Manager - Finance & Accounts - Insurance Accounting

Manager - F&A (Insurance Accounting)

Financial Control Management (Accounts) plays a crucial role in maintaining/review of Suspense Accounts, passing Journal Entries in Life Asia, Balance Sheet review, Control Reports, Policy Loan register and coordinating with the Operations team to take appropriate action on a timely basis.

Purpose of the Job:

1) Responsible for monthly Policy Loan Accounting including loan reconciliation, passing loan entries in SAP and preparing loan register,

2) Responsible for Policyholder suspense balance analysis and review including preparing in-depth analysis of policyholders suspense balances, analysing payable/receivable amount and coordination with Ops team for actioning

3) Processing day-to-day Journal Entries in Life Asia / Group Asia system and processing Unit Journal Entries in Life Asia

4) Passing of monthly accounts closing entries on Policyholder debit balance provision, premium suspense related entries such as premium received in advance, unallocated premium, payable to policyholders, proposal deposit refund etc

4) Responsible for unclaimed regulatory reporting including preparation of Unclaimed Form A, B and C, BAP reporting etc

5) Supervising and handling of policyholder payable and unclaimed accounting

6) Handling of Statutory / Internal Audit related to Policy Loan and Policyholders suspense accounts

7) Responsible for preparation of MIS reporting - Internal and Regulatory

Duties:

1) Responsible for monthly Policy Loan Accounting -

a) Policy loan reconciliation,

b) Passing loan accounting entries in SAP for collection, settlement, interest accrual, standard loan provision and

c) Preparing loan register,

d) Raising loan settlement reconciliation recon findings with Operations team and following up on actioning

e) Providing loan details to auditors,

2) Responsible for passing / checking monthly accounts closing entries related to Policyholder debit balance provision, premium suspense related entries such as premium received in advance, unallocated premium, payable to policyholders, proposal deposit refund etc

3) Responsible for monthly preparation of in-depth Policyholder suspense balance analysis for payable to policyholders, unclaimed amount, unallocated premium etc and coordination with Operations team for reasoning and reduction of suspense balances

4) Responsible for preparation of policyholder suspense debit balance analysis, monitoring and follow up for recovery / rectification

5) Responsible for Unclaimed regulatory reporting - Unclaimed Form A, B and C and BAP reporting including preparation of reports, coordination with stakeholders for inputs etc

6) Handling Policyholder unclaimed balance transfer (>10Y) to Senior Citizen Welfare Fund in coordination with stakeholders, identification/ finalizing SCWF transfer list, passing Journal Voucher entry in Life Asia, ensuring timely fund transfer and reporting of SCWF numbers

7) Processing day-to-day Unit Journal processing and Journal Entry passing in Policy Admin System (Life Asia) and supporting new business / policy servicing operations

8) Handling of Statutory / Internal Audit queries

9) Maintaining JV and activity tracker on daily basis and reporting JV dashboard

10) Analysing and raising queries with respective team for automation in system, so that number of JVs to get reduced

11) Automation of suspense reports with BI / using excel macros

Education:

- CA qualified/ MBA Finance

- 2-6 years of experience

Tools - Life Asia, SAP

Industry experience required - Life Insurance or General Insurance

Location - Mumbai