Job Openings at Jubilee Insurance

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Assistant Manager – Finance

Job Ref. No: JLIL 303

Role Purpose

The role holder plays a pivotal role in the financial reporting function and overseeing the accounts payable process within Jubilee Life Insurance Limited. The primary purpose of this role is to ensure accurate and timely financial reporting, compliance with accounting standards, and efficient processing of vendor payments. The role holder will collaborate closely with the Finance team to support financial operations and maintain financial integrity.

Main Responsibilities
Strategy

• Effective Accounts Payable Management. Optimize the accounts payable process by streamlining workflows and implementing efficient payment procedures. Ensure timely payments to vendors, enhancing vendor relationships and mitigating the risk of late payment penalties, double payments or supply chain disruptions.
• Financial Analysis and Insights. Provide valuable financial analysis, variances, and insights to senior management and stakeholders. Support decision-makers with actionable information, aiding in budgeting, forecasting, and strategic planning processes.
• Proactive Financial Risk Management. Identify, assess, and mitigate financial risks to safeguard the company’s financial stability. Develop and implement risk management strategies to protect the company from various financial exposures, ensuring resilience against economic uncertainties.
• Process Improvements. Continuously assess and improve financial reporting and accounts payable processes to enhance efficiency and accuracy. Optimize resource utilization, reduce processing time, and enhance overall financial operations.

Financial Reporting

• Preparation of accurate and timely financial statements, including income statements, balance sheets, and cash flow statements.
• Ensure compliance with accounting principles and regulatory requirements in financial reporting.
• Collaborate with internal and external auditors to facilitate audits and provide necessary financial information.
• Conduct ledger reconciliations, specifically expenses, commission, claims and reinsurance to ensure accurate financial data and reporting.
• Manage the accounts payable process, including invoice processing, payment processing, and vendor management.
• Ensure timely and accurate payments to vendors while adhering to company policies and payment terms.
• Review and approve high-value payments and monitor payment runs.
• Conduct financial analysis to provide insights into financial performance and variances for management review.
• Ensure compliance with internal control procedures related to financial reporting and accounts payable.
• Implement process improvements to enhance efficiency and strengthen internal controls.
• Collaborate with the Finance team in the budgeting and forecasting process to provide accurate financial data and analysis.

Expenses Management/Reporting

• Oversee posting of daily expenses transactions in the cash book.
• Conduct daily in-depth analysis of all company expenses to ensure proper accounting and errors are corrected immediately
• Ensuring proper accounting of all expenses both business and shared expenses
• Regular review of the expenses sharing ratios and work closely with JHL to implement changes in the ratios
• Preparation of detailed monthly expenses report for management reporting, detailing variances and comments.
• Preparation of annual expenses budget and forecasts
• Research on areas of expenses reduction through leakages and advise management
• Preparing periodic ad hoc reports that compare budgeted expenses against actual expenses.
• Ensuring expenses records are ready for audit within the set deadlines. Providing the necessary information for internal and external audits.
• Analysis and reconciliation of the expenses accrual account and reversing the excess accruals carried by the business
• Preparation of expenses input for actuarial valuations splitting the expenses into acquisition, maintenance, attributable and non-attributable for IFRS 17 cashflows.
• Expenses investigation to ascertain as to nature, validity and necessity.
• Work closely with the procurement department to ensure process flow and efficiency
• Updating and monitoring expenses reports in PBI to ascertain correctness and completeness
• Work closely with the Senior Manager Finance and Head of Finance to improve efficiency of expenses management and reports

Commission Management/Reporting

• Generating detailed commission reports for management reporting and annual audit schedule, including breakdowns by product line, agent, and sales period
• Analyze commission data to identify areas for improvement and make strategic recommendations to management
• Generate comprehensive reports on commission payouts, agent productivity, sales trends, and key performance indicators (KPIs).
• Reconciling commission calculations with sales data and accounting records
• Monitor system functionality and identify areas for improvement
• Avail commission reports/schedules for both internal and external audits and ensure all audit issues are closed
• Fully reconcile all commission related ledgers and ensure they are fully supported
• Assist in deriving the commission figures for budgeting annually and uploading the same to PBI

