Vice President - Financial Planning & Analysis - General Insurance

Job Description:

Position Title : VP Finance (Financial Planning and Analysis)

Department : Finance

Position Holder : M8

Function : Finance

Location : Mumbai HO

Reports to : SVP Financial Planning and Analysis

Job Scope / Position Summary:

- To handle business finance, process improvement & efficiency, distribution MIS, financial accounting, capital management, audit & internal control, IFRS implementation & group reporting, IT systems and process to increase efficiency.

Main Responsibility:

1. Business Finance :

- Business Planning- 3, 5 & 15 years, and key contributor in Due Diligence process.

- Quarterly Rolling Forecast (QBR), monthly & quarterly finance/business update to shareholders & Board.

- Streamline Annual Planning process place deploy across functions.

- Monitor Business performance against agreed plans, targets, and budgets, working with the CFO and leadership team to identify and take timely and appropriate action to address performance issues and/or capitalize on opportunities arising.

- Review, assess, challeng, and make recommendations on business plans and cases to ensure they are financially sound and commercially appropriate.

- Provide insights to business and functional heads basis actuals trends for better efficiency & in driving profitable growth.

2. Process Improvement and Efficiency::

- Drive cost initiatives across the company continuously to optimize costs.

- Actively participate in business decisions and Cost Benefit Analysis to optimize costs at the point of commitment.

- Proactively work with stakeholder to provide solution for ease of business in both collection and payment areas.

- Identify opportunities to standardize, transform and automate financial processes, practices and services to maximize effectiveness and efficiency.

3. Distribution MIS :

- Business Partnering to provide support to zonal/ state team for control on branch P&L from overall perspective.

- Productivity Analysis of manpower at channel level/ branch level etc. to keep tight control on payroll costs and for higher productivity.

- Monthly Review Report on MTD & YTD basis with TP ULR & reported P&L at branch/ zone/ state at LOB & channel level

- Tight control on payroll and other operating expenses

- Review of IMD Level(COA +LR% ) to optimize profitability for channel etc

- Any other reports if any needed based on management requirement

- COA analysis with zonal team and INUBE System

4. Financial Accounting, Capital Management, Audit & Internal control:

- Closely work with accounting team for seamless monthly/quarterly/annual financial closing & reporting

- Manage statutory audit required for IFRS

- Ensure appropriate reserving and the continued availability of capital to meet agreed business priorities and satisfy all relevant regulatory requirements.

5. IFRS implementation and Group reporting :

- Liaison with consultant for IFRS 17/9 implementation project.

- Review IFRS17 result which is to be reported for Group Reporting in Tagetik.

- Review Group Reporting for all parameters like deferred Tax, own funds, sensitivities analysis, solvency II requirements, PIII reporting etc

- Liaison with GARO Team to understand the group requirements and prepare the response of query asked by the group

6. IT Systems and Process :

- Automate financial systems & processes to increase efficiency and effectiveness.

- Handle various IT systems/applications to optimize automation including financial applications (e.g., Sun GL), business intelligence, financial aspect of core Insurance system & applicable Integrations

- Identify, analyze, evaluate and treat (Mitigate) the business & information security risks for ensuring business continuity & also protect the information assets by adhering to the company IT Security policies

7. Overall/Others:

- Responsible for implementing financial strategy plan and priorities in line with organizational priorities.

- Recruit, structure, and lead a team of around 15

- Establish a customer centric Finance department, which contributes strongly to the strategic and day to day commercial success of the business. Drive a high-performing culture, where colleagues feel supported in challenging environment

Qualification and Experience Requirement:

Education : CA

Experience : 12 Years

Behavioural Skills (Role specific) :

- Problem Solving: Can find solutions and guide teams in difficult and complex situations.

- Result Orientation: Can persistently focus, enable, and drive teams to achieve assigned targets.

- Domain Knowledge: Can lead teams with subject authority and industry experience.

- Decision Making: Can come up with logical options to facilitate teams in making decisions.

- Stakeholder Management: Can understand and set expectations towards all stakeholders and deliver considering organizational success.

- Innovation and Creativity: Can seek new ideas from the team for improvement in current practices and industry best practices towards initiating required changes.

- Delegation: Can take personal responsibility for the team's actions, give autonomy and accountability to team members.

- Project Management: Can execute and monitor projects to achieve specific goals within defined timelines.

- People Development: Can understand people's strengths, capabilities, and motivates them, working towards their development and growth.

- Conflict Resolution: Can encourage teams within the function to engage in dialogues, where conflicting views and ideas are discussed with mutual respect.

- Developing a Strategic Mindset: Can understand and assess the key drivers of the business, market realities, and future trends while making decisions.

- Leverage Diversity: Can focus on building teams with diverse profiles, considering gender, experience, geographies, and industry.