Insurance Contracting

3 days ago

Mississauga, Ontario, Canada Om Financial Inc. Full time

Job Title

Insurance Contracting and Compensation Administrator

Department

Operations / Contracting & Commissions

Position Summary

The Insurance Contracting and Compensation Administrator is responsible for managing producer ( advisors) and carrier ( Insurance company) contracts, maintaining compensation schedules, and ensuring accurate setup and ongoing administration of commissions and overrides. This role supports internal teams, contracted agents, and carrier ( Insurance Company) partners by ensuring compliance, accuracy, and efficiency across contracting and compensation processes within the MGA.

Key Responsibilities related to Contracting Administration

  • Coordinate and administer producer (agent/broker) contracting with Insurance Companies, including onboarding, renewals, amendments, and terminations of contracts.
  • Ensure all required licensing, appointments, E&O coverage, and compliance documentation are received, reviewed, and maintained
  • Manage carrier appointment requests and maintain accurate carrier contracting records
  • Maintain organized, up-to-date electronic contract and compliance files
  • Serve as a point of contact for producers regarding contracting status and requirements

Compensation & Commission Administration

  • Set up, maintain, and update commission schedules, overrides, and bonus arrangements in commission systems
  • Ensure accurate mapping of compensation agreements to producers, agencies, and carriers
  • Review commission statements for accuracy and resolve discrepancies with carriers and internal teams
  • Support commission audits, reconciliations, and adjustments as needed
  • Assist with producer compensation inquiries and issue resolution

Cross-Functional Support

  • Collaborate with sales, and compliance teams to ensure seamless onboarding and compensation flow
  • Assist with process improvements, system enhancements, and documentation of procedures
  • Provide administrative support related to producer services and operational initiatives

Qualifications Required

  • 2+ years of experience in insurance operations, contracting, commissions, or producer administration
  • Knowledge of MGA, brokerage, or carrier contracting and compensation structures
  • Strong attention to detail and accuracy
  • Proficiency with commission systems, CRM platforms, and Microsoft Excel
  • Ability to manage multiple priorities and meet deadlines

Preferred

  • Experience working in an MGA or wholesale brokerage environment
  • Familiarity with insurance licensing and appointment requirements
  • Experience with commission reconciliation or accounting coordination
  • Associate or bachelor's degree in business, finance, or a related field
  • LLQP License is preferred.

Skills & Competencies

  • Excellent organizational and documentation skills
  • Strong written and verbal communication
  • Analytical and problem-solving abilities
  • High level of discretion when handling sensitive compensation data
  • Ability to work independently and collaboratively in a fast-paced environment

Work Environment

  • In person office position, ( Monday to Friday, 9am to 5:30pm , with 30 min lunch break).

Job Types: Full-time, Permanent

Pay: $43,000.00-$65,000.00 per year

Work Location: In person

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