Insurance Cash Operations Manager - First Chicago Insurance Company (FCIC)

Job Description:

Position Overview: The Insurance Cash Operations Manager is a highly visible member of the Accounting Department reporting to the Chief Accounting Officer, who will also have exposure to the President and CEO as well as top management at the Company. The Insurance Cash Operations Manager is responsible for overseeing the daily management of cash flow, banking operations, and reconciliation processes for 3 insurance companies. This role ensures accurate and efficient handling of premiums, claims payments, and other financial transactions while maintaining compliance with regulatory requirements. The manager will lead a team of 13, optimize processes, and collaborate with internal and external stakeholders to drive operational excellence in cash management.

Key Responsibilities:

Team Leadership:

• Supervise and develop a team of cash operations professionals, providing coaching and performance feedback.
• Assign responsibilities and monitor team performance to ensure deadlines and quality standards are met.
• Foster a culture of accountability, collaboration, and continuous improvement within the team.

Cash Flow Management:

• Monitor and manage daily cash inflows and outflows to ensure operational excellence.
• Oversee premium collections, claims disbursements, and other financial transactions, ensuring accuracy and timeliness.
• Prepare cash flow forecasts and analyze variances to optimize cash utilization.

Banking Operations:

• Manage relationships with banks and financial institutions, ensuring efficient banking services and compliance with agreements.
• Oversee the setup and maintenance of accounts for premium collections, claims payments, and other transactions.
• Ensure the accuracy and security of wire transfers, ACH transactions, and other payment methods.

Reconciliation:

• Oversee the reconciliation of bank accounts, cash balances, and financial transactions to ensure accuracy and resolve discrepancies promptly.
• Implement and enforce internal controls to safeguard cash assets and ensure compliance with company policies.
• Collaborate with the accounting department to ensure alignment of cash operations with financial reporting.

Data Management and Systems

• Collaborate with stakeholders to understand business needs, goals, and challenges.
• Collaborate with stakeholders during solution design and development phases to ensure requirements are met.
• Gather, document, and validate detailed business and functional requirements for projects.
• Assist in planning, scheduling, and managing business analysis activities for projects.
• Coordinate with project managers, developers, and other team members to ensure successful project execution.
• Track and report progress on business analysis deliverables
• Coordinate and lead testing activities, including user acceptance testing (UAT), and validate that solutions meet business needs.

Process Improvement:

• Identify inefficiencies in cash management processes and implement improvements to enhance accuracy, speed, and cost-effectiveness.
• Leverage technology and automation tools to streamline workflows and improve reporting capabilities.
• Stay updated on industry best practices and emerging trends in cash operations and treasury management.

Compliance and Risk Management:

• Ensure all cash operations comply with regulatory requirements, company policies, and audit standards.
• Monitor and mitigate risks related to cash handling, fraud, and payment processing.
• Prepare documentation and support audits related to cash operations.

Reporting and Analysis:

• Provide regular reports on transaction volumes and operational metrics to senior management.
• Conduct ad-hoc analyses to support decision-making and strategic initiatives.
• Collaborate with underwriting, and claims teams to ensure alignment with overall business goals.

Qualifications:

• Bachelor's degree in Finance, Accounting, Business Administration, or a related field (MBA or CPA preferred).
• 5+ years of experience in cash management, treasury operations, or related financial roles, preferably in the insurance industry.
• Excellent leadership and team management skills, with a proven track record of driving results.
• Strong problem-solving and analytical abilities, with attention to detail.
• Effective communication and interpersonal skills to collaborate with internal and external stakeholders.
• Strong knowledge of banking systems, and reconciliation processes.
• Proficiency in Excel.
• Knowledge of regulatory requirements and compliance standards for financial transactions in the insurance industry.

Why Join Us?

• Impactful Role: Drive the financial efficiency and operational excellence of a leading insurance organization, while leading a dynamic team
• Growth Opportunities: Operating in 17+ states, annualized growth rates of 25-30% and projected revenue of $400 - $500 Million in 2025
• Collaborative Culture: Work in a supportive environment that values innovation, accountability, and professional growth.