Position
Chief Manager – Finance (Distribution Compensation)
No. of Positions
1Department
FinanceFunctionReporting to
VP – FinanceBand4BLocation
HOLast date of submissionTill the vacancy get filled
JOB SUMMARY:
Managing Distribution compensation comprises retail commission process, Reward Management, GST Expense on Commission and Reward
Finalisation and Closure of month end provisions related to commission expense, GST, Rewards and other distributor payouts
Regulatory Reporting
Automation of Distribution compensation process
Key Responsibilities
Commission and Reward calculation, validation, disbursement and Provisions
Review and validate various data points, performance metrics and eligibility criteria
Calculations basis predefined reward structure/ agreements
Maintain accurate and updated records of all metrics and transactions
Process commission payments within designated pay cycle, adhering company policies and timelines
Monitor through variance analysis
Preparation and presenting Key insights on the monthly commission, reward and other payments
Accurate Timely submission of all regulatory submission. Smooth Implementation of any new IRDAI regulation
Ensure adherence to Board Approved Policy on Commission
Enabling Business Growth
Focus on robust implementation of new schemes
Continuous focus on reduction of turn around time
Monthly connect with Business teams on critical Business requirements solutions
Compliance, Regulations and Audit
Ensure compliance with financial regulations and internal control procedures
Ensure proper documentation and control, Review financial transactions, invoices and expenses to ensure accuracy and compliance
Handling Statutory and Internal Audits
Risk Management
Monitor and assess the financial risks associated the process and implement risk mitigation strategies to minimize potential financial exposure
Measure of Success:
Timely and accurate payouts
Correctness of all related transactions
No High aging items in related schedules
Continuous improvements in processes and turnaround times
Level of New Automation in the process
Audit Ratings
Supervisor Feedback
Desired Qualification and Experience
MINIMUM EDUCATION AND EXPERIENCE:
Post Graduate in commerce and/or MBA with minimum 10-15 years of experience
KNOWLEDGE/SKILLS/ABILITIES:
Sound knowledge of Accounting preferably in insurance sector
Proficiency in MS-Excel, Access for complex calculations
Experience in commission and process automation or a similar role
Knowledge of sales processes and commission structure in insurance industry
Knowledge of reinsurance concepts, contracts and settlement processes
Knowledge of regulatory requirements and accounting principles related to commission and reinsurance
Strong analytical, mathematical and problem solving skills with attention to detail
Excellent communication and interpersonal skills to interact with internal and external stakeholders
Organizational and time management skills to meet deadlines
Ability to work independently and as a part of a team in a fast paced environment
