Premium Auditor Specialist

SFM Mutual Insurance Company; United States; Hybrid; USD 67,000 - 95,000; Full time

Benefits offered by this job

Comprehensive medical, dental, and视on

Flexible hybrid work environment

401(k) with Traditional and Roth

Student loan repayment

Paid time off and holidays

Life insurance and disability coverage

Bonus opportunities

Incentive programs

Job summary

SFM Mutual Insurance Company in Bloomington, MN, seeks a Premium Auditor Specialist to conduct premium audits for workers' compensation policies, focusing on midmarket to large market exposures. This role involves reviewing payroll records, electronic audits, and communicating findings to policyholders via email or phone.

Ideal candidates have strong analytical abilities, solid accounting knowledge, and professional communication skills.

Qualifications

• Bachelor Degree in Accounting, Business Management, Finance, Insurance or similar field; or combination of education and experience is acceptable.
• Five or more years experience reviewing and processing premium audits in an accounting or insurance environment; workers compensation audit experience highly desirable.
• Insurance designation earned or in progress such as CPCU, APA, preferred.

Responsibilities

• Conduct Premium Audits to determine coverages and exposures for the policy and plan audit strategy electronically or onsite.
• Determine exposures and develop basis of premium per industry rules and company practices; assign job classifications.
• Summarize exposure information and communicate audit results to policyholders and agents.
• Resolve audit disputes and make necessary changes; assemble facts and prepare amended audits.
• Provide professional explanations to policyholders on classifications and account procedures when changes are needed.
• Respond to inquiries and maintain high quality customer service to agents and policyholders.
• Prepare audit reports with calculations, activity logs, and documentation for timely delivery.

Skills

Auditing

Analytical skills

Communication skills

Customer service

Mathematical proficiency

Policy understanding

Education

Bachelor's degree in Accounting/Business/Finance

Job description

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

Pay: $67,724.00 to $94,814.00

Ranked #8 Top Workplace - Midsize Employer, MN

About the Role:

The Premium Auditor Specialist is responsible for conducting premium audits on workers compensation insurance policies to ensure that the insurance premiums our policyholders are paying are correct. You will focus on more complex audits handling midmarket to large market premium size. You will review payroll records and other business records to true up the policy on an annual basis. Audits are done electronically; verifying policyholders operations and financial records to ensure exposures are accurately calculated for the insurance premium. Communicating the audit findings through detailed formals reports is a key function of this position as is working on special projects. 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 the information electronically. Hybrid work is offered, and some in office time is needed. Applicants will need to live in Minnesota.

What Youll Do:

• Conducts Premium Audits to determine specific coverages and exposures provided by the policy and plan audit strategy electronically, or onsite when need and reviews documents from the policyholder to determine the premium base.
• Determines exposures that need to be covered and develops proper basis of premium in accordance with MWCIA, NCCI, WCRB, state-applicable rules, contract requirements, and Company best practices. Uses financial documents provided by the policyholder to match audited payrolls and works to establish the appropriate job classification codes for the policyholders employees . Adheres to audit rules as set forth by the Basic Manual, NCCI or state statutes.
• 2. Summarizes all exposure information in accordance with policy contract, terms, MWCIA, MWCARP, NCCI, WCRB requirements, state-applicable rules, and Company best practices. Communicates audit results to the policyholder and reconciles any differences.
• 3. Provides professional and technical explanations to policyholders and agents concerning proper classifications as to the policyholders operations and makes recommendations as to proper account procedures when appropriate to policyholders when changes are necessary.
• 4. Responds to and resolves audit disputes and makes appropriate changes to revise audits as needed; Compiles pertinent facts related to disputes, documents and communicates the results of the analysis, and prepares amended audits and submit for billing. Resolves test audits disputes for non-National Council on Compensation Insurance (NCCI) states.
• 5. Provides high quality customer service to agents and policyholders by professionally receiving and appropriately responding to telephone inquiries related to premium billing and premium audits. Maintains appropriate interactions with both internal and external customers.
• 6. Prepares audit reports utilizing internal systems and technologies, showing analyzed data, calculations, classifications, activity logs, and other required documentation in an accurate and readable form on a timely basis.
• 7. Conducts research, prepares reports and analyzes results, as needed, to achieve premium audit success, while following industry best practices.

What Well Like About You:

• Bachelor Degree in Accounting, Business Management, Finance, Insurance or similar field; or combination of education and experience is acceptable.
• Five or more years experience reviewing and processing premium audits in an accounting or insurance environment; workers compensation audit experience highly desirable.
• Insurance designation earned or in progress such as CPCU, APA, preferred
• Excellent customer service and negotiating skills.
• Strong working knowledge of the audit process for commercial or workers compensation policies.
• Strong math and accounting skills with analytical capabilities.
• Ability to identify routine sources of premium audit information.
• Firm understanding of MWCIA, NCCI, WCRB and state applicable rules.
• Strong communication skills, both oral and written.
• Excellent organization and time management skills
• Must be in office when needed.

Why Youll Love Working Here

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

• Comprehensive medical, dental, and vision coverage (plus HSA/FSA options).
• Significant Cash Benefit if You Opt Out of Our Health Plan
• Flexible hybrid work environment.
• 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. Were proud to be recognized as a Top Workplace (#8 midsize employer in MN) thanks to our supportive culture, commitment to our employees, and focus on doing whats right. Learn more by clicking here .

The base pay posted is just one component of SFMs 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 candidates 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.