Job closed
Ref: HP698-8218
Job description / Role
Orient is an Al-Futtaim company, considered a leader in the regional insurance market with representation in the UAE, Oman, Egypt, Syria and Sri Lanka, and the only company in the Middle East that carries a combined ratings A Excellent from A.M. Best and A (strong) from Standard and Poor's.
Orient is also accredited with ISO 9001 Quality Management Certification. The company believes in a well structured transparent corporate culture, highly professional standards and integrity, clear strategy and employee empowerment.
The duties and responsibilities for this role are:
1. Internal Controls
Review the existing internal controls and updates them when necessary to meet the changing business requirements and commercial needs and ensures that operational and financial transactions are properly validated and authorised as per policies in the current system design.
2. Operational / Financial Checks
Perform adequate sampling of various transactions and ensures that the internal controls are in place as per systems and procedures already evaluated. The the departments in the Head Office, Branch offices and Agency will be areas of key focus in such compliance review. Some of the specific issues that will be addressed in performing operating I financial checks are:
Underwriting: Cover Note Control, Underwriting authorities and limits (DOA), Policy Renewals, Cover, terms, conditions and warranties, Premium I refund premium calculations RI restrictions, allocations and returns, Agents, brokers agreements and commission expenses.
Claims: Timely registration of claims, adequacy of provisions, outstanding claims review, claims processing, RI claims procedures, speedy recovery of Salvage and Third Party claims and cases subject to time bar.
Finance: Evaluation of cash controls and premium Receivable management.
3. IT Systems and Controls
Review the IT systems for a systems check on program integrity and data integrity. Any new changes to IT system resulting from changing business needs or for improvements will be jointly coordinated by the IT personnel with the jobholder to ensure that they follow systems controls. Identify the business requirements in consultation with the line managers and the IT coordinator and ensure that the required data is captured in the system.
4. Management Information
Ensure that information related to the functioning of the activities and business lines are adequate for decision making by the line managers. He interprets commercial objectives and checks whether the MIS reports needs enhancement for better decisions. Review the MIS reports in the IT system and ensure they are accurate and satisfy the business needs.
5. Business Functions
Closely monitor, interact with and support the branches and departments in speeding up disposal of salvages and third party recoveries which in turn drastically improve the value of the salvages, result in improved cash flow and better results. Check the esure that sufficient claim provisios are made in the system. Verification of commission payments to development staff . Verification of all the cheque payments made in the head office and signs the cheques as one of the authorized signatories. Preparation of important MIS reports for treaty renewals and other management decicion making.
6. Training
Impart continuous training to Managers and staff members on all the issues relating to the set procedures and control in the company.
7. Special assignments
To carry our an objective and regular investigation of irregularities if any, identify the loss sustained andand the weaknesses which led to its occurrence and provide suggestions to prevent recurrence. To carry our such other assignments given from time to time.
Requirements
To be successful in winning this role, the candidate should possess the following qualifications:
* Graduate with Bachelor's Degree or Master's Degree in Commerce
* AÂ qualified Chartered Accountant.
* Must have at least 8-10 years of work experience in an Insurance Industry, 4 years of which have been in a managerial capacity.
* Professional Insurance qualifications from the Chartered Insurance Institute - UK would be an added advantage.
* Sound Technical and Finance Skills.
* Good analytical, communication and interpersonal skills.
About the Company
Established in the 1930's, the Al-Futtaim Group initially operated as a trading enterprise. Rapid development throughout the 1940's and 50's saw it establish itself regionally as an integrated commercial, industrial and services organisation, positioning itself one of the leading business houses in the lower Gulf region. Today, it operates collectively over 40 companies bearing the Al-Futtaim name, dominates many market segments in the UAE, and has expanded its sphere of operation to include Bahrain, Kuwait, Qatar, Oman and Egypt.
The Group comprises a diverse range of strategically positioned operating subsidiaries and associate companies, structured to give the Al-Futtaim Group the flexibility and versatility to keep ahead of local competition while keeping pace with the ever-evolving global business scenario. The Groups continued investment in world-class systems technology is clear evidence of its commitment to maintain leading edge performance and service delivery.
The success of the Al-Futtaim Group can be attributed to a business approach that combines the ability to change with the traditional values of integrity, service and social responsibility that define its core business philosophy. This, linked with the Groups belief in decentralisation, gives the heads of the operating companies a high degree of functional autonomy and authority, providing the Group with essential flexibility, and individual employees a clearly defined work culture and sense of responsibility.