Reconciliation Analyst

Who We Are:

NFP, an Aon company, is a multiple Best Places to Work award winner in Business Insurance. We are an organization of consultative advisors and problem solvers. We help companies and individuals around the globe address their most significant risk, workforce, wealth management and retirement challenges through custom solutions and a people-first approach. To learn more, please visit: https://www.NFP.com.

Summary:

Compiles and analyzes financial information for PPI, including premiums collected, broker commissions paid, and fees earned. Utilizes various information systems, databases, and technology tools in preparing, analyzing and reporting information related to assigned areas. In support of each assigned area, ensures that data has been recorded accurately, reconciles discrepancies, conducts analysis, creates reports, develops projections, and communicates findings to management.

Performs a variety of complicated tasks, often with conflicting priorities and deadlines. Relies on experience and judgment to plan and accomplish these tasks. Takes on special projects as needed.

ESSENTIAL FUNCTIONS:

The Reconciliation Analyst will be asked to focus on one or more of these Essential Functions, such as the Premium Reconciliation function described below. The employee will be trained, and may provide backup, on the other essential functions of this position.

Premium Reconciliation

• Compile and analyze premium information for assigned carriers and perform accurate reconciliations of client accounts.
• Perform assigned accurate carrier reconciliations within required timeframes.
• Utilize information systems, databases and technology tools in preparing, reporting and analyzing carrier premiums.
• Use reporting tools to reconcile carrier premiums with premium data provided by the carrier.
• Identify, investigate and reconcile premium discrepancies.
• Provide instructions to PPI staff when adjustments are needed to support premium reconciliation.
• Develop carrier contacts and relationships that facilitate timely resolution of premium issues.
• While performing ongoing premium reconciliations, identify and document procedural and systematic recommendations to improve efficiency and quality.
• Manage workload to ensure that carrier deadlines are met.
• Escalate ongoing premium issues to management, as needed.
• Follow up until premium discrepancies are resolved. Provide ongoing updates to management. Seek assistance as needed.
• Perform entry, reconciliation, and other job-related duties and special projects as needed.

Revenue Audits

• For each account, verify compensation to be paid and the source of that payment.
• Compare system allocations to actual payments, and identify and reconcile all discrepancies
• Pursue and collect outstanding carrier payments. Escalate ongoing payment issues to leader, as needed.
• Develop carrier contacts and relationships that facilitate timely resolution of payment issues.
• Pursue outstanding carrier payments, correct allocations, update documentation and resolve discrepancies.
• Follow up until compensation issues are resolved. Provide ongoing updates to leaders, seek assistance as needed.

Broker Commissions

• Perform monthly commission processing and ensure accuracy with commission payments.
• Manage commission workload to ensure that due dates are met.
• Research and answer commission related questions, research payment issues, recommend solutions and provide superior service to brokers. This includes both commissions paid by PPI and commissions paid by carriers.

Special Projects

• Take on special projects, as directed by management.
• Assist in the development of business requirements for IT development projects.
• Define and refine procedures, identify, and implement process improvements.
• Develop and manage assigned projects and complete assignments within deadlines.

REQUIREMENTS:

• Provide prompt, courteous, and excellent service at an acceptable cost to all customers and operate in accordance with State and Federal law, the company’s Statement of Business Practices, Affirmative Action, Diversity and other standards.
• Bachelor’s degree or equivalent work experience.
• This position deals extensively with financial data, including carrier premiums, broker commissions and PPI revenue. This information is considered confidential and proprietary, and requires both care and discretion. Accuracy and attention to detail are required skills, as is the ability to protect confidential information.
• Must have planning, organizational, problem-solving and time management abilities.
• Strong oral and written communication skills are required.
• Must have excellent math and analytical skills, as well as strong word processing, spreadsheet, and database skills.
• Must be self-directed, accurate and detail oriented. May rely on instructions and pre-established guidelines to perform core functions, but is expected to operate independently, think creatively, and recommend enhancements to policies and procedures.

What We Offer:

We're proud to offer a competitive salary, PTO & paid holidays, 401(k) with match, exclusive discount programs, health & wellness programs, and more. Our PeopleFirst culture focuses on building and nurturing lifelong relationships with our employees because, at the end of the day, we exist to be there for others. The base salary range for this position is $52,000.00 – $75,000.00. The base salary offered will be determined by factors including, but not limited to, experience, credentials, education, certifications, skill level required for the position, the scope of the position, and geographic location. Actual base salary offered will be determined on a case-by-case basis. In addition to the base salary, this position may be eligible for performance-based incentives.

NFP and You... Better Together!

NFP is an inclusive Equal Employment Opportunity employer.