External Premium Auditor, Bloomington, Minnesota

Created 11/25/2021
Reference 11414217
Job type Full Time
Country United States
State Minnesota
City Bloomington
Zip 55431
Salary Competitive
The Premium Auditor performs audits on worker's compensation policies to verify payroll, class codes and subcontractor exposure to calculate the final premium for the policyholders. This a field position and a company car is provided. Our employee's provide the highest level of customer service and help maintain SFM's position as a leader in the WC Insurance Industry. Hence, SFM believes that our exceptional and motivated employees are our greatest strength.

The role: P erforms physical premium, electronic or preliminary audits, as required to ensure, accuracy and timely on workers' compensation accounts; and follows the respective business's procedures or client service instructions. Physical audits will take place at the policyholder's place of business or another location to establish appropriate classifications and exposures on the workers compensation policies. Electronic audits will be completed by requesting payroll records be emailed to you. Works collaboratively with multiple departments and partners following prescribed policies. A company car is provided. This position will be working with Assigned Risk Pool policyholders.

What You Will Be Doing:
  • Performs record reviews and conducts interviews of policyholders at the policyholders place of business or another location to determine an accurate premium base by securing adequate records, discovering all exposures that need to be covered, and developing proper basis of premium in accordance with MWCIA, NCCI, WCRB, , state-applicable rules, contract requirements and Company best practices. This includes:
  • Analyzing the policyholder's financial reconciliations to ensure a match and detect any possible errors and ensure all laws and regulations are being followed.
  • Comparing the policyholder's payroll records with the estimated or actual payroll reported.
  • Determining and reconciling the appropriate job classification codes for the policyholder's employees by questioning the policyholder, and reviewing records and determine if the class code as reported by the policyholder is correct, and adjust and calculate the premium accordingly;
  • Determining the scope of operations by reviewing contracts between the policyholder and other entities and applying IRS documents and workers' compensation statutes and rules to determine whether a true independent contractor relationship exists.
  • Summarizes all exposure information in accordance with policy contract, terms, MWCIA, NCCI, WCRB, state-applicable rules, contract requirements and Company best practices. Communicates audit results to the policyholder and reconciles any differences. Conveys physical, financial and other pertinent information gained or determined by analysis of the policyholder's operations and financial structure to agents, policyholders services, and other team members.
  • Provides professional and technical explanations to policyholders and agents concerning proper classifications as to the policyholder's operations. Recommends proper account procedures when appropriate to policyholders when changes are necessary.
  • Handles the dispute process, working with policyholders, agents, and other entities as needed. .
  • Schedules appointments, performs field audits, and travels to meet with clients at their place of business or another location, to examine financial records such as payroll registers, quarterly 941's/SUTA's, general ledger, sales ledger, etc. to determine the correct premium base.

Business Operations
  • Applies Company, contract instructions and team policies, practices and procedures and works collaboratively with multiple departments and partners following prescribed policies.
  • Regularly interacts with team members, policyholders and agents to achieve individual and team goals. Maintains appropriate interactions with persons both within the organization and externally
  • Stays apprised of audit rules and regulations and assists in educating policyholders.
  • Demonstrates an understanding and willingness to learn the various basic fundamentals of insurance finance.
  • Leads by example showing professionalism to internal and external customers. Maintains appropriate interactions with persons both within the organization and externally. This includes, but is not limited to, covering for other team members when they are absent, being respectful of others, and the ability to successfully resolve conflict. Constructively works with team members and others in the Company when service and business improvement opportunities are identified. Shares thoughts and ideas in team meetings and pushes team members to perform at a high level.
  • Completes reports, activity logs, expense reports, and other required documentation in an accurate and readable form and on a timely basis.

What We'll Love About You
  • Bachelor's degree in finance, accounting, insurance or related field, preferred; or 4 years of suitable work experience.
  • Two or more years' of auditing experience; workers' compensation and/or property casualty preferred.
  • Underwriting experience in either a property/casualty or worker's compensation insurance company is a plus.
  • Knowledge of MWCIA, NCCI, WCRB and state applicable workers' compensation rules is a desirable.
  • Excellent customer service/interpersonal skills.
  • Ability to identify routine sources of audit information.
  • Good math skills and strong knowledge of accounting practices.
  • Strong negotiation skills and ability to effectively resolve conflict.
  • Strong verbal and written communication skills and ability to interact with a variety of people.
  • Ability to make decisions and exercise independent judgment.
  • Proficient in MS Office software applications (Excel, Word, etc.).
  • Excellent time management and organizational skills.
  • Must be self-motivated able to work well within a team or individually.
  • A valid driver's license with an acceptable motor vehicle record.
  • Ability to work a non-standard work schedule if needed, and travel overnight.

Physical Requirements

Regular attendance is required. Work takes place in a semi paperless environment within an office setting, using standard office equipment such as computers, phones, and photocopiers, which requires being stationary for extended periods of time. While performing the duties of this job, the employee is regularly required to talk or hear, and maintain concentration and focus. The employee frequently is required to stand; walk; use hands and fingers, handle or feel; and reach with hands and arms and work with close vision. This position requires the ability to occasionally lift office products and supplies, up to 20 pounds. Work is performed indoors with little to no exposure to extreme outdoor weather conditions. Travel as needed.

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The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

SFM is unique in that we are small enough that your voice is heard, but has all the benefits and perks of a larger employer. We value your opinion, help you reach your goals, and make it easy for you to maintain work-life balance. Find out why our employees rate us a top employer and choose to stay and grow with us. Find out why SFM employees have stuck around for 30+ years!

About SFM

Since 1983, our mission has been to be the workers' compensation partner of choice for agents, employers and their workers. In that time, we've expanded to a little over 20,000 customers in the Midwest and grown our offerings to include vocational rehabilitation, safe patient handling, loss prevention, medical services and more. Though much has changed through the years, our focus continues to be unrivaled customer service, safety, and providing better outcomes for employers and injured workers.

SFM Mutual Insurance Company and each of its parent companies, subsidiaries and/or affiliated companies are Equal Opportunity/Affirmative Action Employers. All employment decisions are made without regard to race, color, religion, sex, national origin, age, sexual orientation, marital, familial, or veteran status, medical condition or disability, or any other legally protected classification.

SFM Companies, EEO/AA Employers. SFM is a participant of E-Verify
Employer SFM Companies (SFM Mutual Insurance)

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