Sr. Manager, Accounting - Insurance
About The Position
The Senior Manager, Insurance Accounting leads accounting and financial reporting activities for Macy’s insurance and risk management programs. The role oversees premium allocations, claims and reserve analysis, reconciliations, forecasting, financial reporting for the company’s insurance captive, and self-insurance governance. It requires strong accounting and controls expertise and a solid understanding of captive insurance accounting, self-insurance programs, actuarial reserves, and insurance-related financial reporting. The role partners with Treasury & Insurance, actuaries, third-party administrators, and other business partners; oversees internal and outsourced accounting resources; and provides accounting guidance for evolving insurance programs and captive arrangements. It also leads process improvements, standardization, and automation across insurance accounting activities. The position supports an environment of acceptance and respect and may include other duties as assigned.
Requirements
- 5–8 years of accounting or financial reporting experience.
- Strong knowledge of U.S. GAAP, insurance accounting, financial controls, and account reconciliations.
- Expertise in accounting and financial reporting for insurance programs, including premiums, claims, reserves, prepaid insurance, accruals, and related financial activity.
- Experience managing accounting and financial reporting for captive insurance entities, including financial statements, reconciliations, audit support, and related transactions.
- Knowledge of self-insurance programs, licensing requirements, annual recertification, assessments, and related compliance requirements.
- Strong understanding of actuarial estimates, claims activity, reserve methodologies, and IBNR adjustments.
- Ability to apply U.S. GAAP accounting guidance to insurance programs, reserves, and captive arrangements.
- Experience maintaining internal controls and supporting SOX compliance, internal audits, external audits, and financial reporting requirements.
- Skill in annual planning, monthly forecasting, variance analysis, and managing insurance-related income statement and balance sheet accounts.
- Experience using Oracle, OneStream, or comparable enterprise accounting and financial reporting systems for close, reconciliation, forecasting, and reporting activities.
- Ability to partner effectively with Treasury, Insurance, Tax, Financial Planning, actuaries, third-party administrators, and senior Finance leaders.
- Experience identifying and implementing opportunities to standardize, streamline, and automate complex accounting processes.
- Ability to perform essential job functions involving communication, collaboration, office and computer systems, access to and review of written and electronic information, and movement within the work environment to interact with workplace materials.
- Ability to work a flexible schedule based on department and company needs.
- Bachelor’s degree or equivalent work experience in a related field; candidates with either are encouraged to apply.
Responsibilities
- Lead accounting and financial reporting for the company’s insurance and risk management programs.
- Oversee accounting for insurance premiums, claims, reserves, prepaid insurance, and related accruals.
- Maintain complete and accurate accounting records for the captive insurance company, including financial statements, reconciliations, and audit support.
- Lead annual planning and monthly forecasting for insurance-related income statement and balance sheet accounts.
- Partner with Treasury & Insurance, actuaries, third-party administrators, and other business partners to manage insurance and reserve activity.
- Review actuarial estimates, claims activity, and reserve changes, including incurred but not reported (IBNR) adjustments.
- Oversee annual recertification of self-insurance licenses and compliance requirements, including renewal applications, assessments, and security requirements.
- Ensure accurate and timely journal entries, account reconciliations, financial close activities, and supporting documentation.
- Maintain effective internal controls and support SOX, internal audit, and external audit requirements.
- Provide accounting guidance for new and evolving insurance programs, captive arrangements, and related transactions.
- Lead process improvements, standardization, and automation across insurance accounting activities.
- Oversee and review work performed by internal and outsourced accounting resources.
- Foster an environment of acceptance and respect that strengthens relationships and ensures authentic connections with colleagues, customers, and communities.
- Perform other duties as assigned.
Benefits
- Competitive pay and benefits
- Comprehensive health and wellness coverage
- 401(k) match
- Paid time off
- Eight paid holidays
- Continuous learning and leadership development
- Colleague Resource Groups
- Volunteer opportunities
- Merchandise discounts
- Performance-based incentives
- Annual merit review
- Employee Assistance Program with mental health counseling and legal/financial advice
- Tuition reimbursement
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What This Job Offers
Job Type
Full-time
Career Level
Senior
