Remote: Head of Loss Fund Operations & Controls

About Reserv Reserv is an insurtech creating and incubating cutting-edge AI and automation technology to bring efficiency and simplicity to claims. Founded by insurtech veterans with deep experience in SaaS and digital claims, Reserv is venture-backed by Bain Capital and Altai Ventures and began operations in May 2022. We are focused on automating highly manual tasks to tackle long-standing problems in claims and set a new standard for TPAs, insurance technology providers, and adjusters alike. We have ambitious (but attainable!) goals and need people who can work in an evolving environment. If building a leading TPA and the prospect of tackling the long-standing challenges of the claims role sounds exciting, we can't wait to meet you. Location Requirement Candidates must reside in an eligible U.S. state throughout employment. We are unable to hire candidates residing in California, Alaska, Hawaii, U.S. territories, or outside the United States. About the role As Director, Financial Operations, you will own the financial operations function that safeguards more than $1B in client loss funds across the U.S. and UK/Lloyd's markets. This is the senior-most operational leadership role for our loss fund function. You will set strategy, design the control environment, and own the relationships and outcomes that keep client money accurate, compliant, and trusted. You will report to the VP, Claims Operations and lead the function through two pillars: Fund Operations & Reconciliation, led by a Manager who reports to you, and Governance. This role sits within Operations rather than Finance, so you will need to speak the language of finance fluently while keeping the function accountable to operational and client outcomes. You are the person the organization trusts to confirm that every dollar is where it should be, every control is working, and every regulatory obligation is met. If you have the vision to build a governance framework that gives the business confidence in how client money is controlled, and the operational discipline to run it day in and day out, we invite you to join us. Who you are You are a builder and an operator. You can stand up a controls framework from first principles and still roll up your sleeves on a complex consolidated reconciliation. You think in systems, but you are accountable for individual transactions. A leader of leaders who builds, coaches, and holds accountable a team that includes managers and senior analysts, not just individual contributors. Fluent in both treasury/finance and claims operations, and able to translate between them. Deeply versed in financial controls: segregation of duties, dual authorization, sign-off protocols, and audit readiness. Comfortable owning banking and payment-partner relationships and acting as the financial decision-maker for the function. Calm under regulatory and client pressure, and ready to be the escalation point when money is in question. A strong communicator who can move between a claim specific nuance and high-level customer or oversight narratives. Energized by ambiguity and scale. You want to design the structure, not inherit a finished one. What we need We need you to own the function end-to-end across leadership, controls, banking, regulatory, and technology. Function Leadership & Strategy Own the loss fund financial operations function across the U.S. and Lloyd's markets, covering multi-line, all LOBs, and $1B+ AUM. Lead two pillars: directly manage the Manager who runs Fund Operations & Reconciliation, and lead the Risk & Compliance Governance pillar. Set the operating model, staffing plan, and performance standards for the growing function. Act as the primary financial escalation point for client disputes. Controls & Governance Design, document, and maintain the internal controls framework, including dual authorization policy, the segregation-of-duties (SOD) matrix, the monthly sign-off protocol, and the regulatory filing calendar. Set and enforce authorization thresholds, and serve as a required approver on routine and large or unusual fund movements Own the monthly consolidated reconciliation package and sign off on it by the defined deadline, ensuring exceptions are escalated immediately rather than held to month-end. Banking, Treasury & Payments Own & govern all loss fund banking and partner relationships. Maintain oversight of liquidity and funding adequacy across all client programs. Oversee U.S. trust account management and Lloyd's Premium Trust Fund (PTF) compliance. Regulatory & Compliance Own escheatment/unclaimed property obligations and 1099/W-9 vendor tax compliance through the Governance pillar. Ensure audit readiness and serve as the senior point of accountability for internal and external audits. Ensure compliance with state DOI regulations across all U.S. jurisdictions and with Lloyd's/FCA requirements, including trust deeds, reporting obligations, and bordereaux. Technology & Continuous Improvement Own all technology recommendations for the function. Partner with Engineering & Product to build better internal & external client facing products to enhance user-experience Collaborate with Data to enhance team reconciliation and reporting efficiency and to scale the function as the customer and program count grow. Requirements 8+ years in financial operations, treasury, or loss fund management, preferably within a TPA, carrier, or insurtech. 3+ years leading leaders (managing managers or senior team leads), ideally across multiple time zones / continents. Demonstrated ownership of a financial controls environment, including segregation of duties, authorization frameworks, reconciliation sign-off, and audit support. Deep knowledge of loss fund mechanics, including U.S. trust accounts and Lloyd's Premium Trust Fund / delegated authority structures. Strong command of GAAP accounting practices, U.S. state DOI regulations related to loss funds, and the UK Financial Conduct Authority framework. Experience owning banking relationships and managing wire/EFT and payment-partner operations. Proven ability to operate as a credible financial counterpart to senior leadership, product/engineering and data counterparts within an organization. Exceptional communication skills, with the ability to convey complex financial and control information clearly to non-financial and executive stakeholders. Advanced skills in Excel and business intelligence tools such as Looker or Tableau (SQL), plus experience with enterprise tooling such as the Microsoft 365 Suite. Experience with claims management systems, particularly Snapsheet, is a plus (but not mandatory). How this role differs from the Manager, Financial Operations The Manager, Financial Operations leads the Fund Operations & Reconciliation pillar and reports to this Director. The Manager runs day-to-day reconciliation, payment auditing, and pillar-level reporting. The Director owns the entire function, including both pillars, the governance and controls framework, banking relationships, regulatory accountability, and technology strategy, and is the senior approver and escalation point above the Manager. Director, Financial Operations Benefits Generous health-insurance package with nationwide coverage, vision, & dental 401(k) retirement plan with employer matching Competitive PTO policy – we want our employees fresh, healthy, happy, and energized! Generous family leave policy after 8 months of continuous work Work from anywhere to facilitate your work life balance Apple laptop, large second monitor, and other quality-of-life equipment you may want. Technology is something that should make your life easier, not harder! At Reserv, we value diversity in backgrounds, perspectives, and life experiences and believe that diversity in viewpoints and critical thinking drives innovation, first-principles thinking, and success. We welcome applicants from all backgrounds and encourage those from all walks of life to apply. If you believe you are a good fit for this role, we would love to hear from you! #J-18808-Ljbffr Reserv