Carrier Payables Specialist

2 weeks ago

Toronto, Ontario, Canada Purves Redmond Limited Full time

The Carrier Payables Specialist is responsible for managing financial transactions between brokerage and insurance carriers. This includes ensuring the accurate and timely processing of carrier statements, commission payables, and premium remittances, in compliance with internal controls and carrier agreements. The role requires strong analytical skills, exceptional attention to detail, and experience in accounting or financial operations within the insurance industry. This position also ensures our records reconcile to the carrier statements and provides back-up support for vendor and tax payments.

Key Accountabilities

  • Review and reconcile monthly carrier statements to ensure accuracy of premiums, commissions, and adjustments
  • Prepare and issue carrier payments in accordance with contractual terms and company policies
  • Validate policy, premium, and commission data between agency management systems and carrier statements
  • Research and resolve billing discrepancies, overpayments, or missing transactions in collaboration with carriers and internal teams
  • Maintain accurate records of carrier payments, balances, and reconciliations; assist in preparing financial reports for management
  • Act as a liaison between accounting, operations, and carrier representatives to ensure smooth payment and reconciliation processes
  • Adhere to internal accounting controls, audit requirements, and regulatory standards related to carrier funds
  • Identify opportunities to improve efficiency and automation within the carrier payables workflows and processes
  • Validate first-time payments to ensure remittance details are accurate and secure
  • Provide coverage for other payment functions within the accounting department as required
  • Perform other analysis or tasks assigned

Experience Requirements

  • College or bachelor's degree in accounting, Finance, or related field (bachelor's preferred)
  • Minimum 1 year of experience in accounts payable, insurance accounting, or financial reconciliation
  • Experience in an insurance brokerage or MGA environment strongly preferred
  • Solid understanding of accounting principles related to invoicing, payments and reconciliations
  • Proficiency with Applied EPIC or other broker management systems, highly preferred
  • Advanced Excel skills required (Pivot Tables, VLOOKUP, SUMIF, etc.)
  • Strong organizational and time-management skills
  • Excellent communication and interpersonal skills

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