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. The role is also responsible for ensuring accurate insurer and reinsurer settlements, maintaining robust financial governance, supporting regulatory reporting, and driving continuous process improvement across the finance function.
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.
- Prepare and review insurer, reinsurer, broker, and TPA financial settlements and technical account statements.
- Validate and reconcile premium, claims, commission, and bordereaux data to ensure financial accuracy and timely submissions.
- Monitor Gross Written Premium (GWP), Net Written Premium (NWP), commission income, loss ratios, and other insurance financial performance indicators.
- Support statutory audits, regulatory submissions, tax filings, and finance compliance activities.
- Manage cash flow, working capital, banking operations, and timely settlement of premiums, commissions, claims, and reinsurer balances.
- Develop and maintain finance policies, internal controls, standard operating procedures (SOPs), and approval workflows to strengthen governance and mitigate financial risks.
- Identify opportunities to automate finance processes, improve ERP integration, and enhance reporting accuracy and operational efficiency.
Required Skills
- Strong accounting and financial management knowledge.
- Experience in insurance and reinsurance accounting.
- Financial reporting, reconciliation, and budgeting.
- ERP system knowledge
- Advanced Excel and analytical skills.
- Leadership and stakeholder management abilities.
- Knowledge of MGA operations, bordereaux management, technical accounting, and insurer/reinsurer settlement processes.
- Understanding of IFRS/UK GAAP and insurance regulatory reporting requirements