Financial Operations and Insurance Administrator



Accounting & Finance, Operations
United States · Remote
Posted on Friday, August 11, 2023

Who We Are:

At Formic, we’re on a mission to revolutionize American manufacturing and create more abundance in the world. We believe in continuing the American legacy of innovation by making automation accessible to all manufacturers and increasing their factory productivity by 10x.

Built upon deep expertise in robotics and manufacturing, our unique Pay-for-Productivity robotics solutions combine the best automation technology, tools, and uptime services for manufacturers, paving the way for a new era of supercharged efficiency and competitiveness.

As the world faces growing pressure from rising costs and labor shortages, Formic is a uniquely powerful tool in overcoming these challenges. Fueled by our vision for a resurged “Made in America,” we’re growing fast - achieving 70% quarterly growth in customer count and ARR, with ~30% of our customers having already deployed multiple systems.

Supporting us in our mission, with investments thus far totaling over $30 million, are backers including Lux Capital, Initialized Capital and CEOs and founders of multiple Fortune 50 companies.

About the Finance & Legal Team:

Formic provides robotics to customers via RaaS, and the Finance & Legal team is a critical part of the “as-a-service” part. They, like the wiring, plumbing or framing of a house that is not seen, are a critical part of making the house stand, last and function properly. The Finance & Legal Team is responsible for financial operations, treasury and finance, accounting, credit, legal, compliance, and customer contracting and servicing.

This role plays a crucial role in supporting the team with key administrative and operational responsibilities. You will be responsible for providing high-level administrative support, managing processes for insurance tracking and gathering and verifying documentation for integrator onboarding, assisting with insurance renewal process and related audits and reporting, , coordinating critical projects, and ensuring the seamless operation of the Finance & Legal Team. The ideal candidate possesses exceptional organizational skills, strong attention to detail, excellent communication, and the ability to handle sensitive and confidential information with discretion.

As our Financial Operations and Insurance Administrator, you will:

  • Own customer and contractor/integrator insurance policy management and tracking
  • Enhance existing, or build new, processes, procedures, and tools
  • Collaborate with the Customer Success and Deployment teams, insurance agents, and customers, to resolve insurance issues
  • Develop and own the process and procedure for collecting required documentation and confirming compliance requirements are met for contractor/integrator onboarding
  • Collaborate with the Products and Partnerships team to ensure all requirements are met and documentation is received
  • Manage Formic’s insurance policies and track COIs Formic sends to other parties to ensure compliance. Assist with required reporting and renewals, including communicating with our insurance agents and companies
  • Manage Formic’s tax exemption certificate process with outside tax firms, including requesting and submitting to appropriate parties, and completion of tax exempt allocations and affidavits.
  • Manage supplier and vendor setup
  • Complete forms requested by third parties and customers (e.g., credit applications, vendor references, vendor questionnaires)
  • Manage the Finance and Legal team’s shared drives, ensuring folder/file structure and hygiene
  • Manage the Finance and Legal team’s teamspace in Notion
  • Handle confidential information appropriately, including where appropriate, sequestration of documents and information
  • Manage company virtual mail
  • Assist team with other projects and tasks as assigned to support the needs of the team or company

What makes you a great fit:

  • Bachelor’s degree
  • 5+ years of experience with and knowledge of commercial insurance policies and certificates of insurance
  • 5+ years of experience in a documentation administrative role or equivalent
  • Demonstrated experience with successful development of operational processes, policies, and procedures
  • Demonstrated success in oversight of projects and tasks that require coordination and persistence with people at all levels in the corporate hierarchy
  • Proficiency in Google Suite
  • Possess an optimistic attitude with a willingness to dive in and handle unfamiliar matters
  • Possess exceptional organization, prioritization, and communication skills
  • Ability to work independently with limited oversight
  • Experience with project management
  • Willingness to roll up sleeves and learn (or develop) new systems and processes
  • The ideal location for a candidate would be in Charlotte, NC.
    • Los Angeles, CA, Chicago, IL or San Francisco, CA are secondary geographic preferences
    • Candidates not located in any of those cities will also be considered depending on experience and capabilities

What we look for:

We’re building a company from the ground up, so every single person we hire has a massive impact on our team, culture, and ability to accomplish our mission. While each individual brings their own unique skills and perspectives to Formic, we look for people who share our vision and act in alignment with our Operating Principles. If this sounds like you, Formic could be the place for you:

  • Fearless Optimism: You share our ambitious vision of what we can accomplish. You’re aware of the challenges we will face as a startup doing new things in an old space, but you’re energized by the incredible opportunity we have to drive change for our customers, and for the manufacturing industry at large.
  • Factories First: You have a strong customer focus, no matter who your customer is. You seek to make things easier and better for our customers, even if it makes your job a little harder.
  • Today, Not Tomorrow: There are always plenty of projects to tackle in a startup, but you prioritize, take accountability for work, and have a bias toward action.
  • Be Right Often: You don’t do things just because that’s how they’ve always been done. You keep looking for ways to improve, seek out feedback along the way, and back your decisions up with data.
  • Made of Rubber: Just like rubber, when you fall you bounce back up. You know there’s going to be a lot of challenge and change in our work ahead but you are adaptable, resilient, and ready to thrive through it all.
  • Good Baton Passes: You work with a desire to make things easier and better for your team members. You use empathy to understand the needs and goals of others and support each other so Formic can be successful together.

Total Rewards:

Total rewards packages at Formic consist of salaries benchmarked against similar stage growth companies, insurance (medical, dental, vision, life, STD, LTD), and equity in Formic itself. As an early stage startup, equity is an important part of our investment in you, and your investment in Formic. When Formic succeeds, we all succeed.

Final offer amounts are custom-crafted, based on the cash/equity ratio preference of the candidate, as well as their experience, geographical location and cost of labor, and more, and may vary from the range listed below. Ultimately we’re seeking top performers who will make a difference to our business, and we’re open to negotiating the compensation structure for the right candidate.

The expected base pay range for this position is $85,000 - $115,000.

What We Offer:

Formic believes we do our best work when we are equipped to take care of ourselves and our loved ones. To support this Formic offers comprehensive benefits and perks for full-time US-based employees*, including:

  • Equity in Formic: your slice of ownership in a fast-growing Series A startup, backed by some of the best investors in the world
  • 99% coverage for Medical, Dental, and Vision insurance plans (75% coverage for dependents) via Blue Cross Blue Shield and Guardian
  • Life insurance, Short Term Disability, and Long Term Disability plans (covered at 100%) via Guardian
  • Employee Assistance Program
  • Paid parental leave
  • Company-sponsored 401k
  • $2,000 Home Office allowance
  • Monthly Phone & Internet Reimbursement
  • Flexible time off policy and 10+ company holidays
  • Bi-annual all-company retreats

*As our team grows, our benefit and perk offerings for employees based outside of the United States will vary. We are happy to discuss these options with you as part of our recruiting and interviewing experience.

Formic is an equal opportunity employer. We do not discriminate on the basis of race, color, religion or religious creed, sexual orientation, gender, gender identity, marital status, family or parental status, disability, military or veteran status, or any other basis protected by law. All employment decisions are based on a person’s merit, business needs, and role requirements. If you require further accommodations or have questions regarding accessibility of our roles, please reach out to careers@formic.co.