Insurance Accounting Lead - IFRS17
Volkswagen Financial Services - Sr. Accounting professional MUST BE proficient in the field of Insurance Accounting and MUST have work experience supporting the IFRS17 process.
Required Role Responsibilities
- Understand and support IFRS 17 process and how it is related to insurance products
- Develop in-depth understanding of insurance data and how it translates to the inputs sent to Finevare (IFRS17 Engine).
- Candidate must demonstrate in the interview process, their high skill level of Excel.
- Develop checks and controls on data accuracy and completeness (Premium, Claims, Commission validation).
- Identification of gaps and inefficiencies in the process in order to reduce number of JV's booked each month.
- Automate the JV creation process, consolidate various JVs into one, bring in more checks and controls for each JV and document the JV in such a manner that is not person dependent.
Manage IFRS 17 process (50%)
- Insurance industry experience and IFRS 17 (GMM model) expertise. This role will work closely with Actuarial team, should have some understanding of actuarial roles and be able to provide inputs and guidance on IFRS 17 process of actuarial team.
- Understand the requirements of the IFRS 17 standard, assist developing the logic and test the new IFRS 17 system for any new business change.
- Data Management –Ensure data sources are correctly sourced and work with IT and third-party vendors to support automation and accuracy.
- Coordinate with multiple stakeholders including VCI IT, third party consultant (Deloitte Poland), actuarial, product team, technical accounting manager, accounting/controlling team to bring to an alignment on new topics as they arise.
- Manage and stabilize the new and complex IFRS 17 process.
- Set up cash clearing account reconciliation process. Justify the closing balance and correct any errors in data flow that may be discovered in this reconciliation
- Link new claims (RSA) data source to Finevare Engine. Requires numerous testing before implementation.
- Work with IT to automate LIC table allocation for Reinsurance.
Create, Publish, Present and Analyze month-end, quarterly and annual closing processes including (35%):
- Assist with submitting monthly and quarterly Group Financial (VOKUS) files
- Analyze configurations validation warnings received from IFRS 17 engine during month-end process.
- CFUs validation – Review actuarial team’s monthly analysis and decide if this needs data fixing from IT team’s end or reporting as a Finevare system bug.
- Claims, premium and commission validation (original data source to FV input table). Be able to rationalize the missing items and develop a solution working with IT team to fix the gap.
- Provide explanation to controlling team and HQ consolidation team on IFRS 17 numbers movements/variances.
- Create and maintain official documented Guidelines and Practices (G&P) manuals for these products and entities
- Manage reporting to Brown & Brown (Captive Manager)
Required Specialized Skills
- Required – direct work experience in accounting for the sale of extended service contracts and/or P&C insurance products, including related knowledge of accounting standards and applicable regulations
- Understanding of IFRS 17 standard (GMM model) requirements
- Understanding of Actuarial team’s role in insurance industry
- Understanding of Financial Reporting Standards (IFRS) and financial reporting principles in a multi-entity environment (OEM/Obligor/Captive Insurance structures)
- Microsoft Office advanced level; Excel
- Strong oral and written communications are necessary, ability to communicate with others on important, complex, and non-routine issues
- Working knowledge of internal controls, business processes and experience in developing accounting policies
Years Of Relevant Experience
- 7+ years of experience in Financial accounting analysis and reporting
- 7+ years of Insurance accounting (specifically IFRS17 expertise)
- Financial services
Education
- Required –Bachelor’s Degree in Accounting or Finance
Background:
As the captive finance company of the Audi, Ducati and Volkswagen brands in Canada, Volkswagen Financial Services offers a wide range of leasing, retail financing and protection plans expertly tailored to meet the needs of our Customers. Additionally, we provide commercial financing products to Audi, Ducati, and Volkswagen Dealers.
Protection products are sold in both the US and Canada under various subsidiary structures that ultimately roll up Volkswagen Financial Services (VWFS). In the US, VWFS Protection Services, Inc. (direct subsidiary of VW Credit, Inc.) is responsible for the development, underwriting, and marketing of branded vehicle protection products. VWFS Protection Services, Inc. acts as the Obligatory Company for those products it underwrites and will cede the risk to VWFS Insurance Service, Inc. (a wholly owned Captive Insurance Company) in the execution of its business.
Salary
Salary range is dependent on factors such as geographical differentials, industry-based experience, skills, training, credentials, and other qualifications.
- In the state of California, the salary range is $97,100-148,200.
- In the state of Colorado, the salary range is $88,300-134,700.
- In the state of Washington, the salary range is $97,100-148,200.
- In the state of Rhode Island, the salary range is $88,300-134,700.
- In New York City, the salary range is $105,900-161,700.
- In Westchester County, NY, the salary range is $105,900-161,700.
Benefits For This Position Include
- Eligibility for annual performance bonus
- Healthcare benefits
- 401(k), with company match
- Defined contribution retirement program
- Tuition reimbursement
- Company lease car program
- Paid time off
Volkswagen Group of America is an Equal Opportunity Employer. We welcome and encourage applicants from all backgrounds, and do not discriminate based on race, sex, age, disability, sexual orientation, national origin, religion, color, gender identity/expression, marital status, veteran status, or any other characteristics protected by applicable laws. We maintain a drug-free workplace and perform pre-employment substance abuse testing.
