The Director, Premium Audit is responsible for the strategy, leadership and management of the Premium Audit and Comp-As-You-Go ("CAYG") teams. This position, in coordination with finance and underwriting leadership, will oversee timely, accurate, and consistent regulatory adherence for classification of premium and covered employees and consistency in service and quality of audits performed. Primary responsibilities include analysis of trends and data in premium audit for management and underwriting leadership, service to agents and policyholders and forward-looking opportunities for process improvement. The premium audit department is responsible for the ultimate accuracy of payroll data submitted through agents and policyholders, both in terms of amount of payroll and proper classification of employees in adherence with NCCI and independent rating agency rules and regulations.
- Leads and develops premium audit and CAYG leadership in service to MEMIC Group strategic initiatives pertaining to premium audit and CAYG, coordinates with other members of finance umbrella leadership, as necessary.
- Analyzes existing operations to determine relevant trends, opportunities and areas of improvement to enhance the efficiency and effectiveness of premium audit and CAYG teams.
- Direct and oversees premium audit team in supporting consent to rate, composite rates, audit noncompliance charges, large or complex multi-state or other audits, as necessary.
- Oversees premium audit and CAYG departments with the proper workers’ compensation classification of policyholders.
- Direct enterprise risk management by monitoring and updating risks and controls and direct vendor management oversight and periodic due diligence for applicable vendors for the premium audit and CAYG teams.
- Direct oversight of audit and endorsement opportunities in audit and CAYG with underwriting leadership, follow up as necessary, recommend process changes as necessary for timely and accurate audits, noted payroll trends of interest to underwriting leadership.
- Direct operating budget and staffing requirements and review monthly, direct required and ad hoc required reporting to CFO and underwriting leadership with required follow up as necessary.
- Oversees screens expirations/test audits/cancellations for proper disposition and quality to the applicable agencies and oversees that documentation around compliance, laws, rules and regulations pertaining to premium audit and CAYG for the MEMIC Group.
- Oversees/conducts field audits on sensitive & large accounts as needed or requested by underwriting leadership.
Requirements:
- Bachelor’s degree preferred. Minimum of 8 years’ experience in premium audit required. Minimum of 2 years in a supervisory role required.
- Must have a thorough understanding of the premium audit function with knowledge of insurance coverage’s, rating and classification procedures.
- Must be thoroughly knowledgeable and conversant with the National Council on Compensation Insurance and independent rating agencies regulatory guidance.
- Ability to provide strong leadership and a positive image and effectively lead and direct to accomplish corporate goals.
- Proficient in Microsoft Office (Word, Excel and PowerPoint).
- Proven ability to manage a team effectively.
- Strong organizational skills, attention to detail and the ability to multitask.
- Strong written and verbal communication skills a must.
Our comprehensive benefits package includes all traditional offerings such as:
- Health Insurance options, Dental Insurance options and Vision Insurance
- Employee Life Insurance/AD&D and Dependent Life Insurance options
- Short-term & Long-term Disability
- Health Savings Account with potential employer match
- Flexible Medical and Dependent Care Account
- Accident Insurance
- Critical Illness Insurance
- Employee Assistance Program
- Legal/Identify Theft Insurance options
- Long Term Care Insurance
- Pet Insurance
- 401 (k) Retirement Plan with match up to 5%, plus profit sharing & discretionary contributions (subject to vesting)
- 5 weeks of Paid Time Off (PTO)
- 7 paid holidays
We also offer other benefits to help foster a healthy, balance lifestyle such as:
- Flextime schedules
- Paid Parental Leave
- Student loan paydown and refinancing assistance
- Educational assistance for job related courses, seminars, certifications or degrees
- One paid day every year to volunteer for your non-profit of choice
- On-site fitness center (Maine & Virginia) or fitness reimbursement
- Subsidized parking
- Sit-Stand desks & daily stretch breaks
MEMIC is committed to a policy of nondiscrimination and equal opportunity for all employees and qualified applicants without regard to race, color, religious creed, national origin, ancestry, age, disability, genetics, gender identity, veteran's status, sexual orientation, or any other characteristic protected by law. MEMIC is an equal opportunity employer encouraging diversity in the workplace.
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Last updated on Dec 19, 2023