Specialist, Premium Audit (Field Premium Auditor)
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* Please note: the information contained above the asterisks is specific to this particular opening, while the information below the asterisks is the general, corporate job description for this position. *
This individual will review, classify, compute, and process the routinely assigned policies through physical audits with members, agents and accountants for the basic lines of coverage to determine the individual risk exposures. S/he will conduct on-site, in person audits with insureds, accountants, and/or agents to obtain audit figures in order to determine the actual earned premium, and will handle the more general member and agent audit disputes by providing detailed audit classification and exposure analysis and explanations.
This is a work-from-home position involving heavy travel to standard commercial lines insureds’ locations within the respective territory, typically 4-5 days per week. Company car eligible.
Territory: Northern New Jersey
Key duties include:
Conduct on-site visits of insureds, accountants, and proxies. Review and analyze policyholder operational and financial information necessary to properly classify risk, identify exposure, and compute the premium. Financial information may be obtained from a review of income tax returns, business financial statements, state unemployment records, quarterly state filings, etc.
Perform analysis of audit results to ensure accuracy and compliance with state and bureau requirements. When necessary, may travel as a Company representative with full authority for settlement in trials, arbitrations, settlement hearings and depositions pertaining to audit premium due.
The ideal candidate will have at least 5 years of experience in field premium audit. Experience working directly for the carrier and the APA designation are preferred.
Compensation Grade: E3
Gathers, negotiates and monitors vendor productivity of all audits within external collection. Performs most complex work which may involve on site audits with customer for some positions. Assists the manager in planning and organizing the unit workflow, projects and objectives on a daily basis. Provides technical, analytical and administrative support to staff. Assists the manager with the monitoring and coordination of the department's relationships and workflow with other units and customers.
RELATIONSHIP: Reports to Supervisor/Manager
Responds to audit problems for agents, policyholders and attorneys. Assist manager with the implementation of premium audit processes and procedures.
Analyzes and audits files to ensure accuracy and compliance with filings. Works with commercial underwriting as necessary to ensure the premium audit is completed timely and accurately as well as provides pertinent underwriting information to underwriting department. When necessary, travels as a Company representative with full authority for settlement in trials, arbitration's, settlement hearings and depositions pertaining to audit premium due.
Analyzes, processes and reviews financial audits completed by either voluntary audit forms submitted from the insured, telephone audit documentation completed by internal audit staff, physical audits completed by outside auditing firms, or by personally conducting on site audits at the customers location. Evaluates for correct classification, rates and applicable policy provisions. Analyzes, reviews and processes Additional Premium Endorsements which result in non-pay cancellation as a direct result of a mid-term audit, final audits on prior policies, inspections or routine endorsements processed during the policy term.
Reviews dispute information and certificates of insurance received from general agents, policyholders, or brokers contesting an audit after it has been sent out for billing. Analyzes the submitted information for relevance and appropriate documentation by interpreting financial statements, federal tax returns, workers compensation audits, quarterly reports and/or state unemployment records. Decides if dispute information is valid to warrant a revision up to pre-established authority.
Reviews all additional or return premium audits over a specified limit as a quality and quantity control measure. Verifies the reason the additional or return premium was generated and notifies underwriting department and agent of audit results.
Responsible for the training and education of new and current audit staff. Updates Audit unit about new products and programs. Completes staff's quality and quantity measurements for continuity of procedures and training of personnel in accordance with company and department guidelines.
Assists Premium Auditors with resolution of complex problems. Assists Manager with production goals, workflow guidelines and monthly report package of all current activity within the Premium Audit unit.
Special projects as assigned by management.
Performs other related duties as assigned.
EDUCATION: High School Education or GED required. Undergraduate degree in Business Administration with an emphasis in accounting/finance preferred.
CERTIFICATIONS: Completion of technical insurance courses such as IIA, and Technical Achievement Program (TAP) or progress towards technical insurance designations such as CPCU preferred.
EXPERIENCES: Five years related experience in Premium Audits and Accounting. Experience in leading premium audits and/or training audit associates preferred.
KNOWLEDGE: Knowledge of assigned line of business and agents receivables required. Working knowledge of the regulatory climate in audits preferred. Knowledge of Bureau and Company rating coding systems, policy issuance procedures, Bureau rating manuals and circulars. Knowledge of insurance agency accounting and understanding of the accounting cycle. Knowledge of all Property/Casualty policies and all forms.
SKILLS/COMPETENCIES: Excellent verbal and written communication skills to interact with agents, attorneys, policyholders and other groups, displaying tact and diplomacy. Ability to negotiate a positive resolution. Ability to accurately work with numbers; Ability to interpret and apply auditing rules and regulations per Company and Bureau guidelines.
FLSA: Not Eligible (Exempt).
WORKING CONDITIONS: Normal office environment. Must be able to work outside of the normal workday including occasional weekends to meet deadlines and complete special projects. Must be able to handle a high volume and variety of work within deadlines; some out-of-state business travel.
ADA: The above statements cover what are generally believed to the principal and essential function of this job. Specific circumstances may allow or require some associated assigned to the job to perform a somewhat different combination of duties
Job Evaluation Activity: 9/10/10 JDC
Additional Job Description
Job ID: 53809
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