Microsoft Office
M Lalitha Prasad Rao
Chief Operating Officer
Dubai
Summary
Chief Operating Officer with track record delivering superior results. Focused leader with 10 years of experience finding innovative ways to grow revenue and increase margins. Well-versed in managing budgets with full P&L responsibility, negotiating high-level contracts and building lasting relationships with business partners, Reinsurance partners.
Overview
36
36
years of professional experience
Work History
Chief Operating Officer
Takaful Emarat - Insurance Co. PSC
Dubai
2010.12 - Current
- Responsible for implementation of the Products, support their life cycle and carry out their related activities.
- Oversaw business-wide changes to enhance the policies, procedures. and Service Level Agreements across all the departments and suggest and amend the necessary changes in line with Company’s business strategy
- Directed technological improvements within the organization to reduce the turn around times and business bottlenecks and automation.
- Managed New business, Underwriting, Claims, Customer Services, Agency Services , Product Development and Actuarial functions of the Company
- Ensure that all activities and operations are performed in compliance with local, state, and federal regulations and laws governing business operations
- Managed risk assessment and Business continuity functions within the organization
- Developed innovative sales and marketing strategies to facilitate business expansion.
- Relationship Management with Reinsures, regulatory authorities, Sharia Board and Board of Directors.
- Liaise with External Actuary and external auditors on technical reporting of the Company
- Overall responsibility to maintain underwriting profits of the Company, in addition, provide Support distribution channels including Banca and Brokers on various issues related to products, training and support functions
- Participate in the development and preparation of short-term and long-term plans and budgets based upon broad organization goals and objectives. Recommends their adoption to the Chief Executive Officer and the Board.
- Developed quarterly business plans to evaluate cost projections .
- Refined organizational structure to consolidate, streamline and delineate necessary functions.
- Negotiated and drafted contracts with business partners, Reinsurance Partners to maintain healthy relationships with business partners and maintain profitable reinsurance treaties.
Assistant Manager
Solidarity Insurance Company
Bahrain , Kingdom of Bahrain
08.2004 - 07.2008
- Finance/Agency services, promoted to Agency Services Manager in August 2006 and then took over the responsibilities of Administration systems and Product Development Manager
- Involved as Process owner for Agency Services, Finance, Reinsurance, Management information and Products development function during the Life Administration system Implementation
- Involved in designing and development of Illustration system for Life and saving products
- Involved in preparing budgets for life division
- Designed and developed Contribution Recording system, Postdated Cheque System by using Microsoft Access
- Responsible for creation of various products within the life system as per the Market needs
- Testing and implementing to the users for production
- Analyzing the needs with the users on a regular basis and liaising with vendors for continuous development of Life Administration system as well as Illustration system
- Responsible for regular audits of life Administration system
- Liaising with Actuary for product pricing and with reinsurer for rates while creating new products
- Responsible for providing Management information system to the Management on a regular basis
- Liaising with Auditors and proving data for surplus calculation and reserving on a yearly basis
- Responsible for submission of Reinsurance bordereaux on a quarterly basis
- Managing the Group life, Group Credit life and Corporate Saving scheme’s portfolio
- Training the users on a regular basis on the life Administration system
- Supporting distribution on various issues such as
- Preparation of contracts/agreements for the Direct Sales Force, Brokers and Bancassurance channels
- Creating new financial modules and new commission structures
- Commission payments
- Providing business related information on a regular basis to the distribution heads for timeous decisions
- Support distribution channels in getting quotations for group credit/life business from various reinsurers for submission to various clients
- Liaise with the reinsurers/clients to bind the life contracts
- Any other related information
Manager
Tazur Insurance Company
Bahrain , Kingdom of Bahrain
08.2008 - 12.2010
- Product Development with t’azur company b.s.c
- (closed), a regional Takaful provider in Kingdom of Bahrain
- Policy Administration System Development and Management :
- Effective & Efficiently Manage the continual Development and Maintenance of the Policy Administration System Functions and Processes for New Business, Underwriting, Customer & Policy Service, Claims, Family Takaful Finance & Accounting, Distributor/IFA/FA/Introducer/Corporate Savings Schemes Management
- Ensure all functions, processes and procedures are documented, reviewed, audited and updated regularly to ensure that effective security controls are in place to manage and protect systems
- Accurately Manage Distributor Appointments, Movements, Hierarchy Updates, and Commission Packages in the Policy Administration System
- Pro-actively & Re-actively liaise with Operations and Group Business Process Owners for any/all changes/enhancements to the system, obtain approvals and document the relevant changes/amendments
- Ensure that all changes/enhancements are implemented within the market-need / acceptable and practical time frames
- As Product Development Manager ensure the effective and efficient implementation of new products, and enhancements to the existing products, on the Policy Administration System
- Review and document them, and ensure that new products and enhancements are configured in the system, tested and released in time for launch for the distribution
- Manage all system new developments, maintenance and enhancements within agreed budget parameters
- Conduct regular System Audits to monitor system stability, all transaction movements and the security thereof, and provide management reports thereon
- Illustrate System Management :
- Manage the continual development and maintenance of the illustration system functionalities and processes
- Ensure all procedures are documented, reviewed, audited and updated regularly
