Insurance Management Accountant
Initial 6 Month Contract
£300 - £400 p/d
IQ Talent Solutions are delighted to be working with one of our key Global Loyalty and Benefits clients and supporting them with the recruitment of an Insurance Management Accountant to join them. The Management Accountant will work as an integral part of the Finance team and will take responsibility for the preparation of the monthly management accounts and year-end statutory accounts within their Insurance Division.
The ideal candidate will have Insurance industry experience and the ability to come in and hit the ground running. Ideally fully qualified, but will also look at part-qualified candidates who have extensive experience within Insurance.
- Support the Financial Reporting Manager to establish/ maintain fit for purpose management accounts with insightful monthly commentary.
- Prepare monthly journals for accrued income, unearned premium reserves, claims and IBNR reserves, reinsurance and profit share/commissions.
- Assist the Financial Reporting Manager with the review of the technical accounts across the I&A division
- To work with the underwriters to ensure all insurance data in the finance systems is accurate and allocated to the correct underwriting year for reserving committees and profit share calculations
- Validate the calculations for 3rd party profit shares due and ensure we agree and sign off the calculations with the underwriters in a timely manner
- To ensure the IBNR model correctly reflects the current loss ratios agreed at the reserving committee and to review the model on a monthly basis with the underwriters
- Support the Financial Reporting Manager in ensuring the tax compliance of the insurance division, including timely submissions of returns and tax reporting to capacity providers as well as ensuring all taxes are recorded in the finance systems in a timely manner. This is for both UK and foreign taxes.
- Assist in the preparation of quarterly RMAR returns and monthly CASS 5 client reconciliations ensuring these are completed and reviewed in a timely manner.
- Work with Commercial Finance to ensure the accurate reporting of revenue on a monthly basis
- To work with the Financial Reporting Manager to support all audit (including but not limited to, internal, 3rd party and year-end), create the year end Statutory packs & accounts with supporting evidence for balances as required
- Review the missing declarations report and work with the Finance Assistants to ensure all premium declarations are loaded into the finance system escalating any clients where there are issues that prevent this being done
- Maintain monthly balance sheet reconciliations, ensuring that all aged items are managed and cleared in a timely manner, working with other parts of the Business as necessary
- Maintain a monthly balance sheet reconciliation schedule for the insurance company detailing the balances with supporting evidence, to be reviewed at quarterly BSR meetings (Balance Sheet Review)
- Take ownership for the inter-company position for the insurance company, ensuring this is reconciled monthly to agree with the other group entities.
- Work with Commercial Finance to ensure the integrity in the numbers being recorded in the management accounts and provide support on the variance to budget analysis
- Maintain and monitor reconciliations for systems feeds into SAP forming part of the management accounts/ financial statements
- Work with Finance Operations to ensure all transactions processed are accurate and complete and recorded in a timely manner
- Ensure robust controls are in place look to enhance where possible
Knowledge, skills and experience required
- Qualified Accountant (ACCA, CIMA, Equivalent) – will look at part qualification.
- Insurance experience
- Strong Technical Knowledge of applicable accounting and regulatory standards (IFRS, UK GAAP)
- Good knowledge of SAP accounting system preferable
- High personal levels of motivation and delivery orientated focus.
- A proactive, forward looking and challenging mindset.
- Detail focused with strong organisation and planning skills
- Ability to interact with and develop working relationships internally and externally in order to achieve best outcomes for the business and customer.
- Knowledge and experience of best practice within industry to consistently improve delivery within department