Assistant Vice President

2 weeks ago

Mumbai, Maharashtra, India ICICI Lombard Full time ₹ 8,00,000 - ₹ 24,00,000 per year

Role & responsibilities

The role involves ownership of budgeting, forecasting, and analysis of key financial drivers such as Loss Ratios, Claims Processing Costs, and Operating Expenses. The incumbent will act as a business partner to the underwriting and claims leadership, ensuring delivery of financial plans, analyzing variances, identifying risks & opportunities, and driving insights for strategic decision-making. This role will also be responsible for developing and managing the Annual Operating Plan (AOP) for the vertical.

Preferred candidate profile

1. Budgeting & Forecasting

  • Lead preparation of annual budgets and quarterly/monthly forecasts for the Underwriting & Claims
  • Model and forecast Loss Ratios, Claims Processing Costs, and Other Operating Expenses.
  • Collaborate with functional heads to align financial plans with business strategies.
  • Maintain rolling forecasts, incorporating latest claims trends and operational developments.

2. Financial Analysis & Variance Management

  • Track performance against plan and analyze variances in Loss Ratios, claims expenses, and cost drivers.
  • Identify risks, opportunities, and recommend corrective actions to ensure delivery of financial targets.
  • Provide insights into cost efficiency, claims leakage, and operational effectiveness.
  • Perform sensitivity analysis to evaluate the impact of regulatory, actuarial, and operational changes.

3. Performance Management & Reporting

  • Develop and present monthly financial performance dashboards and management reports.
  • Partner with actuarial, underwriting, and claims teams to understand drivers of variances and recommend strategic interventions.
  • Support business leadership with data-driven insights to improve profitability and operational efficiency.

4. Strategic & Business Partnering

  • Serve as the liaison for the underwriting and claims leadership team.
  • Support initiatives to optimize claims processing cost and improve underwriting profitability.
  • Participate in cross-functional projects impacting financial performance (e.g., process automation, vendor management, cost optimization).
  • Provide inputs to corporate finance for enterprise-wide planning, MIS, and investor reporting.

5. Annual Operating Plan (AOP)

  • Lead the development of the Annual Operating Plan for the vertical.
  • Work closely with business leaders, actuarial, and operations teams to define key assumptions and financial targets.
  • Ensure alignment of the AOP with overall corporate financial goals.

Key Skills & Competencies

  • Strong knowledge of health insurance finance, particularly underwriting, loss ratios, and claims operations.
  • Advanced modeling, forecasting, and variance analysis skills.
  • Proficiency in MS Excel, Power BI/Tableau (or other BI tools), and ERP/financial planning systems.
  • Strong business acumen with ability to interpret operational metrics into financial insights.
  • Excellent stakeholder management and communication skills.
  • Problem-solving mindset and ability to work in a fast-paced, dynamic environment.

Qualifications & Experience

  • Chartered Accountant (CA), MBA Finance, or equivalent qualification.
  • 8-10 years of experience in FP&A / financial analysis / business finance, preferably in health insurance, general insurance, or financial services.
  • Prior experience in underwriting/claims finance will be an added advantage.

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