- Pro-actively & Re-actively liaise with Operations and Group Business process owners for any changes/enhancements to the system, document the relevant changes/amendments and ensure that changes/enhancements are implemented within the market-need / acceptable and practical time frames
- Provide all illustrate system version updates to the relevant Distribution and Operations Management and Key staff timeously
- Implement, manage and maintain an efficient & effective user register, with the appropriate user-licensing and version update registrations
- As Product Development Manager ensure the effective and efficient implementation of new products and enhancements to the existing products, on the Illustration System
- Review and document them, ensure new products and enhancements are implemented
- Test the system with the help of users and release the new version to the users for launch in time
- Manage all system new developments, maintenance and enhancements within agreed budget parameters
- Conduct regular System Audits to monitor system stability and provide management reports thereon
- Management Information
- Provide effective, relevant and timely Management information to Divisional and Group Management/Key Staff for their timeous business decisions and requirements
- This includes required daily, weekly, monthly, quarterly, annual reports and updates of business production and remuneration for all distribution channels
- Instruct Group Finance on all Distributor Remuneration payments
- Provide effective & efficient ad-hoc reports to Divisional and Group Management/ Key Staff/ Business Partners as and when required
- Provide effective & efficient quarterly Reinsurance Bordereaux reports to the reinsurance and Group Finance to enable them to effect required payments to the reinsurers
- Timeously provide policy related data to Actuary and Group Finance for risk analyses, reserves and surplus calculations
- Product Development & Management :
- In consultation and collaboration with Strategic Business Planning and Development, Actuarial Management, all relevant Distribution Channels, and all Operations Department identify, justify, develop and implement new products as appropriate to market need and return on capital
- Where required, adjust and customize existing product price, and benefit characteristic in accordance with consumer and Distribution Channel needs, in-keeping with acceptable company production parameters
- Monitor existing Product Life cycles and Performance in terms of Market relationships, being price and benefit parity to consumers and competitions
- Agency Services Management :
- Support Distributions Management with effective & efficient assessment of all Distributor credentials, the structuring and publishing of appointment contracts and remuneration models, the approval process for the appointment of all Direct Sale Force and Partner Distributors, prior to issuing appointment contracts
- Timeously advice Distribution Management on Distributor production disciplinary issues
- Plan and implement distributor administration accountability handover to distributions and group Human Resources department
- Agency Finance Management :
- Timeously process and instruct Finance on all commission payments, incentive payments and any other payments related to the distribution channels
- Timeously monitor and manage policy related contributions by way of post-dates cheques and banking standing orders, and ensure Group Finance support in settling all payments on the Policy Administration System
- Reinusrance Bordereaux, Timeously prepare monthly closing of accounts
- Effectively and timously reconcile Family Takaful Bank Accounts
Manager
2004.08 - 2008.07
- Administration systems and Product Development with Solidarity Co
- BSC (Closed), a largest Takaful product provider in Kingdom of Bahrain
Senior Accounts Assistant
Zurich Financial Services
1993.04 - 2004.07
- A largest financial services provider in the Middle East from, Responsible for the preparation of Monthly Management reports for the local Management as well as for the Middle East board
- Provide the accurate MI to the Management as and when requested so as to ensure that the correct decisions are taken
- Assist with the preparation of Ministerial returns for the UAE & Bahrain
- Ensure that the departmental policies and procedures are adhered to viz
- LPO procedures, signing off authority limits, bank mandates and expense guidelines
- Review correctness of various payments to suppliers in the Middle East
- Ensure that the correct entries are posted to the ledger and proper documentation is maintained at all times
- Review the debtors and creditors schedules on a monthly basis and follow up for the recoveries
- Review of commission payments, financing payments and various others payments to around 300 direct sales force/Brokers and Tied agents in the Middle East on a weekly basis
- Handling all queries related to the commissions, review of corresponding reconciliation
- Posting the necessary journal entries on to the Sun accounting system
- Review various payments to policy holders such as surrenders, maturities, benefit claims and other related payments as per the internal controls and audit procedures
- Monthly review of reconciliation and ensure that the proper documentation is maintained at all times
- Constant interaction with the H.O
- Finance and accounts dept
- In the UK and the local Management in the Middle East
- Ongoing support to the Direct Sales force in the region
- Assist department projects related to commission payments and other areas
- Supervising the group of three people who is responsible for making general expense payments to our suppliers, policy holder payments and commission/advances/financing payments to direct sales force
- Review of reconciliation of bank accounts on a monthly basis
- Co-ordinate with the bank personnel if need be.
Accounts Assistant
MAAT International Dubai
1992.08 - 1993.03
Accounts Assistant
Owaisi Institute of Computer Sciences
1990.08 - 1992.07
- Which is a member of Deccan Collage of Engineering and Technology) for the period
Education
Bachelor of Commerce -
Osmania University
Postgraduate diploma - Computer Application
Skills
Operations oversight
undefinedSoftware
Timeline
Chief Operating Officer
Takaful Emarat - Insurance Co. PSC
2010.12 - Current
Manager
Tazur Insurance Company
08.2008 - 12.2010
Assistant Manager
Solidarity Insurance Company
08.2004 - 07.2008
Manager
2004.08 - 2008.07
Senior Accounts Assistant
Zurich Financial Services
1993.04 - 2004.07
Accounts Assistant
MAAT International Dubai
1992.08 - 1993.03
Accounts Assistant
Owaisi Institute of Computer Sciences
1990.08 - 1992.07
Bachelor of Commerce -
Osmania University
Postgraduate diploma - Computer Application
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