Our client, a leading insurance company, is hiring a Premium Reconciliation Specialist on a contract basis
Job ID #: 82434
Work Location: Chicago, IL/ONSITE
Summary:
Job schedule- 40 hours per week in office
Work hours-8:00 am – 5:00pm (CST or EST)
Other locations the manager is allowing this hire to sit, in office 40 hours per week are as follows:
- Chicago, IL
- Columbia, SC
- Portland, ME
- Chattanooga, TN
Job Title: Premium Reconciliation Specialist
Job Summary:
In partnership with our internal business partner, BPO (Business Process Outsourcing) this position will be responsible for premium reconciliation, discrepancies, and monitoring policies financial status for all distribution channels.
The Premium Reconciliation Specialist is expected to perform and prioritize billing and/or premium functions, executing tasks and responsibilities while building and maintaining positive relationships with internal and external clients. Direct ownership of a block of business as it relates to premium management.
Job Responsibilities:
- Effectively manage a block of multiple policies and accounts from a premium accounting and billing standpoint.
- Work with the BPO Team to ensure accuracy of premium payments and application.
- Conduct premium payment audits when required to help clients identify incorrect or missing payments.
- Communicate policy financial status to internal and external partners.
- Responsible for past due management, billing discrepancies, and error templates for assigned block. This includes lapsing, payment collections, and member detachment.
- Communicate and collaborate with internal departments including client services, underwriting, and others to provide timely and effective resolution to any premium or billing challenges, changes, updates, or errors; effectively communicate findings to the appropriate parties; take initiative and follow-through as the liaison with other internal departments as necessary.
- Partner with the client finance representative on any communication necessary to resolve billing vs. remittance challenges and past due invoices.
- Responsible for suspense management, unapplied premiums, and reconciliation for assigned block.
- Develop and maintain positive relationships and rapport with internal and external clients.
- Attend Implementation calls with new groups to serve as the SME for billing-related matters and present billing options.
- Provide on-going client support for premium and billing to ensure members no longer employed by the group are appropriately transitioned to direct billing.
- Provide any premium reports to necessary areas to continue servicing the account. Handle salesforce items to resolution for inforce customers.
- Partner with necessary areas on account reviews and audits to highlight broker or client concerns with the account overall and assist with development of action plans to address issues, risks, and opportunities.
- Perform other duties as assigned.
Skills
- Relationship and collaboration skills with internal and external clients and partners
- Analytical skills -This position requires strong must be proficient with Excel utilizing Pivot tables, Vlookup, and standard formulas
- Communication -written and verbal communication with participation in internal, as well as external calls and/or Webex meetings
- Judgment- the role is part of the CWB Premium and Billing team and collaborates as part of the team, as well as with cross-functional partners, and will work independently managing a block of business (as noted under responsibilities
- Organizational skills
- Problem resolution to meet the diverse needs of our clients.
Education and Experience
- 4-year college degree or equivalency strongly preferred; equivalent work experience may substitute
- Experience with group insurance premium/billing. 2 years of group benefits insurance industry experience preferred.
- At least 2 years direct customer-facing experience with brokers and employers
- Proficient in MS Office
- Outlook- be responsible for managing their own calendar, and sending and replying to emails within their own inbox, as well as the billing inquiry client has many templates for our teams communications. Additionally, we have access to clientAI for assistance in drafting/creating professional communications
- Word -client has many templates that are utilized
- PowerPoint- Many meetings utilize PP for training and presentation decks; needs to have the ability to review and navigate through the decks as necessary. There is also potential to create or contribute to the creation of PP decks.
SKILLS
- Excellent verbal and written communication, interpersonal, and customer service skills
- Excellent analytical, accounting, and problem-solving skills
- Ability to structure and manage work across multiple functions & locations
- Ability to build consultative, trust-based relationships
- Ability to identify issues, remediation tactics and escalation paths
- Personal initiative and accountability
- Sound judgment and ability to problem solve
- Sound organizational and time management skills
- Ability to multi-task in an extremely fast paced environment
- Ability to prioritize and manage multiple priorities
COMPETENCIES
- Problem Solving: Takes an organized and logical approach to thinking through problems and complex issues. Simplifies complexity by breaking down issues into manageable parts. Looks for the root causes and develops insight into problems, issues and situation.
- Continuous Learning: Demonstrates a desire and capacity to expand expertise, develop new skills and grow professionally. Seeks and takes ownership of opportunities to learn, acquire new knowledge and deepen technical expertise. Takes advantage of formal and informal developmental opportunities. Takes on challenging work assignments that lead to professional growth
- Initiative: Willingly does more than is required or expected in the job. Meets objectives on time with minimal supervision. Eager and willing to go the extra mile in terms of time and effort. Is self-motivated and seizes opportunities to make a difference.
- Adaptability: Ability to re-direct personal efforts in response to changing circumstances. Is receptive to new ideas and new ways of doing things. Effectively prioritizes according to competing demands and shifting objectives.
- Results Orientation: Effectively executes on plans, drives for results and takes accountability for outcomes. Perseveres and does not give up easily in challenging situations. Recognizes and capitalizes on opportunities. Takes full accountability for achieving (or failing to achieve) desired results
- Values Orientation: Upholds and models client values and always does the right thing for the company, colleagues and customers. Is direct truthful and trusted by others. Acts as a team player. Acts ethically and maintains a high level of professional integrity.
Pay Range: $22-23