Senior Accountant - OUTsurance Life

OUTsurance has been propelling the South African insurance industry forward for the last 27 years. As leaders in the field, we’re always looking for innovative ways to create digitally-advanced solutions, without losing sight of our human values. Our continued success can be attributed to outstanding employees who set the bar high with their energy and expertise. If you’re keen to grow your career in a vibrant environment with lots of ‘fun’, this could be the career opportunity you’ve been looking for.

What do you get OUT? 

• OUTsurance has been voted Top Employer South Africa since 2022.  Our people vision is to be a great company to work for where you always get something OUT.

We offer our employees

• A winning, fun and inclusive company culture that embraces diversity.
• Great Rewards and Recognition programs.
• Benefits (Medical Aid, Pension fund, Group life and Disability benefits)
• Growth opportunities (we hire talent, train skill and promote values driven leaders from  within)
• Wi-Fi on campus  and Emergency Panic-Assist through the OUTsurance app
• Employee wellness programs: Free Counselling, Legal Advice and Financial Coaching for you and your members of household.
• A chance to give back (Staff Helping SA OUT-volunteer program) and much more.

We are looking for a qualified Chartered Accountant CA(SA) who wishes to build a career within the Finance department specialising in long-term insurance. The role is for a strong Life insurance accountant to work with and support the Financial Manager for OUTsurance Life in executing on the core accounting functions for the entity. The Senior Accountant role, to which this job description relates, works alongside a further accountant for OUTsurance Life.

Responsibilities

Perform the full accounting and month-end function for OUTsurance Life. This entails the posting of journals, performance of reconciliations, review of the financial results and trial balance to ensure accuracy of the entries posted amongst other functions. The A more detailed overview of the responsibilities are provided below:

• Contribute to maintenance of IFRS 17 related accounting processes in close collaboration with the Corporate Actuarial team and Financial Manager of OUTsurance Life;
• Maintain accurate and up-to-date financial records related to life insurance policies, premiums, claims, and other transactions, ensuring alignment with IFRS 17 requirements.
• Process financial transactions according to IFRS 17 guidelines, including premium payments, policy modifications, and claims pay-outs, while accurately classifying and measuring them.
• Prepare and present financial reports, statements, and disclosures compliant with IFRS 17 regulations. Communicate the impact of IFRS 17 changes on financial statements to internal stakeholders, management, and regulatory authorities.
• Analyse data to determine the impact of IFRS 17 on financial results, highlighting key insights and trends to support decision-making.
• Reconcile financial records to ensure accuracy and consistency between the IFRS 17 reporting and underlying transaction data.
• Collaborate closely with cross-functional teams including actuaries, IT professionals, underwriters, and external auditors to ensure a unified and compliant approach to IFRS 17.
• Provide necessary data, documentation, and explanations to auditors during internal and external audits specifically related to IFRS 17.
• Apply IFRS 17 principles to calculate and maintain reserves for life insurance policies, ensuring compliance with regulatory requirements.
• Identify opportunities to improve processes related to IFRS 17 reporting, data collection, and transaction processing.
• Educate and train relevant stakeholders within the organization about IFRS 17 changes, ensuring a clear understanding of the new accounting requirements.
• Complete the relevant financial disclosures and financial statements for the entity during the respective reporting cycles.
• Be the main point of contact to receive and resolve audit queries for the entity during reporting cycles.
• Take full responsibility for the accounting for OUTsurance Life, in partnership with the Financial Manager for OUTsurance Life.

The candidate will report to the Financial Manager for OUTsurance Life

• CA (SA) with a minimum 3 to 5 years’ post articles experience. Experience in the insurance industry will be preferred. Experience in the Life insurance industry is essential, specifically with exposure and a working understanding of IFRS 17.

Experience

• Current and previous experience in the Life insurance industry, specifically with regards to the requirements of IFRS 17, is essential. An experienced accountant with a track record of carrying responsibility for month-end processes as well as the compilation of annual financial statements will receive preference.
• A further skill that will receive preference is exposure to or direct experience in the calculation of company tax, specifically within the context of Life insurance.

Skills and Competencies

• Thorough understanding of IFRS 17 principles, requirements, and their application to life insurance financial reporting.
• Proficiency in financial software, particularly systems that facilitate IFRS 17 calculations and reporting.
• Strong analytical skills with the ability to interpret complex financial data under the IFRS 17 framework.
• Excellent attention to detail and accuracy, especially in reconciling data to meet IFRS 17 standards.
• Effective communication skills to explain IFRS 17 concepts and implications to various stakeholders.
• Prior experience collaborating with multidisciplinary teams on complex financial projects.
• Ability to adapt to changing regulations and standards within the insurance industry.

To note that in accordance with Employment Equity goals, preference will be given to individuals who meet the job requirements and are from the various designated groups.