Insurance Premium Auditor-Workers' Compensation

Socket.dev; BLOOMINGTON (MN); Hybrid; USD 40,000 - 55,000; Full time

Benefits offered by this job

Flexible hybrid work environment

Medical, dental, and vision coverage

401(k) with company match

Paid holidays and PTO

Parental leave

Life insurance

Disability coverage

Incentive bonus opportunities

Volunteer day

Gym discounts

Job summary

SFM Mutual Insurance Company in Bloomington, Minnesota, is seeking an Insurance Premium Auditor to conduct workers’ compensation premium audits. You will review payroll records, classify codes, and finalize premiums for policyholders, mostly in a virtual setting with some in-office time.

The role requires strong analytical and customer service skills, a accounting/finance background, and experience with MS Office.

Qualifications

• Bachelor’s degree or associate degree with emphasis on accounting/finance or two years’ experience reviewing and processing premium audits or working with financial data in an accounting, business office, bank or insurance environment.
• Workers’ compensation and/or casualty insurance auditing experience desired.
• Excellent customer service skills.
• Good math skills and knowledge of accounting practices along with analytical capabilities with an eye for detail.
• Knowledge of MWCIA, NCCI, WCRB and state applicable rules is a plus.
• Strong verbal and written communication skills.
• A high degree of personal integrity.
• Strong professional judgment, problem resolution, and critical thinking skills
• Excellent organizational skills and ability to work with minimal supervision.
• Proficient in MS Office software applications (Excel, Word, etc.).

Responsibilities

• Performs premium audits electronically, paper copies or telephonically as assigned on less complex accounts with premiums typically less than $10,000.
• Analyzing the policyholder’s financial reconciliations to ensure a match.
• Comparing the policyholder’s payroll records with the estimated or actual payroll reported and reconciling the appropriate job classification code with the code reported.
• Determining the scope of operations by reviewing contracts and applying workers’ compensation rules to determine independent contractor status.
• Summarizes exposure information per policy contract and communicates audit results to policyholders and team members.
• Processes audits to determine current premium base by entering results in the database.
• Keeps apprised of current audit rules and company best practices.
• Provides high quality customer service to agents and policyholders by handling inquiries related to premium billing and audits.
• Handles the dispute process according to specifications and coordinates with policyholders and agents.

Skills

Customer service

Communication skills

Analytical skills

Attention to detail

Math skills

Integrity

Professional judgment

Education

Accounting/Finance degree (Bachelor's or Associate)

Tools

MS Office

Job description

Insurance Premium Auditor- Workers Compensation

Location: Bloomington, Minnesota (Hybrid) | Full-Time

Pay: $ 28.70 to $ 40.18

Ranked #8 Top Workplace– Midsize Employer, MN

About the Role:

The Internal Premium Auditor is responsible for conducting premium audits on worker’s compensation insurance policies to ensure that the insurance premiums our policyholders are paying are correct. To achieve this, you will review payroll records and other business records to true up the policy on an annual basis. We will provide you training to effectively evaluate a customer’s payroll, determine proper class codes and subcontractor exposure to calculate the final premium for our customers. Audits are done per the respective business’s procedures or client service instructions. 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 most information electronically and work from your desk to complete the audits. Hybrid work is offered, and some in office time is needed. Applicants will need to live in Minnesota.

What You'll Do:

• Performs premium audits electronically, paper copies or telephonically as assigned on less complex accounts with premiums typically less than $10,000. This includes:
• • analyzing the policyholder’s financial reconciliations to ensure a match;
  • comparing the policyholder’s payroll records with the estimated or actual payroll reported. reconciling the appropriate job classification code with the code reported by the policyholder and adjusting premium accordingly;
  • determining the scope of operations by reviewing contracts between the policyholder and other entities and applying workers’ compensation statutes and rules to determine whether a true independent contractor relationship exists.
• Summarizes all exposure information in accordance with policy contract, terms, such as MWCIA, NCCI, WCRB and MWCARP requirements, state-applicable rules, and Company best practices. Communicates audit results to the policyholder and reconciles any differences. Conveys pertinent information gained or determined by analysis of the policyholder’s records to agents, marketing underwriters, and other team members.
• Processes audits to determine current premium base by entering audit results in the database.
• Takes advantage of learning opportunities to develop, update and expand skills, knowledge and abilities and applies learning. Keeps apprised of current audit rules and regulations and company best practices.
• Provides high quality customer service to agents and various policyholders by professionally receiving and appropriately responding to telephone inquiries related to premium billing and premium audits. Maintains appropriate interactions with persons both within the organization and externally.
• Handles the dispute process according to SFM’s specifications or the other contract, working with policyholder, agent, and other entities as needed.

What We'll Like About You

• Bachelor’s Degree or Associate’s degree with emphasis on accounting/finance or similar field preferred; or two years’ experience reviewing and processing premium audits or working with financial data in an accounting, business office, bank or insurance environment, or something similar.
• Workers’ compensation and/or casualty insurance auditing experience desired.
• Excellent customer service skills.
• Good math skills and knowledge of accounting practices along with analytical capabilities with an eye for details.
• Knowledge of MWCIA, NCCI, WCRB and state applicable rules is a plus.
• Strong verbal and written communication skills.
• A high degree of personal integrity.
• Strong professional judgment, problem resolution, and critical thinking skills
• Excellent organizational skills and ability to work with minimal supervision.
• Proficient in MS Office software applications (Excel, Word, etc.).
• Ability to work in Corporate Headquarters when needed.

Why You’ll Love Working Here

We want your work life to feel balanced, rewarding, and supported. Here are just a few of the benefits SFM offers:

• Flexible hybrid work environment.
• Comprehensive medical, dental, and vision coverage (plus HSA/FSA options).
• Significant Cash Benefit if You Opt Out of Our Health Plan
• 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.

Who We Are

SFM is the leading workers’ compensation insurer in Minnesota, with a growing presence across the Midwest. We’re proud to be recognized as aTop Workplace (#8 midsize employer in MN)thanks to our supportive culture, commitment to our employees, and focus on doing what’s right. Learn more by clickinghere.

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The base pay posted is just one component of SFM’s total compensation package. The salary range listed represents the full compensation range for this position. Job title and starting pay will be based on the selected candidate’s relevant knowledge, skills, abilities and/or experience, and education, if applicable as well as internal equity with other employees in the same job classification. #SFM

Work Environment and Physical Demands

Regular attendance is required. Work takes place in a semi paperless environment within an office setting, either on business premises or other remote location, using standard office equipment such as computers, phones, and copiers, which requires being stationary for extended periods of time. While performing the duties of this job, the employee is regularly required to talk or hear. The employee frequently is required to stand; walk; use hands and fingers, handle or feel; and reach with hands and arms and work with close vision. This position requires the ability to occasionally lift office products and supplies, up to 20 pounds. Work is performed indoors with little to no exposure to extreme outdoor weather conditions.

SFM Mutual Insurance Company and each of its parent companies, subsidiaries and/or affiliated companies are Equal Opportunity/Affirmative Action Employers. SFM provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, status with regard to public assistance, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.

SFM Companies, EEO/AA Employers.SFM is a participant of E-Verify.Applicants have rights under Federal Employment Laws.