Insurance Accounting Lead IFRS 17

Insurance Accounting Lead IFRS 17 - VCI003457 - Fully Remote

Primary Location

 - United States-VCI Home Based Position

Other Locations

 - Canada-Ontario

Description

 

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.

Role Summary:

• Protection products are sold in both the US and Canada under various subsidiary structures that ultimately roll up to VW Credit, Inc. (VCI).  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 Obligor 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.  In Canada, VW Credit Canada, Inc. (direct subsidiary of VCI) services a similar purpose and is the 100% owner of Beetle BC Holding, Inc. (Captive Insurance Company).
• Understand and support IFRS 17 process and system changes related to insurance products
• This is a data intensive role and requires high level of MS Excel skills. Develop in-depth understanding of insurance data and how it translates to the inputs sent to Finevare (IFRS17 Engine). Develop checks and controls on data accuracy and completeness (Premium, Claims, Commission validation).
• Support IFRS 17 Engine Input to Output validation. 
• 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.
• The position supports enhancement of internal controls and key control documentation. Person is expected to look at our month-end process and JVs, and bring in efficiencies by reducing number of JVs booked each month. This role will try to 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.

Role Responsibilities:

Ensure timely and accurate reporting of financial information for in compliance with all required accounting standards and regulatory requirements.

Manage IFRS 17 process (50%)

• Understand the requirements of the IFRS 17 standard, assist developing the logic and test the new IFRS 17 system from time to time for any new business change (For example: how data tables should be set up when contracts are sold on subscription model).
• Data Management –Ensure data sources are correctly sourced and work with IT and third-party vendors to support automation and accuracy.
• Work closely with third-party actuarial and newly created in-house actuarial on data requirements, processing (Finevare calculations) and validating IFRS 17 results.
• 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.
• Anything new and adhoc requiring deep-dive analysis and investigation.

Support month-end closing processes including (15%):

• 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.

Support quarterly and annual closing processes (25%):

Complete as required (10%):

• Create and maintain official documented Guidelines and Practices (G&P) manuals for these products and entities
• Manage reporting to Brown & Brown (Captive Manager)
• Ad Hoc reporting as required

Qualifications

 

Years of Relevant Experience:

7+ years of experience in:

• Financial accounting analysis and reporting
• Insurance accounting (specifically IFRS17 expertise)

Financial services Education: Required –

• Bachelor’s Degree in Accounting or Finance

Desired –

• Master’s Degree in Accounting or Finance
• CPA (or equivalent) 
• ACCA - Association of Chartered Certified Accountants

General Skills:

• Ability to conduct large scale projects and research through all stages: concept formulation, definition of metrics, determination of appropriate methodology, research evaluation and final research report
• Specialized ability to communicate highly technical subjects to the senior executives and others who have limited background in accounting, mathematics or statistics
• Analytical and conceptual thinking – ability to understand business problems and develop data-driven solutions using logic and reason
• Computer savvy – skilled in the use of software
• Problem solving
• Assertiveness
• Self-starter
• Willingness to learn and then be able to apply

Specialized Skills:

Required –

• 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

Desired –

• Experience in the automotive and/or consumer product service contract sectors
• Knowledge of the German Language
• Experience with Deloitte Finevare
• Experience with Oracle Financials/GL Wand
• Project Management experience

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.

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