The Role :

Preparation and finalization of Financial Statements in line with International Financial Reporting Standard (IFRS) applicable for Insurance Companies

Responsibilities :

- Creation of Road map of activities for implementation under IFRS:

- Understand the impact of IFRS and change on your Business, Data, system and processes.

- Identify the impacts of each options on the business and model with the financial impacts.

- Carry out financial impact analysis on financials and reporting required as required under IRDA and other regulatory guidelines.

- Identify and implement the System changes and creation of business decision as per standard:

- Work along with IT, Products and Actuarial team to develop system design, architecture and provide necessary inputs from finance for creation of Business requirement document (BRD).

- Creation of accounting decision paper out of available options as per the AS.

- Creation of Request for proposal and work along with IT and Actuarial team for finalisation of IT vendor and Implementation partner.

- Implement significant technical changes, quality analysis and validations.

- Transition data preparation and pilot testing:

- Carry out dry run and testing on the new system and verify the outcome of the same.

- Prepare comparative financial statement and reinstate the balances as per the standard.

- Provisioning operational reports per new financial statements & operationalize the applications

- Preparation of the financial statements from the new applications and carry out the post implementation testing.

- Facilitate all the Statutory and regulatory reporting and reconciliation with existing Policy amin database and Financial systems:

- Reconciliation of the data reported in Financial statements with Policy admin database, etc.

- Submission of all the Statutory and Regulatory Reports on timely basis

- Analytical review of Revenue accounts and month on month variance account analysis

- Supporting reporting in managing Statutory & Internal Audit, IFC, IRDA and resolution of Audit queries:

- Providing required data to the auditors for conducting audit.

- Closure of all audit requirements and Resolution of audit queries.

Required qualifications and experience:

- Qualification: Qualified Chartered Accountant with 6/8 years of experience in Life Insurance industry with experience in Revenue / Technical accounting

- Excellent knowledge on IGAAP and International AS.

- Handled the role of preparation of financials of the Company

Knowledge and skills desired:

- Knowledge of Life Insurance process i.e. Premium, commission, claim cycle.

- Reasonable command on Power point - Must know built-up & formatting of PPTs

- Good project management skills and have good decision-making skills

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