Santosh Lakkannavar

• Lead and manage the annual budgeting process by preparing comprehensive budgeting and forecasting processes including deployment of latest budgeting tools and developing policy/framework and templates.
• To monitor and analyze variances and produce the latest view on forecasting and update the management.
• Initiatives for process improvements and enhanced reporting systems to optimize efficiency and accuracy.
• Review, update, prepare financial policies and procedures.
• Setting up accounting process and internal controls for new business line (Motor Insurance)

• Main Lead for Implementing of IFRS 17 project for HO and branches. 
• Assisting in combining reporting requirements for merged entities.

• Implementation of Financial system: Core member for implementation of Oracle ERP for NLG entity and its overseas branches. Overseeing and administration of ERP including collaborating with IT teams to ensure data migration and reconciliation, data integrity etc. Served as primary point of contact between finance, IT and other stakeholders for finance system related matters
• Process automation, System Developments and controls: Reviewing existing processes, recommending processes improvisation including changes to the system, automation of manual processes. Implemented cheque payments mode to online payment mode.
• Budget Planning and Development: Lead the preparation of annual budgets, quarterly forecasts and long-term financial plans. Coordinate with business units and support functions to gather budget input, working closely with department heads and senior management to develop comprehensive budget aligning with strategic objectives and financial goals.

Preparation of financial statements including P&L, BS and Cash Flow statements, monthly cash flow forecasts for operation and investments requirements. Monitor and analyze actuals vs budgets variances, provide insights and reasoning on performance gaps.

• Financial Reporting Oversight: Developing reports such as branch performance reports, departmental reports, providing analysis, performance reports to board, management, business unit heads with commentary and write-up on a monthly/quarterly basis.
• Preparation of Financial Statements: Preparations and consolidation of financial statements, distribute monthly consolidated management accounts/financial statements to senior management and parent company.
• Month Closing: Ensuring all the operational transactions are accounted and reconciled, responsible for completeness of the finance-related transactions in the books of accounts such as accounting of expenses, depreciation, provisions, taxes etc.
• Regulatory Returns: Quarterly and Annual filing of returns with regulatory at head office and overseas branches.
• Supervision of Reconciliations: Supervising the bank reconciliation and reinsurer reconciliation on monthly/quarterly basis and guiding for corrective measures. 
• Overseeing/Supervision of Payments: Supervision of commission payments, reinsurance settlements, coordinating with reinsurer for reinsurance receivables, supervising of accounts receivables and payables etc.
• Audit Coordination: Coordinating and supporting campus auditors for smooth conduct of audit. Providing data and documents, managing queries, arranging meetings with other internal departments
• Coordinating with the internal audit department for resolving finance-related audit points.
• Liaising with internal and external stakeholders of the business.

Part of Important Assignments.

• Closely worked with the CFO during the NLGIC IPO process in 2017.
• Setting up and managing of finance function for subsidiary company in India (NLGIC support Services Private Limited India).
• Supervision of finance and accounting function for subsidiary Inayah TPA LLC and branches at UAE and Kuwait 
• Closely worked with CFO on matters related to NLGIC’s acquisition of RSA ME.

• Management and Shareholders Reporting: Monthly review presentation, financial summary to board, variance analysis, competitor’s analysis & market trend and department & channel-wise reports, branch performance reports and other ad-hoc management reports etc.
• Strategic Planning and Budgeting: Coordinating with departments for budget input, preparation of budget templates, sales plan, expense budgeting, preparation of financial statements - profit and loss, balance sheet and cash flow statements for plan period.
• Reporting to Allianz SE: Responsible for preparation of Financial Statements as per IFRS guidelines and KPIs to Allianz SE.
• Regulatory Reporting (IRDA): Reporting of new & renewal business, intermediaries and agents payments report. Key financial numbers to Life council of India, ad-hoc reports and requirements from IRDA.
• Month closing and Financial Reporting: booking of provisions, expenses analysis, closure of books of accounts, preparation of Financial Statements monthly and reporting to management.
• Managed team for commission payments to broker, franchise, agents and bancassurance to make timely payments. 
• Payroll Processing: Managing and responsible for timely payments of employee salaries, full & final settlements of left employees, collecting and updating employees’ investment details in Payroll System for deduction of taxes, filing of salary TDS return, issuing tax deduction certificates (Form16) to employees.
• Projects, System Development and Process Automations: Commission calculation and payment automations, Automation of employee investment declarations for tax deduction for all branches in India, Key member for implementation of MIS and Budgeting tool “Hyperion”. Core team member of implementation of BRS System.

• Chartered Accountant, 

ICAI (INDIA) - 2006

• Bachelor of Commerce

Karnataka University (INDIA) - 2001