United Coconut Planters Life Assurance Corporation
Accounting Associate - IFRS17
Cocolife Building, 6807 Ayala Avenue, Makati City / Hybrid
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Job Summary

Assist the IFRS 17 technical working group in transition and implementation of IFRS 17 accounting standard and come up with business requirements for RiskIntegrity, the Company’s IFRS 17 Solution, and reportorial requirements in compliance with financial accounting guidelines and principles and Insurance Commission requirements.

Job Description

a. Demonstrate understanding of the company’s overall goals, purpose, and functions,and incorporates it into work activities.

b. Participate in goal setting and ensure that own work goals are aligned with the unit, department, division, and company goals.

c. Sets priorities, plan and coordinate activities to complete work efficiently so that work objectives are accomplished on time and within budget.

d. Gather the historical data required for the transition and implementation of RiskIntegrity.

e. Understand the requirements and reconcile the historical data versus the accounting records and coordinate with the concerned units/persons to reconcile the differences, if any.

f. Compute allocation applicable to insurance contract and disaggregate the marketing expenses, general and administrative expenses and manpower overhead into insurance contract group.

g. Convert the data into RiskIntegrity format.

h. Assist in reconciling RiskIntegrity subledgers and other reports with the raw data, check the manual computation, and communicate any discrepancy noted.

i. Prepare and/or assist in the preparation of the following reports: *

j. Monthly schedules of accounts handled; (1 & 3)

  1. Schedules / reports required by the Internal Auditors, Risk Management and Actuarial (1, 2 & 3) ;
  2. Schedules / reports / analysis required by the External Auditors.
  3. Schedules for Annual Statements

k. Coordinate with departments concerned on matters related to their transactions

l. Coordinate with the responsible units the required documents to be presented / submitted to the Insurance Commission during verification of Annual Statement.

m. Coordinate with the Insurance Commission examiners on matters related to compliance with the requirements of the aforesaid regulatory body

n. Coordinate with External Auditors

o. Monitor the following:

  1. Contract Service Margin
  2. Actual Premium Collection
  3. Actual Claims and Benefits Payable and Payment
  4. Investment Components

p. Coach, train and assist newly hired staff on various processes and systems.

q. Assist in developing competent technical staff needed by the Unit.

r. Attend training, seminars and other recreational activities provided by the company.

s. Perform other duties as may be assigned by the immediate superior.

Job Specifications

  • Bachelor of Science in Accountancy graduate
  • At least one year experience in external auditing preferably in the financial services industry.
  • Experience with reconciliation of transactions
  • Preferably with familiarity with the Insurance Commission reporting and documentary requirements
  • Preferably with familiarity with Philippine Financial Reporting Standards
  • Knowledge in Microsoft Office and large accounting software
  • Communication skills – verbal and written
  • Interpersonal skills
  • Analytical skills
  • Problem-solving skills

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