilitating decision making to become relevant in partner shop

9. Engage with Agency sales head and proprietary sales force (PSF) head to support in design of compensation and rewards & recognition for agents and employees

10. Work very closely with actuarial & Risk team on all valuation relation work, interest rate change impact assessment and mitigation strategy of risk related items (including change in customer IRR)

11. Drive/ participate in various projects such as product proposition at vertical level; based on commercial, Retail SoE, Refinement in expenses allocation methodology, Cost optimisation, Portfolio level sales credit, Branch level P&L, Driving education agenda for sales team, Setting up process for Group IBNR, Competition analysis on key financial metrics, Defining company MoS, Part of customer value pool project etc.

2) Commercials closure with business/ partners:

12. Commercials re-negotiation with on existing business, triggers due to open architecture/ new products/ productivity issue etc.

13. Meeting/ interaction with partners (few) on monthly governance meeting as finance lead and raising key financial risk area, along with discussion on mitigation plan

14. Actively involved in discussion/ deliberation of in-organic growth opportunity and responsible creating financial models for potential opportunities and creating term sheet for the same

15. Ongoing development of profitability models (majorly for institutional business) and conduct cost-benefit analysis of business expansion opportunities to support sales teams in structuring commercial proposals for business deals

16. Work closely with payout team on various agreement related stuffs

3) Shareholder & Board communication and regulatory reporting:

17. Closure of monthly business review (MBR) deck and leading discussion with CFO/CEO; monthly meeting being chaired by Group Chairman

18. Responsible for various Board/ Shareholder related deliverables, including all financial numbers in CEO & respective Mancom member deck so that messaging is clear and consistent

19. Discussion with MANCOM, Group CFO & strategy team on various matters related to financial performance and doing brain storming session and equip them with relevant information to improve performance

20. Submission for quarterly reports to Allianz shareholders for their consolidation and further submission

21. Provide data to support in preparation of statutory reports and review prepared reports to ensure compliance with regulatory requirements

22. Manage and provide guidance in preparation of financial reporting for shareholders (both Bajaj Finserv and Allianz) in line with the statutory requirements to ensure their accuracy and identify and rectify anomalies, if any

4) Driving Cost Management agenda:

23. Deployment of opex plan to functional heads and work cohesively with Mancom members to ensure delivery of the same

24. Formulate a cost monitoring process with the aim to meet cost goals set out by shareholders

25. Tracking of budget vs actual performance and pro-actively engaging with functions in case of over/unplanned spend and setting up the action plan to mitigate the risk (Tactical or structural cost saves)

26. Responsible for Branch profitability report to reflect monthly performance of the branches which eventually help in timely action on expansion/closure/rationalization of branches

27. Engage with department heads (support function) for providing MIS report on the respective department expense in comparison to the AOP/Re-AOP/Re-forecast and discuss the avenues for cost rationalization

5) Investor Relations/ Competition benchmarking/ analysis:

28. Provide guidance to team in conducting analysis of companys financial health, comparable ratios and operating results against industry and competitors to identify the best practices and if possible replicate them for BALIC

29. Extensive analysis of competitor results at every quarter end and shared the outliers and company standing in each line of expenses and sales

30. Review of investor relation deck and extensive discussion with CEO & CFO on potential questions for quarterly investor call

31. Build and maintain relationship with various external stakeholders including other insurance companies, senior management team of other companies, industry bodies etc. to ensure access to functioning/ trends in industry

6) Product pricing/ various other projects:

32. Actively involved in new product launch and commercial closure with business before launch of products

33. Finance lead for discussion with Product and Actuarial team on various items almost on daily basis

34. Customer IRR/ Product re-pricing discussion

7) Team development:

35. Conduct knowledge transfer/ training for team members, on relevant skills

36. Establish individual performance expectations and regularly review individual performance of the team

37. Identify and create development opportunities for team members to enhance functional knowledge