Premium Accounting Specialist

Canopius•Chicago, IL

12d•$50,000 - $70,000

About The Position

The Premium Accounting Specialist role is primarily responsible for managing receivables for direct delegated agreements. This role involves reviewing the Canopius US Insurance Inc. (CUSI) premium trust account for remittances received, ensuring remittances tie to supporting paid premium bordereaux, processing paid premium bordereaux via OWIT Global BDX-Central, reviewing past due balances and working with MGA’s to resolve outstanding amounts due.

Requirements

2+ years of insurance accounting experience.
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.
Business Process Improvement
Change Management
Control Assurance
Data Management
Documentation & Records Management
Insurance Industry Expertise
Regulatory Compliance
General Ledger Accounting & Reconciliation
Process Standardization & Automation
Tax & Accounting Principles and Standards
Tax & Financial Accounting
Tax & Financial Reporting

Nice To Haves

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

Responsibilities

Monitor the CUSI premium trust account for remittances received
Review the premium trust account regularly for remittances received.
Ensure that the remittance total matches the total net amount due on the corresponding paid premium bordereaux for direct agreements.
Ensure that the remittance total matches the total net amount due (assumed premium less losses) for assumed agreements.
Follow up with appropriate MGA or reinsurance broker contact to resolve discrepancies between remittance and remittance detail.
Follow up with MGA’s and/or reinsurance brokers for remittances not received by the due date.
Process all paid premium bordereaux via OWIT Global BDX-Central prior to closing each month.
Continually monitor aging of receivables, including unapplied payments and suspense payments, and engage with appropriate accounting contacts (MGA for direct agreements or reinsurance broker for assumed agreements) to address past due balances.
Escalate collection issues to the appropriate underwriter to pursue collections when necessary.
Work with the Data Operations team to address risk transaction reporting issues that may be identified as past due credit or debit balances in aged receivables, unapplied payments and suspense payments.
Process write-offs as appropriate within authority for balances that are deemed uncollectable.
Produce a bank reconciliation on a monthly basis to detail changes in balance comparing the beginning and ending of each accounting period.
Request premium disbursements (refunds) as necessary.