Claims Management/Reporting

• Generating the monthly claims reports monthly to aid in the management reporting
• Reconciliation of the claims ledgers and making sure correct claims numbers are reported
• Liaise with the head of claims for all matters claims
• Avail all claims reports for both internal and external reports
• Update and avail claims figures for IFRS 17 cashflows input
• Monthly filing of the summary of claims with IRA
• Avail and update the claims financial notes annually for the preparation of the financial statements
• Work closely with IT in identifying gaps in the claims management system module and suggest improvements
• Develop, maintain and improve the internal controls around claims management

Reinsurance Management/Reporting

• Generating the monthly reinsurance reports monthly to aid in the management reporting
• Posting of all reinsurance journals; ceded, commissions and claims recoveries
• Ensure settlement of all reinsurance ceded premiums in all quarters
• Reconcile and ensure collection of all commission incomes and claims recoveries
• Availing all reinsurance cashflows for IFRS 17 reporting
• Fully reconcile all reinsurance related ledgers and ensure proper balances are reported
• Work closely with IT to ensure full automation of reinsurance management process and reinsurance debtors reports while identifying system gaps for improvement
• Assist in deriving the reinsurance figures for budgeting purposes and assist in upload of the final figures in PBI.
• Avail fully updated reinsurance schedules for both internal and external audits and ensure audit queries identified are closed
• Work closely with Operations department to improve internal controls around reinsurance management
• Ensure quarterly reconciliation of reinsurance balances with both Operations department and reinsurers

 Corporate Governance

• Compliance. Stay updated on emerging trends, best practices, and industry benchmarks related to IFRS17 implementation and compliance.
• Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.
• Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.

 Leadership & Culture

• Building the team capabilities and ensuring adequate succession planning within the department.
• Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
• Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
• To provide the much-needed transformational leadership to meet and surpass the expectations of stakeholders.

Key Competencies

• Strong understanding of insurance accounting principles and practices.
• Financial reporting and analysis skills.
• Excellent analytical and problem-solving skills to assess complex financial issues and develop appropriate solutions.
• Excellent project management skills.
• Financial acumen. A deep understanding of financial markets, investment strategies, and financial risk management principles within the life insurance industry.
• Analytical skills. Strong analytical abilities to assess financial data, market trends, and risk exposures to make informed decisions.
• Strategic thinking. Ability to align treasury strategies with the company’s financial objectives and long-term business plans.
• Leadership. Effective leadership skills to manage the finance team and collaborate with other departments.
• Communication and relationship management. Excellent communication skills to interact with stakeholders andbuild strong relationships with financial partners.
• Problem-solving. Proficiency in identifying and resolving complex financial and treasury-related challenges.

Academic Background & Relevant Qualifications

• Minimum of 4-6 years of experience in finance and accounting roles, including experience in financial reporting and compliance.
• Significant experience in the insurance industry and knowledge of insurance accounting standards.
• Experience in leading and managing cross-functional projects or initiatives.
• Proven experience in a supervisory role (minimum of 2 years).

Business Development Manager (IFA Channel)

Job Ref. No: JLIL 302

Role Purpose

• The role holder will be responsible for development and execution of the sales and customer retention strategy through the IFA channel. This includes recruitment and management of Independent Financial Advisors.

Main Responsibilities

Strategy

• Supporting the Head of Alternative Distribution & Partnerships in the development of the IFA channel strategy with supporting budgets and business plans
• Implement strategies for the IFA channel to increase sales, lower costs, and obtain greater efficiency.
• Oversee the financial performance of the IFA channel including budgeting, forecasting, and financial analysis.
• Develop and execute a comprehensive roadmap for the channel, aligned with the organization’s goals and market trends.
• Execute comprehensive business development strategies to drive revenue growth and market expansion. Implement strategies to enhance client retention and satisfaction, including regular client engagement and relationship management.
• Foster relationships with key stakeholders, industry associations, and influential networks to enhance the company’s visibility and reputation.
• Monitor performance and risk exposure on an ongoing basis.

