Deputy Chief Manager - Financial Planning for Life Insurance

About the Role

The Deputy Chief Manager will spearhead financial planning, budgeting, and forecasting initiatives specifically for the life insurance sector, emphasizing stringent cost control, Value of New Business (VNB), and overall profitability. This position demands close cooperation with Actuarial, HR, and business units to generate actionable financial insights, uphold financial discipline, and aid strategic decisions in a compliance-driven environment.

Key Responsibilities

• Develop and manage the annual Operating Expense (Opex) plan aligned with growth strategies, distribution frameworks, and regulatory guidelines.
• Monitor monthly Opex results, comparing actual expenditures against budgets and forecasts.
• Analyze spending patterns across acquisition, maintenance, employee salaries, and overhead costs to identify major cost factors.
• Drive variance assessments monthly, signaling risks and potential savings, collaborating with stakeholders to optimize costs without hindering business expansion.
• Lead budgeting processes for Actuarial and Human Resources functions, ensuring precision and completeness of underlying assumptions.
• Coordinate budgeting for actuarial costs related to valuations, experience research, modeling, consultancy, and regulatory filings.
• Manage manpower budgeting with HR, covering recruitment plans, bonuses, variable incentives, training, and employee benefits.
• Ensure that actuarial and personnel costs correspond with long-term business profitability and strategy objectives.
• Perform detailed expense analytics by channel and function to identify anomalies, outliers, and inefficiencies.
• Create early warning systems to detect abnormal trends early and present insightful, data-driven reports to senior leadership enabling corrective actions.
• Enhance cost governance through improved Management Information Systems (MIS), standardized processes, and analytical frameworks.
• Engage effectively as a finance partner with Actuarial, HR, Distribution, and senior management teams to facilitate aligned planning and reviews.

Required Skills and Competencies

• In-depth knowledge of life insurance financials, including VNB and profitability drivers.
• Expertise in budgeting, forecasting, and conducting variance analysis.
• Exceptional analytical abilities with meticulous attention to detail.
• Experienced in operating within regulated and evolving business contexts.
• Proficient in stakeholder communication and presentation skills to diverse audiences.