Jubilee Insurance was established in August 1937, as the first locally incorporated Insurance Company based in Mombasa in 1937. Jubilee Insurance has spread its sphere of influence throughout the region to become the largest Composite insurer in East Africa, handling Life, Pensions, general and Medical insurance.

Job Ref. No. JHL028

Role Purpose

The role holder will primarily monitor and manage costs within the organization, ensuring that expenses are effectively controlled and aligned with budgetary guidelines. The role holder will also analyze financial data, identify cost-saving opportunities, and implement strategies to optimize expenditures.

Main Responsibilities

Strategy

• Cost Optimization: Continuously monitor and analyse cost performance against established benchmarks, targets, and industry standards.
• Risk Management: Collaborating with relevant stakeholders to develop risk mitigation strategies, ensuring that potential risks are identified, evaluated, and addressed proactively.
• Performance Monitoring and Analysis: Continuously monitoring and analyzing cost performance against agreed internal milestones and targets
• Process Improvement and Automation: Identifying opportunities to streamline cost control processes and improve efficiency through automation and technology.
• Budget Planning and Forecasting: Working closely with finance and operational teams to develop realistic budgets and forecasts that align with strategic objectives.
• Continuous Improvement and Best Practices: Proactively seek opportunities for continuous improvement in cost control processes, tools, and methodologies. Implement industry-leading practices and benchmarking against competitors to maintain a competitive advantage.

Operational

• Regularly review cost data, identify cost drivers, and investigate any significant cost variances or deviations from budgeted targets.
• Prepare and present timely and accurate cost reports to relevant stakeholders, such as management, department heads, or project teams.
• Assist in the development of project budgets by providing cost estimates, analysing resource requirements, and considering potential risks or contingencies.
• Implement cost control measures to optimize operational expenditures and minimize waste by identifying areas of inefficiency, recommending process improvements, and working closely with operational teams to develop and implement cost-saving initiatives.
• Collaborate with procurement and inventory management teams to ensure optimal inventory levels while minimizing carrying costs.
• Ensure compliance with financial regulations, internal control procedures, and auditing requirements related to operational costs.
• Collaborate with operational teams to implement process improvements, standardize procedures, and eliminate nonvalue-added activities.

Corporate Governance

• Ethical Conduct and Confidentiality: Upholding high ethical standards and maintaining the confidentiality of sensitive financial information.
• Compliance with Policies and Procedures: Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.
• Audit and Compliance Support: Providing necessary documentation, explanations, and reconciliations to auditors to ensure compliance with auditing requirements. Addressing audit findings and implementing corrective actions as necessary.

Leadership and Culture

• Building the team capabilities and ensuring adequate succession planning within the department
• Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
• Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
• To provide the much-needed transformational leadership to meet and surpass the expectations of stakeholders. Train on cost control methodologies, financial analysis, systems, and industry best practices.

Key Competencies

• Leadership: Ability to lead and motivate a team, driving high performance and fostering a collaborative work environment.
• Strategic Thinking: Capacity to develop and implement strategies and policies to optimize cost control processes.
• Analytical Skills: Strong analytical and problem-solving skills to assess complex cost control issues and identify solutions.
• Relationship Management: Excellent interpersonal and communication skills to build and maintain relationships with internal and external stakeholders.
• Financial Acumen: Understanding of financial principles and budget management to effectively manage costs and budgets.
• Regulatory Compliance: Knowledge of insurance regulations and compliance requirements.
• Process Improvement: Ability to identify opportunities for process optimization and implement improvements to enhance efficiency and effectiveness.

Requirements

Qualifications

• Bachelor’s degree in finance or relevant field.
• Diploma in Insurance
• CPA(K) or ACCA Qualification
• Master’s Degree in a Business-related course will be an added advantage.

Relevant Experience

• Minimum of 5 years’ experience with a focus on Finance.
• Demonstrated experience of working with diverse stakeholders to deliver results.
• Proven track record of successfully implementing strategic cost control initiatives.