Cost Expert (Insurance Industry) - Contract

Role Purpose

The Activity-Based Costing Consultant will play a pivotal role in delivering high-impact cost management solutions for a client in the insurance sector. This position requires a hands-on professional with deep expertise in insurance industry cost structures and benchmarking, ideally with consulting experience. The consultant will focus on activity-based costing (ABC), cost allocation validation, benchmarking, and developing scalable frameworks to optimize cost structures, support long-term client growth strategies, and prepare for diversification into new products or geographies.

Key Responsibilities

Project Delivery

• Drive the delivery of a cost management project tailored to the insurance industry, ensuring alignment with client objectives.
• Apply Activity-Based Costing (ABC) methodologies to validate cost allocation mechanisms and improve cost visibility.
• Conduct benchmarking exercises to compare cost drivers and structures with industry peers.
• Identify non-value-adding activities, recommend process optimization opportunities, and highlight automation potential.
• Ensure timely and high-quality delivery of project milestones, including cost models, benchmarking reports, and actionable recommendations.

Research & Analysis

• Perform detailed data analysis to validate and benchmark cost allocations across business lines.
• Identify and document key cost drivers and evaluate their impact on profitability and operational efficiency.
• Develop robust cost models and tools to support scalability and ongoing cost visibility.

Client Interaction & Presentation

• Conduct client interviews and workshops to gather critical insights and ensure alignment on project deliverables.
• Prepare and deliver high-quality presentations and reports that distil complex data into actionable insights.
• Serve as a trusted advisor to client stakeholders, providing independent and objective recommendations.

Knowledge Sharing and Best Practices

• Contribute to internal knowledge sharing by documenting methodologies and insights from the engagement.
• Stay up to date on industry trends, innovations in cost management, and developments in the insurance sector.

Qualifications

Education

• Bachelor’s degree in Finance, Economics, Business, or related field (mandatory).

• Master’s degree or MBA preferred but not required.

Experience

• Minimum 5–7 years of consulting experience with a focus on cost management in the insurance industry.
• Expertise in Activity-Based Costing (ABC), cost allocation frameworks, and benchmarking exercises.
• Strong knowledge of insurance cost structures, including claims, policy administration, underwriting, customer service, and support functions.

Technical Skills

• Advanced proficiency in Excel and PowerPoint.
• Familiarity with tools like Power BI, Alteryx, Anaplan, or other cost management systems (e.g., Oracle Hyperion, SAP).

Skills & Competencies

• Analytical Excellence: Ability to break down complex cost structures and derive actionable insights.
• Insurance Expertise: Deep understanding of cost drivers, industry benchmarks, and operational processes within the insurance sector.
• Consulting Skills: Experience in managing projects, engaging clients, and delivering high-quality outputs.
• Communication: Strong verbal and written communication skills, with the ability to present complex findings clearly.
• Proactivity: A self-starter with the ability to work independently and manage multiple priorities.
• Client-Focused: Adept at tailoring solutions to meet client-specific needs and building trust with stakeholders.
• Relationship Building: Skilled at fostering trust and long-term relationships with diverse client stakeholders.
• Adaptability: Comfortable navigating ambiguity and adjusting approaches based on client needs.

Key Performance Indicators (KPIs)

• Successful validation of cost allocation mechanisms.
• Quantifiable identification of cost-saving or automation opportunities.
• Delivery of actionable recommendations aligned with client priorities.
• High client satisfaction with project outcomes and deliverables.
• Effective collaboration with Contango teams and alignment with organizational values (Respect, Collaboration, Impact, Excellence, Integrity).

Other Requirements

• Willingness to be based in Abu Dhabi for the duration of the project.
• Availability to start within two weeks to meet project deadlines.

Kindly note that this role is a Fixed-Term Contract for 3 months.