Job description
The position supports the finance close team, which is responsible for the accounting processes required to produce the underwriting results of the Syndicate and Company operations including premiums, claims, reinsurance and reserves. This role will take a lead on projects and initiatives to develop and enhance financial systems and processes. The role acts as the finance custodian for the financial systems which underpin the monthly financial close process. This includes raising tickets for system performance, interrogation of systemic accounting data, and the testing and implementation of system updates. They will work closely with IT and the system supplier, as well as Reserving Actuaries, FP&A, Reinsurance, and other Finance functions.
Key Responsibilities
Actively engage in the continued enhancement and development of financial systems and processes, through incremental changes and larger business initiatives.
Recommend and effect improvements and efficiencies in the financial systems and close process.
Contribute to finance transformation initiatives, focusing on optimising workflows for premiums, claims and reinsurance processing.
Support analysis of financial results to ensure accuracy of the underwriting results at an appropriate level of granularity (e.g. branch, line of business, accident year, currency). Assist in the investigation, understanding and resolution of data and accounting related issues.
Work closely with finance stakeholders to query, investigate and analyse premiums, claims, reserves and reinsurance accounting data in the financial Sub-Ledger system (Phinsys) and the General Ledger (Workday).
Support close team with accounting reconciliations between actuarial data, source systems and the General Ledger for insurance accounting balances.
Co-ordinate system support for the monthly, quarterly and annual technical financial close process to ensure the accurate and timely delivery of the technical underwriting result to the group head office in the US.
Serve on the Financial Systems Steering Committee to help set priorities, drive strategic initiatives, and implement meaningful change.
Monitor and where needed troubleshoot data uploads, mapping, and system integrations between source systems, data warehouse and General Ledger.
Raise tickets and change requests with IT to escalate, prioritise and see through to completion any system fixes required.
Work with IT and 3rd party system vendors on system enhancements and implementations.
Assist with implementation of system fixes, patches, upgrades and other system changes, performing and documenting UAT and flagging any reconciling differences or other issues.
Maintain documentation for controls and processes related to financial systems.
Assist the organisation’s external auditors in the provision of information and explanation as required where related to system-generated technical accounting balances.
Comply with all applicable legal and regulatory requirements and ensure, at a level appropriate to the position, that appropriate measures are in place to ensure this compliance.
May perform additional duties as assigned.
Skills, Knowledge & Experience
Qualified Accountant or qualified by experience
Knowledge and experience of insurance technical accounting: P&L, balance sheet and cashflow including premiums, claims, reinsurance accounting, DAC, UPR, case reserves and IBNR
Track record of delivering projects to a high standard, particularly system implementations
Established experience of financial systems, general ledgers, data warehouses, cubes and policy administration systems
Demonstrates forthrightness in flagging issues and requesting changes, working with stakeholders to drive change – from raising tickets to testing and release into production
Ability to prioritise system and process improvements taking into account complexity, urgency, audit and control findings
Excellent problem-solving skills, with a willingness to delve into complex system detail as well as policy and claim-level data
Capability to work with large datasets in a variety of formats (Excel, SQL, Alteryx, PowerBI)
Advanced Excel user skills
Takes highly proactive ownership and accountability for their work
Strong organisation and time management skills
Works independently and as part of a small team
Communicates effectively and explains technical issues and solutions to problems
Can build strong relationships with IT, external vendors and other functional areas of the business
Appropriate knowledge of all relevant regulatory and legal requirements applicable to the position