AVP, Cash Oversight Manager
AVP, Cash Oversight Manager
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Job Description
RenaissanceRe is a leading writer of Property & Casualty Reinsurance. For over 25 years we have helped customers and communities recover and build resilience through our industry-leading ability to understand risk source efficient capital and rapidly pay claims.
Our global team shares a passion for solving our customers biggest problems through a collaborative and entrepreneurial culture that empowers employees and rewards creative thinking.
About RenaissanceRe
For over three decades RenaissanceRe has helped its clients manage the risks of operating in a volatile and uncertain world. Were experts in Property Casualty Specialty and Credit reinsurance consistently recognized for the innovative way we combine data experience and technology to understand and manage large and complex risks across the world. We are also a business with a real social purpose - we help protect communities around the globe and enable prosperity for all. Our purpose drives us forward every day as we seek solutions to some of the worlds most complicated challenges. To learn more please visit us at Careers - RenaissanceRe ().
About Global Operations
The Global Operations team is responsible for overseeing and processing reinsurance contracts for the life of the contract including recording new contracts booking premiums and losses and receiving and paying cash. The team supports and works closely with underwriters finance claims and reserving among other departments to ensure complete and accurate representation of contracts. Global Operations is comprised of roughly 100 professionals based primarily in New York London and Bermuda. We strive to break down silos by operating as a global team with global processes. Global Operations is focused on increasing scalability through digitalization automation and streamlining processes to enable continued excellence in delivering to our clients partners stakeholders and employees.
About the Position:
We are seeking a diligent and proactive Cash Oversight Manager to join our reinsurance Operations team. The ideal candidate will be responsible for managing and mitigating credit risk ensuring timely collection of premiums and maintaining healthy cash flow within the organization for both the assumed and ceded business. This position reports directly to the Group Head of Operations and will oversee the technical cash team including the AVP Assistant Manager - Cash and Assistant Manager - Cash. This role participates in projects to enhance the efficiency and effectiveness of processes and reporting requirements in an increasingly complex environment including leading smaller projects or work streams within larger projects. The Cash Oversight Manager will have close interaction across multiple areas of the business including the Operations teams Finance Claims and Underwriting teams as well as external brokers.
Key Responsibilities:
- Team Leadership:Provide leadership and oversight to the Cash team managers. This includes setting clear goals providing regular feedback and fostering a collaborative and high-performance work environment.
- Overdue Premium Management:Address issues of overdue premiums promptly to prevent the accumulation of uncollected or bad debt accounts. Ensure that outstanding premiums that are already due followed up with clients to ensure timely collection to support the organizations cash flow.
- Manage Accounts Receivables and Payables:Oversee the management of accounts receivables and payables ensuring timely and accurate processing of transactions.
- Cash in Suspense Management:Monitor and reconcile cash in suspense accounts resolving discrepancies promptly.
- Credit Control Policies:Develop and implement effective credit control policies and procedures to minimize credit risk and improve cash flow.
- Data Analytics Oversight:Oversee all data analytics related to credit control. This includes analyzing premium collection patterns identifying trends in overdue accounts and using data-driven insights to improve collection strategies. Develop and maintain dashboards and reports to monitor key performance indicators (KPIs) and support decision-making.
- Reporting:Prepare and present regular detailed reports to senior management highlighting KPIs SLAs metrics and trends on the status of outstanding premiums overdue accounts and collection activities for senior management.
- Collaboration:Work closely and communicate regularly with internal stakeholders including the Proportional Non-Proportional Claims and Finance teams to resolve any discrepancies and ensure accurate premium billing.
- Broker Engagement:Engage proactively with brokers to facilitate timely premium collection and address any payment issues.
- Compliance:Ensure all credit control activities comply with relevant company policies and industry requirements.
- Client Relationship Management:Maintain strong relationships with internal and external clients to facilitate smooth communication and prompt resolution of payment issues.
- Training: Management of global proportional processing training leading delivery by working closely with all managers to ensure consistent training to team.
- Process Improvement:Identify and implement process improvements to enhance the efficiency and effectiveness of the credit control function including collaborating with internal departments to streamline financial processes and enhance operational efficiency.
- Controls and Risk Management:Strong knowledge and oversight of controls (SOX) and operational risks ensuring robust internal controls and risk mitigation strategies are in place.
- Engagement with Cash Team Managers:Work closely with the Cash team managers to ensure accurate and timely cash flow management and reconciliation.
- Projects & Initiatives: Lead/assist in implementation and execution of projects and strategic initiatives to ensure on-going innovation to develop and maintain efficient and effective processes within closely with all Operations managers to support key activities and initiatives impacting the Operations teams.
Qualifications:
- Experience:5 years of experience in credit control preferably within the (re)insurance industry.
- Education:Bachelors or university degree required (re)insurance knowledge required
- Strong knowledge of accounts receivables accounts payable and cash in suspense management.
- Proven track record of reducing and maintaining outstanding accounts receivable and payable through engagement with external parties including brokers and cedants and internal teams such as Operations and Claims.
- Excellent analytical and problem-solving skills.
- Excellent communication and reporting abilities.
- Excellent verbal and written communication and interpersonal skills.
- Strong attention to detail and organizational skills.
- Strong operational excellence mindset and drive for continuous improvement.
- Strong leadership problem-solving and communication skills.
- Effective analytical communication and interpersonal skills to garner immediate credibility with team members and both inside and outside the organization.
- Strong knowledge of SOX controls and operational risk management.
- Savvy with technology and high proficiency in Microsoft Office (Word Excel PowerPoint).
- Ability to work independently and as part of a team.
Leadership Competencies & Values:
- Impact: Sets objectives delivers results and implements policies/operational targets with direct impact on the department or individual work outcomes
- Execution: Proactively identifies actions needed to achieve objectives effectively balancing tactical pressures with broader implications and downstream impact
- Communication: Shares relevant information in a timely manner with stakeholders and conveys points of view in a way that influences opinions and demonstrates flexibility
- Client and solutions focus: Identifies process opportunities that enhance the internal experience and outcomes
- Innovation: Stretches self and others to think differently and innovatively drawing upon multiple sources for ideas and inspiration
- Learning mindset: Seeks out and explores new assignments exposure or challenges to enhance technical skills
- Values: Exemplifies and champions RenaissanceRes core values of Focus Respect Integrity Precision Passion
Our people are our most valuable resource and core to our success. This is a fast-paced business environment demanding a strong work ethic and a results-oriented approach. We offer competitive compensation and benefits a comprehensive talent development program and a reward system in which employees share in the success of the company. We are an engaged member of the communities in which we live and work and have a locally-led giving philosophy with generous employee matching program global and local community grants and employee volunteerism.
We seek diversity create equity and practice inclusion. Our people are at the heart of everything we do. We are an equal opportunity employer. We provide equal opportunity to all qualified individuals regardless of race color religion national origin sex sexual orientation gender identity marital status pregnancy disability military status or other legally protected categories.
Required Experience:
Exec
Employment Type
Full-Time
