Purpose
The Divisional Finance Officer (DFO) is responsible for overseeing the financial management, planning, and analysis for the Property & Casualty (P&C) division within the APAC, General Insurance business. The DFO serves as a strategic partner to the divisional leadership team, providing financial insights, ensuring compliance with regulatory requirements, and driving financial performance to achieve business objectives.
Responsibilities
Financial Strategy and Leadership:
Partner with divisional leadership to develop and execute financial strategies that align with the overall goals of the P&C business.
Provide financial insights and recommendations to support decision-making, including pricing, underwriting, and claims management strategies.
Lead the development of financial plans, budgets, and forecasts for the division.
Financial Planning and Analysis (FP&A):
Analyze financial performance, including revenue, expenses, profitability, and key performance indicators (KPIs).
Prepare and present financial reports, dashboards, and variance analyses to senior management.
Identify trends, risks, and opportunities, and recommend actions to optimize financial outcomes.
Operational Support:
Collaborate with underwriting, claims, and operations teams to ensure alignment between financial goals and operational activities.
Support the development of pricing models and ensure appropriate reserving practices for the P&C portfolio.
Monitor and manage expense controls, ensuring efficient use of resources.
Regulatory and Compliance Oversight:
Ensure compliance with all financial reporting standards, regulatory requirements, and internal policies.
Oversee the preparation of statutory filings and regulatory submissions for the P&C division.
Work closely with auditors and regulators to address financial and compliance matters.
Risk Management:
Assess financial risks related to underwriting, claims, and market conditions, and develop mitigation strategies.
Collaborate with actuarial teams to evaluate loss reserves and ensure adequacy.
Team Leadership and Development:
Lead and mentor a team of finance professionals, fostering a culture of collaboration, accountability, and continuous improvement.
Build strong relationships with cross-functional teams and stakeholders to drive alignment and achieve business objectives.
Technology and Process Improvement:
Leverage financial systems and tools to enhance reporting, analytics, and decision-making capabilities.
Identify and implement process improvements to increase efficiency and accuracy in financial operations.
Education and Experience:
Bachelor’s degree in Finance, Accounting, Economics, or a related field (MBA or CPA preferred).
Extensive experience (typically 10+ years) in financial management roles, preferably within the insurance industry or P&C line of business.
Strong knowledge of insurance accounting principles, including GAAP, IFRS, and statutory accounting.
Skills and Competencies:
Deep understanding of the P&C insurance market, including underwriting, claims, and reinsurance.
Strong analytical and problem-solving skills, with the ability to interpret complex financial data.
Excellent communication and presentation skills, with the ability to influence stakeholders at all levels.
Proven leadership and team management abilities.
Proficiency in financial systems, tools, and software (e.g., SAP, Oracle, or similar platforms).
Key Attributes:
Strategic thinker with a results-oriented mindset.
High level of integrity and commitment to ethical practices.
Ability to thrive in a fast-paced, dynamic environment.