Insurance Premium Auditor Specialist-Workers' Compensation

SFM Mutual Insurance Companies • Bloomington, MN

15h • Hybrid

About The Position

The Premium Auditor Specialist is responsible for conducting premium audits on worker’s compensation insurance policies to ensure that the insurance premiums our policyholders are paying are correct. You will focus on more complex audits handling midmarket to large market premium size. You will review payroll records and other business records to true up the policy on an annual basis. Audits are done electronically; verifying policyholder’s operations and financial records to ensure exposures are accurately calculated for the insurance premium. Communicating the audit findings through detailed formal reports is a key function of this position as is working on special projects. Excellent customer service skills are needed as you will be contacting policyholders via email and or phone, and you must have effective communication and analytical skills. Most audits are done in a virtual setting, so you will obtain the information electronically. Hybrid work is offered, and some in office time is needed. Applicants will need to live in Minnesota.

Requirements

• Bachelor Degree in Accounting, Business Management, Finance, Insurance or similar field; or combination of education and experience is acceptable.
• Five or more years’ experience reviewing and processing premium audits in an accounting or insurance environment; workers compensation audit experience highly desirable.
• Excellent customer service and negotiating skills.
• Strong working knowledge of the audit process for commercial or workers’ compensation policies.
• Strong math and accounting skills with analytical capabilities.
• Ability to identify routine sources of premium audit information.
• Firm understanding of MWCIA, NCCI, WCRB and state applicable rules.
• Strong communication skills, both oral and written.
• Excellent organization and time management skills
• Must be in office when needed.
• Applicants will need to live in Minnesota.

Nice To Haves

• Insurance designation earned or in progress such as CPCU, APA, preferred

Responsibilities

• Conducts Premium Audits to determine specific coverages and exposures provided by the policy and plan audit strategy electronically, or onsite when need and reviews documents from the policyholder to determine the premium base.
• Determines exposures that need to be covered and develops proper basis of premium in accordance with MWCIA, NCCI, WCRB, state-applicable rules, contract requirements, and Company best practices.
• Uses financial documents provided by the policyholder to match audited payrolls and works to establish the appropriate job classification codes for the policyholder’s employees.
• Adheres to audit rules as set forth by the Basic Manual, NCCI or state statutes.
• Summarizes all exposure information in accordance with policy contract, terms, MWCIA, MWCARP, NCCI, WCRB requirements, state-applicable rules, and Company best practices.
• Communicates audit results to the policyholder and reconciles any differences.
• Provides professional and technical explanations to policyholders and agents concerning proper classifications as to the policyholder’s operations and makes recommendations as to proper account procedures when appropriate to policyholders when changes are necessary.
• Responds to and resolves audit disputes and makes appropriate changes to revise audits as needed; Compiles pertinent facts related to disputes, documents and communicates the results of the analysis, and prepares amended audits and submit for billing.
• Resolves test audits disputes for non-National Council on Compensation Insurance (NCCI) states.
• Provides high quality customer service to agents and policyholders by professionally receiving and appropriately responding to telephone inquiries related to premium billing and premium audits.
• Maintains appropriate interactions with both internal and external customers.
• Prepares audit reports utilizing internal systems and technologies, showing analyzed data, calculations, classifications, activity logs, and other required documentation in an accurate and readable form on a timely basis.
• Conducts research, prepares reports and analyzes results, as needed, to achieve premium audit success, while following industry best practices.

Benefits

• Comprehensive medical, dental, and vision coverage (plus HSA/FSA options).
• Significant Cash Benefit if You Opt Out of Our Health Plan
• Flexible hybrid work environment.
• 401(k) with both Traditional and Roth options + company match.
• Contributions toward student loan repayment.
• Generous PTO, 9 paid holidays, and paid parental leave.
• Monthly home internet allowance.
• Free life insurance, short-term & long-term disability coverage.
• Incentive bonus opportunities.
• Adoption financial assistance.
• Pet insurance.
• Annual company-wide volunteer day.
• Discounts on gyms, fitness apps, and wellness programs.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level