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.
- Analyzes and audits files to ensure accuracy and compliance with filings. Works with commercial underwriting to ensure the premium audit is completed, timely and accurately, as well as provides pertinent underwriting information. When needed, travels as a company representative with full authority for settlement in trials, arbitrations, settlement hearings and depositions about 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 customer’s location. Evaluates for accurate 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.
- Participates in special projects as assigned by management.
- 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 documents, 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 and agent of audit results.
- Assists Premium Auditors with resolution of complex problems. Assists Manager with production goals, workflow guidelines and monthly report package.
- Trains new and current audit staff and provides updates about new products and programs. Completes quality and quantity measurements for continuity of procedures and training of personnel according to company and department guidelines.
- Knowledge, Abilities and Skills: Knowledge of assigned line of business and agents receivables required.
- Proven understanding 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 accounting cycle.
- Knowledge of all property/casualty policies and all forms.
- Excellent verbal and written communication skills to interact with agents, attorneys, policyholders and others, using tact and diplomacy.
- Ability to accurately work with numbers; ability to interpret and apply auditing rules and regulations.
Qualification & Experience:
- Education: High school diploma or GED required. Undergraduate degree in business administration with an emphasis in accounting/finance preferred.
- Licenses/Designations/Certifications: Completion of technical insurance courses such as IIA and Technical Achievement Program (TAP) or progress toward technical insurance designations such as CPCU preferred.
- Experience: Five years of related experience in premium audits and accounting. Experience in leading premium audits and/or training audit associates preferred.
Vacancy Type: Full Time
Job Location: Philadelphia, PA, USA
Application Deadline: N/A