Cash Management System & Collections

• Managing around 150 bank accounts to facilitate provisions of all types of collection options to business teams.
• Review of collection for recovery of Premium from approx. 8000 motor dealers of 20 National Tie-up motor OEMs generating insurance business for BAGIC.
• Review of daily cashflows to ensure timely funding for expected outflows and investment of residual balances
• Ensure timely reconciliation of ~150 bank accounts if the Company
• Collaborate & manage relationships with Bankers & Fintech companies including dealings with respect to commercial negotiations, adopting new initiatives relating to digital collections and payments related and integration of technologies to ensure highest level of digitalization and enhanced customer experience.
• Review of 64vb clearance & updated status for all premium collections to ensure due regulatory compliance.
• Review of agent float and notional float debit balances.
• Review & follow up on collection of premium bank guarantees dues from various customers & intermediaries.
• Managing anti-fraud controls across the entire collection eco system across the multi distribution architecture of BAGIC.

Coinsurance

• Review of collections, net settlements of coinsurance balances of approx. Rs.1,100 crores per annum at gross level from 4 PSUs and 23 Private companies which includes follow up with all insurance companies and internally with business and claims teams for premium, premium endorsements, claims and brokerage booking.
• Review of monthly ageing for all coinsurance balances outstanding and minimize ageing for reduction of solvency disallowance.
• Ensure IRDAI compliance and reporting on co-insurance balances and ETTAS reconciliations including coordination for certification by statutory auditors.

Internal Financial Control (IFC)

• Draw and manage the IFC framework to provide assurance to the Audit Committee and the Statutory Auditors.
• Coordination with all departments to mitigate financial reporting risks by ensuring documentation of all financial reporting relating risks, identifying and documenting the related controls and timely testing of these controls to ensure their effectiveness
• Coordinating with IFC auditors for quarterly IFC testing
• Ensure timely and accurate accounting of newly acquired fixed assets and disposal of existing assets, ensure accurate depreciation calculation for all fixed assets
• Coordinate and ensure annual physical verification of fixed assets

Proposal Deposit Account, Agent Float (including Notional Float) & Bank guarantee

• Review of proposal deposit account & reconciliation of balances with SUN & Policy issuance module (OPUS & SUN).
• Preparation & review of Unclaimed balances.
• Reconciliation & Recovery of Agent float & Notional Float balances.
• Reconciliation & Recovery of Bank guarantee balances.

Compliance monitoring

• Ensuring compliances around the highly regulated areas of collections and payments related to customer and agents
• Ensuring compliance to the unclaimed policyholder balances
• Ensuring compliances to the BG rules
• Preparing Board level updates on the above

Team development

• Participate in recruitment process to identify the right talent at senior positions within the function
• Establish individual performance expectations and regularly review individual performance of the team
• Identify and create development opportunities for team members to enhance functional knowledge
• Development of amicable and healthy workplace environment.