Finance Manager – Insurance Company (Abu Dhabi)
Key Responsibilities:
– Investment Strategy and Risk Management: Lead the development and execution of the company’s investment strategy, ensuring alignment with financial goals and regulatory requirements. Oversee the assessment and management of investment risks, implementing robust risk policies to safeguard the company’s financial stability and optimize portfolio performance.
– Audit and Compliance Leadership: Drive the monthly financial closing process, ensuring compliance with IFRS 17 and other regulatory standards. Lead internal and external audit preparations, including the reconciliation of accounts and broker payables ledgers, and the preparation of balance confirmations.
– Strategic Financial Oversight: Lead the financial management function with a focus on optimizing the Accounts Receivables/Payables portfolio, including collections, broker commissions, and premium refunds. Spearhead the transition to a new insurance core system, ensuring seamless integration and minimal disruption to operations.
– Premium Collection Strategy: Oversee the strategic approach to premium collections for both direct and broker accounts. Ensure adherence to credit terms and optimize cash flow management through innovative collection strategies.
– Financial Reporting and Analysis: Direct the preparation and presentation of weekly and monthly aging and collection reports. Oversee the regulatory reporting at month-end. Provide senior management with comprehensive analysis and insights to inform strategic decision-making and long-term planning.
– Credit Control Leadership: Establish and enforce advanced credit control policies and guidelines. Lead efforts to maintain high collection rates through effective communication channels and relationship management with key clients and brokers.
– Collections Register and Reconciliation: Ensure the accurate and timely recording of all receipts, including premiums, HAAD payments, and non-AR transactions. Oversee the reconciliation process for broker accounts, ensuring accuracy and compliance with regulatory standards.
– Premium Accounting Excellence: Supervise the booking of premium collections within the financial system, ensuring all transactions are correctly reconciled. Lead the processing and payment of broker commissions, ensuring alignment with company policies.
– Broker Relationship Management: Manage and enhance relationships with brokers, overseeing the preparation and reconciliation of commission statements. Address and resolve complex issues or disputes with brokers to maintain strong partnerships.
– Refund and Documentation Compliance: Oversee the processing of premium refunds, ensuring all transactions meet internal and external compliance requirements. Ensure all financial documentation, including VAT certificates, tax invoices, and regulatory licenses, are accurately submitted and maintained.
– Advanced Financial Adjustments:Lead the issuance of manual debit and credit notes for accounting-related transactions, ensuring alignment with financial control policies and monthly closing processes.
– Cash Flow Management: Oversee petty cash management, ensuring robust controls, timely disbursements, and accurate replenishment. Implement advanced cash management strategies to optimize liquidity.
– Operational and System Integration: Lead the finance function’s integration with the new Microsoft Business Central (MBC) accounting system, ensuring the successful implementation of process improvements and simplifications across the finance department.
– Executive Support: Provide high-level financial expertise and support to the Head of Finance and CEO, contributing to the strategic direction and financial health of the company.
Required Business Acumen:
– Industry Expertise: Extensive knowledge of the insurance industry, particularly within the UAE and GCC markets. Strong understanding of local regulatory requirements, including IA, DOH, and DHA regulations.
– Advanced Accounting Knowledge: Expert-level understanding of accounting principles, with a focus on Accounts Receivables and Payables in the insurance sector. Strong knowledge of IFRS 17 and its application in financial reporting.
– Technology Proficiency: Mastery of Microsoft Office Suite, particularly Excel, with extensive experience in multiple accounting systems. Proficiency in Microsoft Business Central (MBC) is highly preferred.
Technical Expertise:
– Regulatory Compliance: In-depth knowledge of GAAP, IFRS 17, and other relevant financial regulations within the insurance industry. Proven ability to ensure compliance and implement best practices.
– Financial Systems Experience: Significant experience with computerized accounting systems, particularly in leading their adoption and optimization within an organization.
– Executive Communication Skills: Exceptional communication skills, with the ability to present complex financial data and insights clearly and persuasively to senior management and stakeholders.
Qualifications:
– Master’s Degree in Business Administration, Accounting, Finance, or a related field. A professional qualification (e.g., CFA, CPA) is highly preferred.
– Extensive experience in a senior finance role within the insurance industry, with a focus on strategic financial management and regulatory compliance.
