Finance Business Analyst - Insurance Finance Transformation (Discovery & Blueprinting)

EXL (NASDAQ: EXLS) is a global data and artificial intelligence (AI) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI and deep industry knowledge to transform businesses, including leading corporations in insurance, healthcare, banking and financial services, media and retail. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect.

We are headquartered in New York and have more than 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

Role Title: Business Analyst - Insurance Finance Transformation (Discovery & Blueprinting)

BU/Segment: EXL Digital and AI / Insurance

Location: London, United Kingdom (hybrid working, four days per week in the office or at the client site)

Employment Type: Permanent or Umbrella Contractor, to start as soon as possible

Summary of the role

EXL is seeking a Business Analyst - Insurance Finance Transformation to support the discovery and blueprinting phase of an insurance finance transformation programme.

This is a hands-on role for someone with a strong finance and accounting background who can bridge Finance, Actuarial, business operations, Data and Technology teams. The role will assess current-state processes, data, systems and controls; facilitate stakeholder workshops; and translate findings into agreed future-state processes and business requirements.

The successful candidate will develop a structured transformation blueprint covering process improvements, operating model considerations, prioritised transformation opportunities and an indicative implementation roadmap. The role requires strong business analysis capability, relevant insurance finance knowledge and experience producing clear, evidence-based deliverables for stakeholder validation and sign-off.

As part of your duties, you will be responsible for:

• Lead or support structured discovery across the insurance Finance function, working with Finance, Actuarial, Underwriting, Claims, Reinsurance, Operations, Data and Technology stakeholders.

• Plan and facilitate stakeholder interviews and cross-functional workshops to understand current processes, pain points, requirements, root causes and improvement opportunities.

• Map current-state processes against an agreed finance process taxonomy, capturing activities, ownership, systems, data inputs and outputs, controls, hand-offs, dependencies and process variations.

• Gather, analyse, document and validate business, functional, data and control requirements for the finance transformation blueprint.

• Collect and analyse available baseline information such as volumes, effort, cycle times, exceptions, quality measures and service levels to substantiate findings and opportunities.

• Design and document future-state processes, applying simplification, standardisation, elimination, automation and control-by-design principles.

• Support future-state operating model design, including process ownership, roles and responsibilities, governance, capability requirements and retained/shared-service interfaces.

• Assess process and technology opportunities, including workflow, ERP, data, analytics, AI and automation solutions, without treating technology as the sole transformation lever.

• Develop and maintain a prioritised opportunity backlog, assessing initiatives against business value, feasibility, dependencies, delivery effort, risk and control implications.

• Translate Finance requirements into clear functional specifications, user stories, acceptance criteria and traceability documentation for Technology, Data and implementation teams.

• Identify source-to-report data flows, data quality issues, reconciliation points and lineage requirements, working with Finance, Data and Technology SMEs.

• Produce an integrated blueprint pack covering current-state findings, future-state process designs, requirements, data and control considerations, prioritised opportunities, dependencies and an indicative delivery roadmap.

• Support stakeholder review, decision-making, validation and formal sign-off of blueprint deliverables, maintaining clear decision, assumption, risk and issue logs.

• Where required, support downstream implementation activities such as solution design, test preparation, UAT, business readiness and transition planning.

• Apply Generative AI tools, including Microsoft Copilot or equivalent enterprise-approved tools, to appropriate analysis, documentation and Finance use cases, in line with client data, privacy and security requirements.

Qualifications and experience essential for the role:

• A recognised accounting qualification such as ACCA, ACA/CA or CIMA, or a strong equivalent accounting background.

• Practical experience using Generative AI tools such as Microsoft Copilot or Claude within Finance or a broader business environment.

• Demonstrable experience as a Business Analyst or Functional Business Analyst on finance transformation programmes, including discovery, current-state assessment and future-state blueprinting.

• Relevant experience within insurance Finance, with an understanding of how Finance interacts with Actuarial, Underwriting, Claims, Reinsurance and Operations.

• Practical knowledge of relevant finance processes, for example record-to-report, financial close and consolidation, reconciliations, premium and claims accounting, reinsurance accounting, expense management, and financial or regulatory reporting.

• Strong experience planning and facilitating workshops, conducting stakeholder interviews, challenging requirements constructively and building consensus across senior and operational stakeholders.

• Strong process analysis and modelling capability, including current-state and future-state process mapping, pain-point analysis, requirements traceability and opportunity assessment.

• Experience documenting business, functional, data and control requirements and translating them into practical solutions and delivery artefacts.

• Experience assessing finance systems, data flows, controls, reconciliations and hand-offs in a complex operating environment.

• Ability to develop clear, evidence-based blueprint deliverables and executive-ready outputs, including findings, recommendations, prioritisation and roadmaps.

• Strong analytical and problem-solving skills, with excellent attention to detail and the ability to distinguish symptoms from root causes.

• Strong written and verbal communication skills, with the ability to communicate effectively across Finance, Actuarial, Operations, Data and Technology stakeholders.

• Comfortable operating independently in a fast-paced consulting or transformation environment and taking ownership of defined deliverables.

Qualifications, skills and experience desirable for the role:

• Experience in finance transformation, CFO advisory, consulting or professional services within the insurance sector.

• Awareness of insurance accounting and regulatory reporting requirements relevant to the business in scope, with the ability to translate Finance and SME input into process, data and control requirements.

• Exposure to ERP, consolidation, close management, reconciliation, planning, reporting, data or workflow platforms used within Finance.

• Experience of target operating model design, shared services, centres of excellence or Finance service delivery models.

• Experience supporting process mining, task mining, automation, analytics or digital transformation initiatives within Finance.

Skills and personal attributes:

• Client-focused, curious and confident in asking structured questions and constructively challenging established ways of working.

• Able to synthesise complex qualitative and quantitative information into clear findings, decisions and actionable recommendations.

• Collaborative and credible when working with stakeholders across business functions, levels and geographies.

• Highly organised, with disciplined management of requirements, actions, decisions, risks, assumptions and dependencies.

• Commercially aware and able to balance value, feasibility, control, risk and delivery considerations.

As part of a leading global Data and AI company, you can look forward to:

• A competitive salary with a generous bonus, private healthcare, critical illness cover, life assurance at four times your annual salary, income protection insurance and a rewarding pension.

• EXL provides everyday financial well-being solutions, including cashback and retail discount offers, as well as a Cycle Scheme.

• Professional and personal development opportunities, including online courses, seminars and workshops to build skills and stay current with emerging trends and technologies.

• An inclusive workplace. As an Equal Opportunity Employer, EXL is committed to diversity and does not discriminate based on race, religion, colour, national origin, sex, pregnancy or related medical conditions, sexual orientation, age or disability status.

• Eligibility for EXL employees to purchase stock through the Employee Stock Purchase Plan (ESPP).

• A flexible hybrid working model that supports collaboration and a balanced, healthy lifestyle.

To be considered for this role, you must already be eligible to work in the United Kingdom.