PURPOSE

The job holder will be responsible for preparation, review and maintenance of Sidian Insurance Bancassurance Intermediary lLimited financial books and records, financial reporting to ALL stakeholders including the Insurance Regulatory Authority (IRA), Kenya Revenue Authority (KRA) and the Central Bank of Kenya (CBK).

This includes preparation of financial and management reports. Monitoring and analyzing the current system of production and ensure its effectiveness in line with growth strategy for intermediary. Ensure operational efficiency on booking all insurance business which includes insurance underwriting, premiums collection, claims collection and overall premium payment. Ensure 100% payments of premium by client and also to underwriters.

Manage the compulsory insurance classers declarations, premium collections and payments.

KEY RESPONSIBILITIES

• Financial Reporting
• Budgeting
• Tax Compliance and Tax Management
• Operations
• Personal Leadership & Development:
• Risk & Compliance`

Financial Reporting

• Preparation of timely, consistent, and accurate financial statements for the Iintermediary for mManagement, and the Board and other stakeholders.
• Ensure adequate controls are in place in relation to the intermediary financial reports and records.
• Preparation of business performance reports for all the channels and SBUs.
• Review and report on the liquidity position of the intermediary and ensure investments made are reasonable and viable.
• Facilitate both internal and external audits.
• Ensure adherence to accounting policies and procedures.  
• Analyzing market and competitors’ trends.
• Ensure every policy distributed by the Intermediary has passed through underwriting, premium booked and paid up and a policy document issued.

Budgeting

• Preparation, monitoring and evaluation of the intermediary budgets.
• Monitoring cash flows and conducting forecasts that provide guidance to the intermediary in planning and decision-making.
• Ensure adequate accruals, provisions are made along with support for the same.

Tax Compliance and Tax Management

• Ensure timely and accurate payment and filling of all taxes on itax and other statutory payments as per the laid down requirements.
• Ensure the Intermediary is compliant on all Tax matters in line with Tax legislation and maintain appropriate records for all tax payments and tax matters of the Intermediary for reference and audit purpose.
• Act as the key Liaison person with the Kenya Revenue Authority (KRA), Tax consultants and Tax auditors on all tax matters affecting the Intermediary as well as emerging tax issues.
• I-tax gateway reconciliation, payments, and remitting of cash within the stipulated timelines.
• Review of all invoices on a monthly basis to ensure relevant taxes have been deducted & remitted.
• Monthly reconciliation of all tax ledgers and explanation/ remediation of any variances.
• Ensure 100% remittance of all tax obligations. (Returns & payments) by the due dates. The tax obligations include VAT, withholding tax, corporate tax, etc.
• Ensure complete documentation of relevant support and proof of tax remittance. Assist with retrieval of information during audits by internal auditors, external auditors/consultants & KRA.

Operations

• Review of monthly underwriter reconciliations for premiums and commissions and ensure that all reconciling issues are resolved on a timely basis.
• Preparation of bank reconciliations and ensuring reconciling issues are addressed.
• Ensure that all commissions receivables and premiums receivables are collected on timely basis 
• Maintain and review premium payment to underwriters and advise management on the receivable and payable position on agreed timelines.
• Process a payments i.e. petty cash, supplier payments, and salary payments.
• Process IPF, bank PD cheques and ensure the standing orders go through.
• Preparation of commissions payment and premium deduction schedules for staff payrolls

Personal Leadership & Development:

• Manage self by showing drive and motivation, an ability to self-reflect and a commitment to learning.
• Communicate effectively communicate clearly, actively listen to others, and respond with understanding and respect.
• Commit to Customer Service: provide, customer-focused services in line with banking sector and organizational objectives – adherence to the bank customer service charter and ensure personal accountability so as to meet the laid down Service Level Agreements (SLA) and work within stipulated Turn Around Time (TAT).
• Work Collaboratively Collaborate with others and value their contribution.
• Deliver Results Achieve results through the efficient use of resources and a commitment to quality outcomes.
• Think and solve problems, analyze and consider the broader context to develop practical.
• Keeping abreast with staff communications, attending staff meetings – morning huddles and weekly progress meetings.
• Responsible for own career within the bank and preparing an annual Personal Development Plan (PDP) and ensuring its actualization.
• Adherence to the banks policies and procedures, dress code, code of conduct, HR policies and procedures and follows laid down grievance and disciplinary procedure to ensure a conducive work environment.
• Closure of identified deficiencies from concluded audits, correction within stipulated timelines, and ensure no repeat findings.
• Live the brand values as a Sidian Bank brand ambassador and always project the right image of the bank to both staff and customers.

Risk and Compliance

• File all statutory and regulatory returns promptly.
• Attend training and maintain knowledge of and comply with all bank policies and procedures including Anti Money Laundering/Countering Financing of Terrorism/Countering Proliferation Financing laws, rules and regulations.
• Participate or undertake Anti Money Laundering/Countering Financing of Terrorism/Countering Proliferation Financing bank programs on a regular basis e.g. taking attestations, self-assessment tests, filling in compliance questionnaires as required.
• Comply and not to knowingly participate or assist in any violation of Anti Money Laundering/Countering Financing of Terrorism/Countering Proliferation Financing laws, rules, regulations or internal policies, procedure and guidelines.
• Report suspected money laundering cases to their respective heads of units or to the Money Laundering Reporting Officer as soon as such incidents occur immediately with a clear basis of suspicion   
• Avoid Misrepresentation and Malicious Reporting – knowingly making a false, fictitious or fraudulent representation e.g. statement, report, document.
• Avoid Tipping Off customers being investigated so as not to knowingly prejudice an investigation by disclosing information.
• Not provide advice or other assistance to individuals who attempt to violate or avoid Anti Money Laundering/Countering Financing of Terrorism/Countering Proliferation Financing laws, rules, regulations or corporate policies.
• Respond to all AML/CFT/CPF queries when requested by Compliance Unit to allow the bank to comply with the requirements of The Anti-Money Laundering and Combating Financing of Terrorism Amendment Act
• Co – operate fully with regulators and law enforcement agents and make available required documents and information.

DECISION MAKING AUTHORITY

This section records how decisions are made and the accountability for making decisions. Give examples of typical decisions that would be made, including:

• Correspondence with regulators to ensure compliance
• Insurance system maintenance for continuous improvement and automation to serve business needs
• Decisions on viable company investments and cashflows 
• Reconciliation of company Debtors and Credit control
• Budgetary decision making and advice to management

ACADEMIC BACKGROUND

• Bachelor’s Degree in Bachelor of Commercea Business related field i.e. – Finance, / Accounting, Economics, Business Management, etc.

WORK EXPERIENCE

• At least 3 year in insurance, preferably in brokerage (Bancassurance or intermediary)

SKILLS & COMPETENCIES

• Knowledge in accounting and finance
• Knowledge in Insurance – preferably bancassurance
• Sufficient banking experience
• Extensive use of Core banking systems
• Extensive use of insurance systems
• Outstanding organizational and leadership abilities
• Advanced computer skills in MS Office, accounting software, and databases
• Attention to detail and excellent analytical skills
• Sound independent judgment
• Aptitude in decision-making and problem-solving

PROFESSIONAL CERTIFICATION

• Certified Public Accountant CPA (K) or equivalent professional qualification