Senior Finance Manager

Senior Finance Manager

XLICSE, India Reinsurance Branch

Mumbai, India

XLICSE is an Ireland domiciled insurer with branches throughout the EU, as well as Australia, Hong Kong, Singapore, Malaysia and India. It primarily writes property, casualty and specialty insurance and facultative reinsurance for large national and multinational corporations and leading insurance companies. XLICSE is part of AXA XL (a division of AXA group) which also operates in several jurisdictions worldwide.

Having obtained the certificate of registration from IRDAI to operate as a reinsurance branch located in Mumbai in 2017, the branch is well positioned to effectively develop and service clients of AXA XL in India.

As the Senior Finance Manager of the India Reinsurance branch, you will be the Controller and Strategic Business Partner on all finance. 

You will perform the role of Chief Financial Officer which is a Key Management Position regulated under the Insurance Regulatory and Development Authority of India (IRDAI). As a Key Management Personnel (KMP), you will also be a member of the branch executive committee which is responsible for formulating the overall strategy and direction as well as overseeing the management of the branch.

DISCOVER your opportunity

What will your essential responsibilities include?

Business Partnering-

·Partner with the Chief Executive Officer to understand the businesses from an integrated financial perspective, provide insight into potential improvements and perspective on the feasibility of various initiatives.

·Manage annual planning and rolling forecast and projections in line with company long term strategic vision and getting alignment with business stakeholders.

·Set up framework of performance measurement & drive result accountability for business units, Improve accuracy in forecasting process through detailed analysis of business cycle and past trends

·Proactively looking for better ways to provide timely data and support to country manager through reporting and analysis.

·Actively monitor expense drivers and work with the business to ensure most efficient cost structure.

·Lead and oversee the Finance team with two main objectives: 1) dedicated business partner resources and ensure business and functional leaders are getting ‘best in class’ Finance support 2) controllership resources aligned to legal entities and ensure controls, governance and reporting requirements are met.

·Encourage and foster excellent working relationships with FinOps, ERM, Capital Management, Actuarial Reserving, Treasury, Compliance, Investment Accounting, Internal Audit and Tax, and feed into their processes where appropriate.

Financial Operations-

·Understanding of the operational and financial systems, and monitoring of internal controls over systems and/or processing to ensure monthly/quarterly accounts are produced timely.

·Perform effective review of management accounts, financial statements and regulatory returns, drill down to the underlying data and provide in-depth analysis.

·Ensuring the transition to IFRS 17 as and when required, provide necessary training to the finance team and other departments. Manage the external and internal reporting on timely basis. Engage all the relevant parties like regulators, actuaries, auditors, taxation authorities on timely basis.

·Effectively and efficiently manage external parties including IRDAI, auditors, actuaries, bankers, tax consultant etc.

·Review and at times, be involved in the production of internal Board and Management MI related to the legal entities alongside all external reporting requirements.

·Manage all the tax related matters along with tax team and ensure that all the open audits are close on time and tax filings are made on time.

·Manage the accounts as per the regulatory requirement to ensure that there is no breach in the financials.

·Evaluate financial and accounting procedures including investment middle and back office activities and make recommendations for changes to procedures and control functions.

·Liaise with internal and external actuaries and auditors for actuarial and audit related matters and queries. This includes communicating with other business functions on data requirements and resolving audit issues.

Capital Management-

·Ensure all quarterly/ annual/ ad-hoc reporting and information to regulators are on time and in compliance with the regulatory requirements.

·Reconciliation of regulatory, statutory and management accounts on quarterly basis.

·Effectively and efficiently handle queries from regulators and provide ad-hoc data, survey etc. to regulators as needed.

·Manage the financial risk within the legal entity risk framework (including Market, Credit and Liquidity), supporting on stress testing, where appropriate.

·Prepare capital projections on quarterly basis and provide meaningful insights to the management. Set up a review and control process to manage the Capital Adequacy ratio.

·Implement the Capital management plan and work closely with all the relevant stakeholders to ensure that necessary actions are taken on timely basis.

·Onboarding RBC on time and provide periodic insights to management, prepare the capital projection under RBC prior to the implementation and ensure that branch has sufficient capital all the time

You will report to the Chief Executive Officer, Mumbai Branch with a secondary reporting line to Head of Finance Asia.

SHARE your talent

We’re looking for someone who has these abilities and skills:

· Qualification and Work Experience: Chartered Accountant with 10 years and above of related work experience preferably in the insurance industry.

· Industry Knowledge: Proven understanding of Reinsurance with a deep understanding on the performance drivers of an Reinsurance technical P&L and the way the drivers interact with each other.

· Strategic Leadership: Role model by setting a high bar for performance, engagement and commitment. Takes initiative. Ability to lead independently. Provide creative thought leadership while also listening and engaging others. Ability to persuade and the capability to implement real progress and widespread innovation. Effectively and appropriately review embedded assumptions and create positive change to processes, increase transparency and improve understanding by wider stakeholders.

· Strong Collaborator: Develop and maintain productive working relationships with internal and external stakeholders. Provide guidance and seek input from others as needed to achieve the best result possible. Enjoys navigating an environment with multiple competing interests.

· Strong Communicator:  Excellent verbal and written communication, presentation and influencing skills are essential. Able to communicate effectively with internal and external stakeholders at all levels of sophistication.

· Results Oriented: A keen ability to execute and deliver results. Approach tasks proactively and anticipate needs. Think quickly and have the flexibility to (re-)prioritize multiple work streams/ projects/ tasks without sacrificing quality. Act with a sense of urgency. Understands and has experience in project management. Ability to have a broad perspective and a preference for planning for the future.

FIND your future

AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. For mid-sized companies, multinationals and even some inspirational individuals we don’t just provide re/insurance, we reinvent it.

How? By combining a comprehensive and efficient capital platform, data-driven insights, leading technology, and the best talent in an agile and inclusive workspace, empowered to deliver top client service across all our lines of business − property, casualty, professional, financial lines and specialty.

With an innovative and flexible approach to risk solutions, we partner with those who move the world forward.

Inclusion & Diversity