Sr. Team Member - FPBC

Star Union Dai-ichi Life Insurance Company Limited; Navi Mumbai; On-site; INR 800,000 - 1,200,000; Full time

Job summary

Star Union Dai-ichi Life Insurance Company Limited in Navi Mumbai, Maharashtra, India, is seeking a Budget/OPEX specialist to drive stability and value through effective budgeting and cost control. The role focuses on preparing budgets, analyzing expenses, and identifying optimization opportunities across departments.

You will support 10-year OPEX planning, monthly variance analysis, and process automation to improve reporting and efficiency, contributing to strategic financial decisions within

Responsibilities

• Set the appropriate OPEX budget to realize stable operations & increase of corporate value.
• Prepare Budget Template and visualize formulation process.
• Verify expenses before approval/usage and assist in negotiations to curb unnecessary costs.
• Make and improve the business plan process, including 10-year OPEX planning.
• Manage monthly expenses and provide insights to optimize OPEX for value enhancement.
• Design improvement plans for expense consumption and present quarterly reporting on reports.
• Increase visibility of Budget vs Actual analyses across channels, LOBs, depts and expense heads.
• Streamline processes like budget execution checks, report generation, and monthly cross-department communication.
• Automate processes where possible and enhance operating workflows.

Job description

About The Organization

Star Union Dai-ichi Life Insurance (SUD Life) is a joint venture formed in 2007 between two major Indian PSU banks - Bank of India and Union Bank of India - and Japan's Dai-ichi Life Holdings.

About The Organization

Star Union Dai-ichi Life Insurance (SUD Life) is a joint venture formed in 2007 between two major Indian PSU banks - Bank of India and Union Bank of India - and Japan's Dai-ichi Life Holdings. We have served over 15 million customers through more than 19,500 bank branches across India. Our network includes 1,950 rural bank branches, ensuring insurance reaches remote areas. SUD Life focuses on creating insurance products that meet different customer needs across all segments of society. With our promoters' 100+ years of commitment and combined strengths, we aim to become a leading name in India's life insurance sector while delivering value to all stakeholders. Established in 1902, Dai-ichi Life is the second largest life insurance company of Japan and is one of the top ten life insurers globally, renowned for sound product knowledge, superior asset management skills, and strong operational capabilities to manage life insurance businesses. At SUD Life, our customers are our priority. We are committed to providing insurance products that serve our customers’ unique needs across various strata of society and geographies. The promoters of SUD Life have a long-term commitment towards their customers and stakeholder. These strengths and values have been inherited by SUD Life, as we make our way to becoming the next rising star in the Indian life insurance business, promising exceptional value to all.

To Know More About Us Please Visit

Our Website: https://www.sudlife.in/
Our LinkedIn Page: https://www.linkedin.com/company/13201422

Our Talent Philosophy

At Star Union Dai-ichi Life Insurance, we will ensure to nurture our people and provide opportunities to learn, succeed and build careers to the best of their abilities, thus creating and unlocking value for self, the organization, and the society at large.

Key Responsibilities

Set the appropriate OPEX budget to realize stable operations & increase of corporate value

• Preparation Of Budget Template
• Visualization/Socialization of formulation process
• Introduction of expenses Verification before approval/uses
• Assist in Negotiation for unnecessary expense

Make and improve the business plan process

• Preparation of 10 years OPEX
• Expense allocation working

Manage monthly expense and give insight/suggestion about optimization of OPEX to increase the corporate value

• Monthly budget control.
• Give alerts with analysed trend.

  Designing improvement plan on expense consumption for decision making.

  Support the analysis of expense consumption data by compiling relevant financial information and identifying basic trends or discrepancies, contributing initial observations for discussion within the team regarding potential cost optimization. Provide suggestions to Team on Quarterly basis about the improvement in existing report or requirement of additional reports

  Increase the visibility of Budget vs Actual analysis related with OPEX from various perspectives such as channel wise, Dept wise, etc.

  • Channel wise analysis
  • LOB wise analysis
  • Dept wise analysis
  • Expense head wise analysis
  • Competitors analysis

  Streamline the working process such as budget execution check, generation of report, and communication with all Dept. monthly

  • Visualization of operating process
  • Automation of the process by introducing the tool, where possible.