Job Description

The Finance Manager is responsible for leading the Finance Department and overseeing all financial operations of the company, ensuring accuracy, efficiency, compliance, and transparency. This role is particularly critical on financial management, premium collection, claims monitoring, and compliance with regulatory agencies (Insurance Commission, BIR, SEC, and others) are essential.

The Finance Manager shall manage end-to-end finance functions, including billing, collections, disbursements, fund management, record-keeping, statutory reporting, internal control systems, and the accurate accounting of all transactions. In addition, the role will design and enforce financial policies, develop risk management strategies, and provide leadership to the Finance and Administration team to support organizational objectives.

Financial Operations & Insurance-Specific Accounting

• Oversee premium billing, receipting, and collections to ensure accuracy and timeliness.
• Monitor and manage claims-related disbursements, ensuring proper documentation, authorization, and recording.
• Supervise reinsurance accounting and reconciliation of reinsurance balances.
• Ensure proper recognition of earned premiums, unearned premiums, claims reserves, and other insurance-related accounts in accordance with Philippine Financial Reporting Standards (PFRS) and Insurance Commission (IC) guidelines.
• Maintain strong internal controls to safeguard company funds and client premiums.

Cash Flow & Fund Management

• Develop and manage the company’s cash flow strategy to ensure liquidity for operations, claims settlement, and investment obligations.
• Oversee premium collections, claims payouts, commission payments, and other disbursements.
• Manage company investments and trust funds, ensuring compliance with Insurance Commission regulations on fund placements.
• Coordinate with banks, investment managers, and external partners to maximize returns while minimizing risks.

Regulatory & Statutory Compliance

• Ensure full compliance with the Insurance Commission (IC), Bureau of Internal Revenue (BIR), Securities and Exchange Commission (SEC), and other relevant government agencies.
• Prepare and submit all regulatory reports required by the IC, BIR, SEC, and LGUs within prescribed deadlines.
• Ensure compliance with statutory filings such as tax returns, annual financial statements, solvency margin, and risk-based capital (RBC) reports.
• Coordinate with internal and external auditors during audits and regulatory examinations.
• Stay updated on new laws, rulings, and circulars affecting insurance finance and integrate them into company policies.

Risk Management & Internal Controls

• Develop and implement risk management strategies, including fraud prevention, financial risk mitigation, and internal audit coordination.
• Monitor and evaluate insurance reserves, solvency requirements, and capital adequacy.
• Establish and enforce internal control systems to ensure the integrity of financial data and protection of assets.
• Regularly review and update financial processes to align with industry best practices.

Financial Reporting & Analysis

• Prepare accurate and timely financial statements, management reports, and variance analyses.
• Provide management with actionable financial insights for decision-making, including profitability analysis, expense management, and cost optimization.
• Monitor performance metrics such as loss ratios, combined ratios, claims efficiency, and investment returns.
• Support strategic planning through financial forecasting, budgeting, and scenario analysis.

Leadership & Team Development

• Lead, mentor, and supervise the Finance and Administration team, ensuring high standards of performance and accountability.
• Develop training and capacity-building programs to enhance the technical skills of finance staff, particularly in insurance-related accounting.
• Oversee the performance of liaison and administrative personnel, ensuring proper coordination with regulators, banks, and external stakeholders.
• Foster a culture of compliance, integrity, and professionalism within the department.

Strategic & Client Relations

• Work closely with top management to align financial strategies with company goals.
• Represent the company in external meetings with auditors, regulators, banks, reinsurers, brokers, and business partners.
• Provide financial support in contract negotiations, partnerships, and other strategic business initiatives.
• Strengthen relationships with clients and partners through transparent and accurate financial reporting.

Qualifications:

• Bachelor’s degree in Accounting, Finance, or related field (CPA highly preferred).
• Minimum of 7–10 years of progressive finance/accounting experience, with at least 3–5 years in a managerial capacity in the insurance, banking, or financial services industry.
• Strong knowledge of Philippine Financial Reporting Standards (PFRS), taxation, Insurance Commission regulations, and solvency requirements.
• Proven track record in premium accounting, claims monitoring, collections, and statutory reporting.
• Excellent leadership, analytical, and decision-making skills.
• High integrity and strong attention to detail in handling sensitive financial data.
• Proficiency in accounting software, ERP systems, and advanced MS Excel.