Will act as a Subject Matter Expert for a team of offshore employees for the US Insurance Platform, to include some Reinsurance activity. This includes Accounts Receivable, Aged Reporting, and Credit and Collection activities. Ensure all inward and outward cash flows, collections, and write-offs are adequately understood and controlled in an effective and judicious manner, and are in compliance with all applicable federal and state requirements.
- Manage and provide daily oversight to US Insurance credit control staff, including offshore teams.
- Assure prompt processing and application of cash receipts for US Insurance.
- Perform Quality Control Audits for the Offshore team to ensure targets are being met.
- Create and Manage monthly Aging metric reports for Management and monitor Receivable aging reports. Follow up on all overdue balances based on defined metrics of collection activities, write-offs, aging's, and other collections issues for business heads.
- Prepare Quarterly Statutory Aging reports to include commentary and tax reporting (surcharges).
- Liaise with UK Finance group for quarterly Aging balances.
- Coordinate with underwriting staff in regard to their individual aging reports and related analysis, to include > 60 and > 90 balances for potential notice of cancellations.
- Liaise with brokers and internal departments (operations, underwriting, IT and claims departments) to resolve billing/collection discrepancies.
- Review of monthly Cash Reconciliations for the Credit Control Activity for the US Finance team, to include review of monthly Bank Reconciliations and analysis and reporting of all unreconciled receipts.
- Prepare monthly Reconciliation of Accounts Receivable Balances to include all CODA activity (AR Roll-Forward) and reconciliation to the General Ledger
- Direct activities for collection agency submissions for audit premium and claim deductibles. Review monthly reconciliation of write-off and recovery accounts and provide management with a quarterly status of bad debt analysis.
- Develop and maintain relationships with brokers/other clients (internal and external) identify customer service improvement opportunities and to support and strengthen existing client/broker relationships.
- Maintain Monthly/Quarterly reconciliations for Program/Delegated Authority accounts.
- Process engineering fee adjustments & Med Mal Fees in Coda and reconcile with Underwriting Services.
- Process and analyze quarterly supplemental commissions and provide accruals to the GAAP team.
- Work with Group Credit Control resources to understand and share best practices and integrate and/or provide complete and accurate information to Group Credit Control initiatives and reports.
- Actively participate in projects that improve accuracy and collections of Premium.
- Develop cost effective means for managing cash receipts through automation and effective communication to include maintaining and reducing un-reconciled cash balances.
- Work closely with Finance management and internal/ external auditors and the SOX team to ensure internal controls are documented, designed and operating adequately.
Skills & experience
- Bachelor's degree, preferred
- 4-6+ years of experience in insurance cash processing and analysis, preferably within the Insurance and Reinsurance industry.
- Experience in dealing directly with internal and external clients and brokers in a polished and professional manner.
- Strong written and verbal communication skills
- Ability to work in a strong team environment