Sr. Director Financial Operations (Hybrid)

American Medical Association•Chicago, IL

2d•$191,434 - $258,539•Hybrid

About The Position

AMA Insurance (AMAI) offers life, health and disability insurance at affordable and exclusive rates to help doctors achieve a healthy and secure financial future. AMAI is part of the American Medical Association (AMA), a nonprofit, and the nation's largest professional Association of physicians. We are a unifying voice and powerful ally for America's physicians, the patients they care for, and the promise of a healthier nation. To be part of the AMA is to be part of our Mission to promote the art and science of medicine and the betterment of public health. At AMA, our mission to improve the health of the nation starts with our people. We foster an inclusive, people-first culture where every employee is empowered to perform at their best. Together, we advance meaningful change in health care and the communities we serve. We encourage and support professional development for our employees, and we are dedicated to social responsibility. We invite you to learn more about us and we look forward to getting to know you. We have an opportunity at our corporate offices in Chicago for a Sr. Director Financial Operations (Hybrid) on our AMA Insurance team. This is a hybrid position reporting into our Chicago, IL office, requiring 3 days a week in the office. This role is the Primary Officer and key member of Senior Leadership Team for AMA Insurance Agency, Inc. (AMAI), a subsidiary of the American Medical Association. The position reports directly to the President of AMA Insurance with an indirect reporting relationship to AMA Corporate Finance. Responsible for providing direction and managing AMAI Accounting, Financial Operations, Financial Planning & Analysis, Audits (financial and operational), and State Tax Filings. This includes all internal controls and ensuring Agency remains compliant with GAAP, state rules & regulations, AMA Corporate Accounting Policies, and Insurance Carrier partner requirements. This position also provides strategic and executive support to the President of AMA Insurance Agency. In addition, the position is responsible for managing multiple aspects of AMAI’s Insurance Carrier relationships, including: ensuring the financial health of Agency insurance products (both pricing and reserving), managing all carrier audits, other requests as required.

Requirements

Bachelor's degree in Accounting or Finance; CPA / MBA a plus.
15 + Years of experience financial reporting experience.
10+ Years of experience managerial experience.
10+ years of experience insurance industry experience required, including understanding of products, pricing, actuarial reserving, distribution models, and knowledge of insurance regulations.
Proficient in U.S. Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standard Board
Comfortable leading a finance team and cross-functional teams / projects
Quick learner who brings a highly analytical mindset and approach to problem solving
Strong interpersonal skills, with ability to communicate, manage and influence at all levels of the organization with ability to build relationships both internally and externally
Operational effectiveness, including ability to drive organizational change through process improvement and adapting new technologies to improve efficiencies
Effective negotiation skills
High level of integrity and dependability with strong sense of urgency and results-orientation

Responsibilities

Direct all aspects of AMAI Accounting functions, including Accounts Payable, Carrier Remittances, Accounts Receivable, Capital planning and the month and year-end financial close and all financial functions / controls for AMAI’s policy administration system, includes both initial set-up and on-going support.
Lead all accounting, reporting, invoicing, and collections processes.
Ensure that all internal controls are in place and that AMAI remains compliant with GAAP and AMA Corporate Accounting state insurance regulations and Insurance Carriers policies, procedures timelines, and guidelines.
Lead annual financial audit with Deloitte.
Serve as lead contact point / decision maker for AMA Corporate Finance team.
Direct all aspects of AMAI Financial Operations, which including receipt and posting of over $200m in premium, comprised of over 1 million individual transactions.
Manage all invoicing and collections for $5m Med Plus Advantage TPA program.
Lead and develop relationships with Agency Banking Partners (including other payment processors).
Identify and solve processing issues and implement enhancements as necessary coordinating with AMAI Technology and Operations departments, outside vendors, and Insurance Carrier partners.
Lead, perform and / or coordinate all Financial Planning & Analysis forecasting and budgeting activities for AMAI.
Prepare, analyze and report out monthly financial and operational results to plan and prior year; identifying trends and changes in the business.
Communicate and / or present results to both AMAI Leadership Team and AMA Corporate Finance, including responding timely to questions from AMA CFO on financial results.
Provide strategic leadership and analytics for evaluations of insurance plan financials (e.g reserves), including pricing direction, marketing spend, and other areas as needed.
Prepare all necessary AMAI board-level materials for final decision making.
Partner with AMA Tax Director on all Agency tax matters, providing information, metrics, opinion on tax issues as they relate to the Agency.
Responsible for preparing, reviewing and filing state taxes for approximately 15 – 20 states; coordinating and partnering with Agency Legal team and AMA Tax as needed.
Serve in leadership role in AMAI’s Insurance Carrier relationships; responsible for developing and strengthening the partnership and collaboration on formulas and processes.
AMAI lead for all carrier audits including operational, financial, claims, information security, business risk, etc.; ensures AMAI is compliant with both carrier and regulatory standards.
Lead AMAI response on Insurance Carrier Census, Commission, and State Regulatory reporting. Negotiate with Insurance Carriers as needed on both audit findings and reporting.
Signature authority on AMAI checks, annual financial audit, state taxes, Insurance Carrier audits, and other regulatory documents as needed.
Performs in an operational and strategic role in support of President of Agency to make the organization more effective and efficient. This includes the following: Serve as strategic thought leader within Agency, providing advice / consul on financial and operational implications of current and future business activities.
Provide consult on staffing needs; review/support/approve alternative compensation plans coordinating with AMA Compensation team as needed.
Lead, direct, oversee special projects assigned by President of AMAI.
Provides appropriate staff management and training, guidance, and leadership for all professional staff.
Responsible for setting goals, evaluating performance, and developing and advancing staff skills / experience.
May include other responsibilities as assigned