Premium Manager — Woodbury, NY

Must have current insurance experience and hold a P&C license.

Position Summary:

This position involves day-to-day responsibilities that require independent judgment and discretion, contributing to the department’s ongoing success.

Essential Functions & Basic Duties:

(This job specification may not include all the duties listed, nor do the examples cover all the duties that may be performed.)

• Manage and oversee the daily operations of the Premium Accounting and Cash Applications groups, which is responsible for the timely, accurate payment of all carrier payables and recording of all cash received and application into the Company’s Administrative System, EPIC
• Monitoring of accounts receivables (AR) and application of cash collected and collaboration with insurance servicing employees
• Collaborate with the other department managers to support overall company and department goals and objectives. Support Controller and CFO with special projects and workflow process improvements
• General supervision of nine staff positions to include monitoring workload, planning for vacations/backup coverage to ensure that all financial deadlines are met
• Active participant in the operations of the department. Exercise discretion and independent judgment when assigning work and ensuring that tasks have been completed by staff
  • Premium/Carrier Payables:
    • Manage the timely and accurate payment to all insurance carriers and brokers
    • Respond to Account Executives and Carrier requests and inquiries
    • Distribute monthly client statements to Account Executives and Producers for collections
    • Process, track, and monitor collection of any premiums advanced on behalf of clients
    • Oversee company receivable and payable accounts and monitor collections activity
    • Prepare ad hoc account analyses for clients regarding their premiums and payments
    • Overall responsibility for timely and accurate collection of premiums from brokers/clients
      • Continuous follow-up with service staff for collection of overdue balances
      • Maintain and manage all items referred to outside debt collections firm
    • Manage all legal collections processes
  • Cash Applications:
    • Oversee daily processing of deposits for all locations including:
      • Accurate and timely cash application for direct and agency billed premiums to open receivables in EPIC and all related administrative functions
      • Processing via the bank-provided electronic payment terminals (deposit scanner) and electronic transfers directly into bank accounts
    • Oversee Premium Finance process
    • Manage claims processing functions including tax information reporting (Forms 1099 compilation and distribution)
  • Financial Reporting and General Ledger:
    • Review daily AR/AP balances to ensure agreement to GL balances
    • Assist with the auditor’s review of AR and AP balances
    • Monitor customer advances process (approval, disbursement, collection) and follow-up on uncollected items
    • Provide various other reporting and monitoring functions of premium receivable and payable balances as well as commission payable to producers
    • Monitor special client payment plans. Reconcile with high-volume clients on periodic basis

Supervisory Duties:

• Daily oversight of the premium payables and cash applications teams
• Provide training for new employees, handle personnel issues relating to staff conflicts, absenteeism and performance and establish goals and objectives for the operating accounting group and staff members

Knowledge, Skills, & Abilities:

• Proficiency at intermediate level in Outlook, Word, and all Microsoft Office applications, specifically Excel
• Comprehensive knowledge of AR/AP functions
• Experience with Applied Systems’ software platforms (EPIC or TAM) is a plus
• Insurance Industry and Agency billing experience is a plus
• Excellent interpersonal and managerial skills
• Strong accounting and insurance knowledge including understanding of both general ledger and relationship of premiums and commissions
• Strong organizational and communication skills. Ability to exercise effective judgment
• Detail-oriented with special attention to accuracy and timeliness
• Ability to foster teamwork within the department and strong working relationships outside the department
• Ability to multi-task and recognize problems; execute a pro-active approach to problem-solving
• In-depth knowledge of Internal Controls
• Team-oriented

Education and Work Experience:

• Bachelor’s Degree, combined with a minimum of 7 years’ experience managing AR/AP
• Insurance industry experience a plus

Why SterlingRisk?

Salary:

The estimated base salary range for this full-time position is $110,000 – $120,000 annually, plus benefits, and can vary based on location.