JOB PURPOSE
To manage core accounting operations for a life insurance business, focusing on payment processing, cash flow, investment accounting, Universal Life (UL) product reporting, fund splitting, and reconciliation with banking partners. The role ensures accurate financial records, regulatory compliance, and timely reporting that supports strategic decision- making. The Accounting Manager also plays a key role in strengthening internal controls and optimizing accounting processes.
KEY RESPONSIBILITIES
Payment Process Management
• Oversee the end- to- end payment process for vendors, service providers, and policyholder disbursements.
• Ensure all payment vouchers are properly approved by authorized signatories and strictly comply with internal policies.
• Monitor payment cycles to ensure timely settlement and proper cash allocation.
Cash Flow & Treasury Management
• Optimize fund utilization to meet operational and strategic liquidity requirements.
• Monitor daily cash positions and conduct short- term and long- term cash flow forecasting.
• Coordinate with Finance/Treasury teams for fund transfers and currency management when applicable.
Investment Accounting & Reporting
• Prepare periodic investment reports showing performance, yield, and compliance with asset allocation strategies.
• Maintain accurate investment ledgers in accordance with accounting standards and internal investment policy.
• Record and reconcile all investment- related transactions (bond purchases/sales, interest income, unrealized gains/losses).
Universal Life (UL) Product Reporting
• Validate financial data related to UL policies with actuarial teams.
• Ensure accurate and timely accounting treatment of UL transactions.
• Prepare monthly, quarterly, and annual reports on UL product activity.
Fund Splitting Reporting
• Prepare fund splitting reports in compliance with regulatory and internal requirements.
• Coordinate with internal departments (actuarial, finance, investment) to accurately allocate and track funds between:
Policyholder funds
Shareholder funds
• Ensure transparency and proper segregation of assets and liabilities across funds.
Bank Liaison & Reconciliation
• Investigate and resolve bank discrepancies promptly.
• Oversee setup and control of bank accounts, user roles, and signatory rights.
• Monitor and reconcile all bank transactions with the accounting ledger to ensure completeness and accuracy.
• Act as the key contact for banking partners.
Team Coordination & Process Improvement
• Work collaboratively with internal departments (finance, actuarial, operations) to improve accounting workflows.
• Ensure completeness, accuracy, transparency, and compliance of accounting records.
• Approve key accounting items within authorized levels.
• Support documentation and enhancement of accounting policies and internal controls.
• Review accounting entries, vouchers, reconciliations, and reports prepared by staff.
• Provide guidance to junior accountants and ensure team adherence to processes.
