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