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 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.
- 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
About Us
Our benefits
We offer all employees a comprehensive benefits package that focuses on their whole wellbeing. This includes hybrid working, a competitive base salary, non-contributory 401k, discretionary bonus, insurances including medical, dental and vision cover, and many other benefits to enhance financial, physical, social and psychological health.
About Canopius
Canopius is a global specialty lines (re)insurer. We are one of the leading insurers in the Lloyd’s of London insurance market with offices in the UK, US, Singapore, Australia and Bermuda.
At Canopius we foster a distinctive, positive culture which enables us to bring our whole selves to work to flourish as people, and build a business which delivers profitable, sustainable results.
Canopius operates a flexible, hybrid working model and is committed to providing an environment that challenges employees to be their best and where everyone's unique contributions are recognised, valued and respected.
We are fully committed to equal employment opportunities for all applicants and providing employees with a work environment free of discrimination and harassment. All employment decisions are made regardless of age, sex, gender identity, ethnicity, disability, sexual orientation, socio-economic background, religion or beliefs, marital or caring status, or any other status protected by the laws or regulations in the locations where we operate. We encourage and welcome applicants from all diverse backgrounds.
We make reasonable adjustments throughout the recruitment process and during employment. Please let us know if you require any information in an alternate format or any other reasonable adjustments.
