The Premium Accounting Specialist role is primarily responsible for the allocation of payments received from Managing General Agents (MGA) to open receivables, the processing of payments in the Canopius billing/accounting system and working closely with underwriting business partners to collect past due premiums.


Match MGA payments to open receivables

  • Review payment provided by MGA’s, confirm receipt in premium trust accounts and match policy detail to open receivables.
  • Work with the data team to ensure all payments are applied by policy and uploaded into the billing system.
  • Research and resolve premium discrepancies (e.g. missing payment details, short payments, overpayments). Work with MGA accounting staff and underwriting business partners as necessary to resolve.

Process payments

  • Prepare journal entry for finance via a template monthly for payments received by MGA.
  • Ensure payments are all accounted for from the premium trust account and processed correctly (e.g. posted to the correct MGA).

Broker Fees

  • Calculate broker fees due to London brokers from premiums collected
  • After finance review, request payments to brokers
  • Update journal entry template for finance

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.
  • Request write offs and premium disbursements (refunds) as necessary.

Skills and Experience:

  • 2+ years of insurance accounting experience a plus
  • Knowledge of insurance policy administration and billing/accounting systems a plus
  • 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


  Login with Facebook

Premium Accounting Specialist Located At Il, Chicago - Job Post By: Canopius Us Insurance Inc

[Browse Jobs] - [Back to Previous Page] - [Random Jobs]

Site Sponsors