Purpose of the Role
The Finance Manager is responsible for overseeing the company's financial operations, ensuring accurate financial reporting, premium accounting, reinsurance accounting, regulatory compliance, and effective financial controls. The role supports business growth by managing finance processes, ERP systems, and providing financial insights for strategic decision-making.
Key Responsibilities
- Manage day-to-day finance operations, including customer premium collections, refunds, reconciliations, and month-end/year-end closing.
- Prepare and review financial statements, management accounts, budgets, forecasts, cash flow reports, and KPI dashboards.
- Manage insurance premium accounting, insurer and reinsurer settlements, commission accounting, bordereaux reconciliation, and premium remittances.
- Monitor claims payments, claims reserves, recoveries, reinsurance receivables, and payable reconciliations.
- Review and reconcile direct debit collections, payment gateways, bank accounts, outstanding debtors, and insurer statements.
- Ensure compliance with UK accounting standards, FCA requirements, insurance regulations, internal controls, and audit requirements.
- Act as the Finance Business Owner for ERP systems by reviewing, testing, and approving finance-related developments and process improvements.
- Review and approve pricing updates, policy financial transactions, finance reports, reconciliations, and business requirements.
- Work closely with Underwriting, Operations, Claims, Reinsurance, Compliance, Customer Service, Sales, IT, and senior management to support business objectives.
- Lead, mentor, and develop the finance team while driving process improvements, automation, and operational efficiency.
Key Performance Indicators (KPIs)
- Financial reporting accuracy
- Premium and reinsurance reconciliation accuracy
- Collection rate
- Claims payment accuracy
- Outstanding debtor days
- Month-end closing timeliness
- Audit and regulatory compliance
- ERP finance process efficiency