Head of IBA – US Retail (Insurance Broking Accounts)

📋 Description

• • Lead and manage the US Insurance Broking Accounting (IBA) team, ensuring the efficient and accurate execution of all accounting practices and regulatory compliance within the US retail sector.
• • Provide strategic and operational leadership for the entire Bill-to-Cash process, encompassing accounts receivable, accounts payable, premium application, payment investigations, and aging management.
• • Drive the performance of both onshore and offshore teams responsible for accounts payable, accounts receivable, and cash allocation activities, setting clear objectives and monitoring service level agreements.
• • Collaborate closely with Global IBA teams to ensure adherence to Group process standards while effectively integrating and operationalizing US-specific accounting requirements within the agency management system.
• • Define and refine operational requirements for new and existing processes, working in partnership with key stakeholders including agency management subject matter experts, IT, Treasury, and Finance departments.
• • Facilitate and lead regular team and business-unit meetings to foster operational alignment, resolve issues, and ensure seamless communication across departments.
• • Guarantee the timely and accurate execution of all cash matching, payment processing, and technical transactions, establishing and enforcing robust escalation protocols for any discrepancies or issues.
• • Maintain precise and up-to-date system records, delivering comprehensive accounting operations and Key Performance Indicator (KPI) reporting to both Operating Entity and Group stakeholders.
• • Conduct thorough account reconciliations with markets and clients, ensuring prompt and accurate resolution of any identified issues.
• • Respond to all account-related inquiries with speed, professionalism, and in strict accordance with defined service standards.
• • Proactively monitor and assess any changes in regulatory and legal frameworks that impact IBA operations, ensuring the implementation of appropriate operational adjustments.
• • Offer essential support for US Cashiering and Treasury activities as needed, contributing to the overall financial health of the organization.
• • Regularly review and update IBA operating procedures, incorporating US-specific workflow requirements to enhance efficiency and compliance.
• • Interpret complex instructions and implement actions in strict accordance with established company policies and procedures.
• • Serve as an active and contributing member of the US Commercial Lines Operations Leadership Team, collaborating across the extended leadership team for maximum effectiveness and synergy.
• • Build and nurture strong, collaborative relationships with both internal and external stakeholders, acting as a key escalation point when required.
• • Demonstrate agility, professionalism, and sound judgment in responding to business and customer requirements, consistently upholding the highest ethical standards in all professional interactions.
• • Proactively share relevant information and insights to support the success of the Operating Entity and the broader Howden Group.
• • Lead, manage, and develop team members by setting clear performance expectations, providing consistent coaching, and delivering constructive feedback.
• • Cultivate a team culture characterized by accountability, collaboration, and a commitment to continuous improvement, driving both employee engagement and tangible results.
• • Develop and agree upon operational plans that effectively meet the needs of the Operating Entity for all Bill-to-Cash activities.
• • Lead assigned projects and actively contribute to cross-functional initiatives, driving strategic objectives forward.
• • Represent the IBA department in internal project groups and working parties, ensuring the department's perspective is considered.
• • Provide essential management information and comprehensive reporting to senior leadership, enabling informed decision-making.
• • Monitor and ensure all Insurance Broker Accounting (IBA) KPIs remain on track to meet agreed-upon targets, reporting on performance and identifying areas for improvement.
• • Oversee the end-to-end Bill-to-Cash cycle, ensuring accuracy and efficiency in all financial transactions related to insurance broking accounts.
• • Implement and manage robust internal controls to safeguard company assets and ensure compliance with financial regulations.
• • Drive process improvements and automation initiatives within the IBA function to enhance operational efficiency and reduce costs.
• • Act as a key liaison between the IBA team, underwriting teams, claims departments, and external market partners to resolve discrepancies and facilitate smooth operations.
• • Develop and deliver training programs for the IBA team to enhance their technical skills, product knowledge, and understanding of regulatory requirements.
• • Ensure the accurate and timely processing of all broker statements, bordereaux, and other financial reporting requirements.
• • Manage the reconciliation of broker accounts, identifying and resolving outstanding items in a timely manner.
• • Support the implementation and ongoing optimization of the agency management system, ensuring it effectively supports IBA operations.
• • Contribute to the development and execution of financial strategies that align with the company's overall business objectives.
• • Foster a proactive approach to risk management within the IBA function, identifying potential risks and implementing mitigation strategies.
• • Champion a customer-centric approach within the IBA team, ensuring that client and market needs are met efficiently and effectively.
• • Drive the adoption of best practices in accounting and financial management within the US retail operations.
• • Ensure compliance with all relevant US insurance regulations and accounting standards.
• • Prepare for and support internal and external audits related to IBA operations.
• • Analyze financial data to identify trends, opportunities, and potential areas of concern, providing actionable insights to senior management.
• • Contribute to the strategic planning process for the US retail operations from an accounting and financial operations perspective.
• • Maintain a deep understanding of the insurance broking industry and its evolving financial landscape.
• • Foster a culture of continuous learning and professional development within the IBA team.
• • Ensure the integrity and accuracy of all financial data managed by the IBA function.
• • Drive operational excellence and efficiency across all IBA activities.
• • Collaborate with the finance team to ensure seamless integration of IBA data into the broader financial reporting structure.
• • Uphold the company's values and commitment to ethical business practices in all aspects of the role.
• • Contribute to a positive and productive work environment for the entire team.
• • Manage vendor relationships related to IBA operations, ensuring favorable terms and service levels.
• • Develop and implement strategies to improve cash flow and reduce outstanding receivables.
• • Ensure the accurate and timely processing of all outgoing payments to markets and other vendors.
• • Oversee the reconciliation of bank statements and other financial accounts related to IBA operations.
• • Provide guidance and support to the team on complex accounting issues and transactions.
• • Drive the implementation of new technologies and systems to enhance IBA operations.
• • Ensure the team is equipped with the necessary tools and resources to perform their duties effectively.
• • Monitor industry best practices and emerging trends in insurance accounting and operations.
• • Contribute to the overall success and growth of Howden's US retail business through effective financial management and operational leadership.