Business Growth & Development

• Identify and assess new business opportunities within the IFA channels workstreams. Execute the company’s distribution strategy, aligning it with overall business goals and market trends. Identify growth opportunities and expansion areas for the channel.
• Conduct market research and analysis to identify target markets, customer segments, and competitive landscape.
• Collaborate with the marketing team to implement sales and marketing initiatives to attract new clients and increase market share.
• Lead efforts to acquire new clients by building and maintaining a strong pipeline of prospects.
• Conduct client presentations, negotiations, and contract discussions to secure new business.
• Collaborate with internal teams to ensure alignment of business growth initiatives with operational capabilities.
• Represent the organization at industry events, conferences, and seminars to build networks and identify potential partnerships

Operational

• Oversee the IFA channel and monitor its growth, recruit, train, and mentor the Independent Financial Advisors.
• Drive achievement of the revenue budget through Independent Financial Advisors.
• Monitor and maintain policies persistency though efficient customer service and retention strategies
• Design and oversee comprehensive training programs for the IFAs to enhance their product knowledge, sales skills, and customer service capabilities. Monitor the effectiveness of training programs and provide ongoing support to the advisors
• Ensure the efficient and compliant operation of all processes and procedures within IFA channel
• Establish and maintain strong relationships with key clients, addressing their needs, and proactively identifying opportunities to enhance their experience.
• Monitor client feedback, analyze trends, and implement measures to improve service quality and exceed client expectations.

Jubilee Life Brand

• Ensuring effective public relations and enhancing the company’s corporate image with all stakeholders and partners.

Corporate Governance

• Compliance. Stay updated on insurance related, industry regulations, compliance requirements, and best practices.
• Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all
• internal company policies and procedures.
• Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.
• Implement effective risk management strategies, including appropriate internal controls, to mitigate operational, financial, and regulatory risks.

Leadership & Culture

• Oversee the IFA productivity
• Provide leadership to the team and build know-how and knowledge sharing to create efficiencies and synergies.
• Building relevant departmental capacity to deliver on strategy by leading, guiding, directing, and evaluating the work of the team.
• Fostering a culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment for attracting, retaining, and motivating employees.
• Conduct regular team meetings and training sessions to enhance skills and knowledge related to financial reporting and industry trends. 

Key Competencies

• Customer-Centric Leadership: Ability to lead the customer experience function with a strong focus on meeting customer needs and expectations.
• Data-Driven Decision-Making: Skill in using customer data and feedback to make informed decisions and drive improvements.
• Strategic Thinking: Ability to think strategically and align marketing initiatives with business objectives and market dynamics.
• Leadership and Team Management: Skill in leading and motivating marketing teams to achieve performance goals and foster a collaborative work environment.
• Communication and Persuasion: Excellent communication skills to effectively convey marketing messages to various stakeholders and influence decision-making.
• Creativity and Innovation: Capacity to generate creative ideas and develop innovative marketing campaigns that differentiate the company in the market.
• Analytical Skills: Proficiency in analyzing marketing data and metrics to derive actionable insights and make datadriven decisions.

Academic Background & Relevant Qualifications

• Bachelor’s degree in Business, Commerce, Sales, Finance or any other related course
• Relevant Sales Related Qualifications, Masters Degree is an added advantage
• COP certification or a Diploma in Insurance
• Minimum 5 years’ experience in a similar role
• Extensive experience in leading and managing Sales function within the insurance sector.
• Proven experience in developing and implementing sales strategies as well as delivering performance though sale agents.

Method of Application

If you are qualified and seeking an exciting new challenge, please apply via Recruitment@jubileekenya.com quoting the Job Reference Number and Position by 11th March 2025. Only shortlisted candidates will be contacted.