Premium Audit Consultant

Overview

This role supports premium audit activities for the Midwest territory, conducting premium audits primarily for Ohio, Indiana, and Kentucky. The position is work from home, requiring the timely completion of remote/hybrid audits and some business travel within the assigned territory to perform physical audits of Property & Casualty Commercial Lines policies at customers’ premises when required.

Responsibilities include establishing appropriate policy classifications, basis of premium, and premium exposures in accordance with company policy and applicable standards and regulations.

Responsibilities

• Conduct audits of highly complex accounts, validating accuracy of:
  • Policy classifications
  • Exposure base inclusions/exclusions
  • Status of subcontractors
  • Subcontractor cost allocations
  • Business and customer relationships
  • Develop the proper premium basis on risks while meeting strict time deadlines.
• Interview insureds to understand operations and business models to analyze and support risk evaluation, including determining employee job classifications based on job role, responsibilities, and exposure to hazard.
• Compile and analyze client operations and accounting records to prepare audit findings, including examining and authenticating classification-related data from business records and performing a visual inspection of the insured’s business.
• Identify and communicate regular and irregular audit findings and financial conditions to the agent and branch underwriting, including escalating questionable operations to corporate investigations and underwriting, including suspected fraud.
• Prioritize territorial assignment for policy review and audit load.
• Train less experienced audit staff and monitor/provide guidance on:
  • Accuracy of policy classifications
  • Proper premium basis development
• Stay current on trends and developments in the specialty area and in the insurance industry.
• May assist with the performance of operational audits.

Reporting Relationship

• Manager or above

Requirements

• Solid knowledge of corporate auditing practices, procedures, and principles, and solid knowledge of the insurance industry, the organization, and departmental functions and operations.
• Solid knowledge of statutory and other complex accounting principles, practices, and procedures.
• Ability to effectively ask probing questions of insureds to ascertain conclusions about business operations.
• Ability to interact tactfully and effectively in difficult situations to identify risk and probe further as needed.
• Solid knowledge of General Liability, Workers Compensation, and Business Auto Liability functions and procedures, including state and regulatory guidelines.
• Excellent project management, organizing, and planning skills.
• Must be self-directed.
• Strong analytical and problem-solving skills, with the ability to resolve complex issues.
• Strong interpersonal, presentation, verbal, and written communication skills with the ability to influence and interact with internal and external business partners.
• Solid knowledge of Microsoft Office Suite, accounting systems, and other business-related software systems.
• Ability and willingness to travel.

Preferred Qualifications

• Advanced degree or professional designations
• PAAS Certification (plus)

Education & Experience

• Bachelor’s Degree, preferably in accounting or finance, or equivalent. Advanced degree or professional designations preferred.
• Experience with ISO, NCCI & Independent Bureau States such as the California WCIRB is required.
• Typically a minimum of five years of related work experience.

Compensation & Benefits

In certain jurisdictions (District of Columbia, California, Colorado, Connecticut, Illinois, Maryland, Massachusetts, New York, and Washington), a reasonable estimate of compensation is required: $54,000 to $103,000 annually.

Salary determinations are based on various factors, including relevant work experience, skills, certifications, and location.

The employer offers a comprehensive and competitive benefits package.

Location

• Midwest territory
• Primary audit coverage: Ohio, Indiana, and Kentucky
• Work from home with some business travel within the assigned territory for physical audits when required.