Premium Accounting Specialist

The Role

The Premium Accounting Specialist role is primarily responsible for the allocation of payments received from brokers to invoices/receivables, the processing of payments in the Canopius billing/accounting system and working closely with underwriting business partners to collect past due premiums.

Responsibilities

Match broker remittances to invoices

• Review remittance details provided by brokers, confirm receipt of remittances in premium trust accounts and match remittances to invoices.

• Research and resolve premium discrepancies (e.g. missing remittance details, short payments, overpayments). Work with broker accounting staff and underwriting business partners as necessary to resolve.

Process payments

• Process payments in the Canopius billing/accounting system in the same month that they are received.

• Ensure payments are processed correctly (e.g. posted to the correct policy with the correct risk attributes).

Assist in the collection of past due premiums

• Continually monitor aging of receivables and escalate past due premiums to the appropriate underwriter.

• Work with the underwriter to pursue collections.

Support the month end closing process

• Research all unapplied cash and provide Finance with a reason for each unapplied payment as of month end close.

• Generate the signed (premium) bordereaux that, as a service company, we are obligated to provide to the syndicate after each month end (to report all premiums collected and processed during the accounting period).

• Provide the signed (premium) bordereaux to Finance and Canopius’ internal London broker (Central Broking Services).

• Request write offs and premium disbursements (refunds) as necessary.

Skills and Qualifications

• 2+ years of insurance accounting experience.

• Knowledge of insurance policy administration and billing/accounting systems a plus.

• Math skills

• Bookkeeping skills

• Microsoft Excel skills

• Ability to work in a team environment

• Strong customer service skills

• Strong interpersonal and written/verbal communication skills

• Excellent interpersonal skills to effectively provide accurate and timely responses to internal and external customers

• Ability to work effectively in a customer-oriented and team-based environment

• Ability to quickly build relationships with underwriters and brokers and work closely with them to resolve policy discrepancies.

• Strong research and analytical skills.

• Ability to effectively prioritize daily work efforts.

• Ability to acclimate self to new systems quickly and proficiently.

• Ability to deal with time pressures and multiple priorities.

Salary Range: $60,000 - $70,000