Senior Manager Finance (Commission Analytics & FP&A)

Senior Manager Finance (Commission Analytics & FP&A)

Department: Finance

Job location: Lower Parel

Key Responsibilities

1. Commission Accounting & Financial Close

• Lead monthly, quarterly, and annual closing activities relating to commission expenses.
• Ensure timely and accurate accrual, provisioning, reconciliation, and reporting of commissions across channels and business segments.
• Review commission payouts and validate accounting entries in line with company policies and accounting standards.
• Partner with operations and business teams to ensure completeness and accuracy of commission-related data.

2. Management Reporting & Business Dashboard

• Prepare and publish monthly management dashboards covering:
• Segment-wise commission ratios
• Product-wise commission trends
• Channel-wise commission analysis
• Budget vs Actual performance
• Profitability and expense trends
• Develop insightful MIS reports highlighting key performance indicators and emerging trends.
• Present monthly performance analysis to senior management with recommendations and action areas.

3. Commission Analytics & Cost Management

• Analyze commission spending patterns across products, channels, intermediaries, and business segments.
• Identify opportunities for commission optimization while supporting business growth objectives.
• Monitor commission efficiency metrics and recommend corrective actions.
• Conduct variance analysis and root-cause investigations for significant deviations from budget or expected trends.

4. Regulatory Compliance & Governance

• Monitor compliance with applicable IRDAI regulations and commission expenditure limits.
• Establish controls to ensure actual commission spends remain within regulatory and approved internal limits.
• Highlight compliance risks and work with stakeholders to implement corrective actions.
• Support regulatory reporting requirements relating to commission expenses and distribution costs.
• Maintain documentation and audit readiness for internal and external reviews.

5. Financial Planning & Analysis (FP&A)

• Support annual budgeting and long-range planning processes.
• Drive periodic forecasting and outlook submissions.
• Prepare scenario analyses and business projections for management decision-making.
• Evaluate the financial impact of changes in commission structures, distribution strategies, and product initiatives.
• Support strategic business reviews and management presentations.

6. Business Partnering & Stakeholder Management

• Collaborate closely with Distribution, Sales, Product, Actuarial, Underwriting, and Operations teams.
• Influence business decisions through data-driven insights and financial analysis.
• Support leadership reviews and board-level presentations as required.
• Drive continuous improvement in reporting automation, controls, and analytics.

Key Deliverables

• Accurate and timely monthly commission closure.
• Comprehensive management dashboards and MIS.
• Regular commission variance and profitability analysis.
• Compliance with regulatory commission limits.
• Forecasting and budgeting submissions.
• Business performance reviews and management presentations.

Desired Qualifications

• Chartered Accountant preferably from an Insurance domain.
• 3-4 years of relevant experience in Finance, FP&A, Business Finance, or Management Reporting.
• Prior experience in General Insurance, Life Insurance, or Financial Services sector preferred.

Technical Skills

• Strong understanding of insurance accounting and commission structures.
• Knowledge of IRDAI regulations related to expenses of management and commission payments.
• Advanced financial modelling and analytical skills.
• Expertise in budgeting, forecasting, and variance analysis.
• Strong proficiency in Excel, Power BI, Tableau, SAP, Oracle, or similar ERP/reporting tools.
• Experience in dashboard creation and management reporting.

Behavioral Competencies

• Strong analytical and problem-solving mindset.
• Business acumen and commercial orientation.
• Excellent presentation and communication skills.
• Ability to influence senior stakeholders.
• Attention to detail with strong governance focus.
• Proactive and result-oriented approach.
• Ability to manage multiple priorities in a dynamic environment.

Success Measures

• Accuracy and timeliness of commission reporting and closure.
• Quality and effectiveness of management insights.
• Regulatory compliance with commission expenditure limits.
• Forecast accuracy and budgeting effectiveness.
• Identification and execution of commission optimization opportunities.
• Positive stakeholder feedback from business and leadership teams.