Premium Accounting Specialist

vavemga; New York, Northern (NY, KY); Hybrid; USD 60,000 - 70,000; Full time

Job summary

vavemga is seeking a Premium Accounting Specialist in New York to allocate broker payments to invoices, process payments in the Canopius system, and collaborate with underwriting partners to collect past due premiums.

You will match remittances to invoices, research discrepancies, monitor aging receivables, support month end close, and prepare bordereaux for reporting. Strong Excel and interpersonal skills are essential.

Qualifications

• 2+ years of insurance accounting experience.
• Knowledge of policy administration and billing/accounting systems a plus.
• Math skills and bookkeeping abilities.
• Excel skills and strong customer service orientation.
• Excellent interpersonal and written/verbal communication skills.
• Ability to work in a team and manage multiple priorities.
• Ability to learn new systems quickly and adapt to change.
• Ability to analyze and resolve policy discrepancies with underwriters and brokers.

Responsibilities

• Match broker remittances to invoices.
• Process payments in the Canopius billing/accounting system within the month they are received.
• Assist in collecting past due premiums with underwriting input.
• Support month-end closing and generate bordereaux for reporting.

Skills

Insurance accounting

Microsoft Excel

Customer service

Interpersonal communication

Teamwork

Tools

Canopius billing system

Job description

The Role

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

Responsibilities

Match broker remittances to invoices

• Review remittance details provided by brokers, confirm receipt of remittances in premium trust accounts and match remittances to invoices.
• Research and resolve premium discrepancies (e.g. missing remittance details, short payments, overpayments). Work with broker accounting staff and underwriting business partners as necessary to resolve.

Process payments

• Process payments in the Canopius billing/accounting system in the same month that they are received.
• Ensure payments are processed correctly (e.g. posted to the correct policy with the correct risk attributes).

Assist in the collection of past due premiums

• Continually monitor aging of receivables and expose 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.
• Generate the signed (premium) bordereaux that, as a service company, we are obligated to provide to the syndicate after each month end (to report all premiums collected and processed during the accounting period).
• Provide the signed (premium) bordereaux to Finance and Canopius’ internal London broker (Central Broking Services).
• Request write offs and premium disbursements (refunds) as necessary.

Skills and Qualifications

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

Salary Range: $60,000 - $70,000