Collections Analyst Jobs

As a Collections Analyst, you will play a crucial role in ensuring timely payments from clients and resolving delinquent accounts. You will analyze financial data, monitor accounts, and communicate with customers to settle outstanding balances. The job market for Collections Analysts is competitive, with good opportunities for career growth. The average salary range is between $40,000 to $60,000 per year. To excel in this role, you need strong analytical skills, attention to detail, and excellent communication abilities. Knowledge of accounting software and proficiency in Excel are valuable assets. Balancing work life in a fast-paced finance environment is key, but the job offers stability and a chance to make a positive impact.

About this role

Job Description

The Collections Analyst will be responsible for analyzing policy premium balances and the timely collection of outstanding premiums within our Open Brokerage Finance Team. In this position, you will be assigned a group of captive accounts to manage. This role will have interactions with Program Administrators, Brokers, Insureds, Underwriters and other members of the finance team.

Responsibilities:

· Communicating outstanding premium balances to brokers

· Issuing cancellation notices for non-payment of premium

· Reconciliation of outstanding balances

· Troubleshoot discrepancies involving premium, commission and payment differences

· Requesting disbursements for return premium balances

· Unapplied cash resolution

· Direct Collection of outstanding final audit balances to insureds

· Maintain proper account of collection efforts

· Work to clarify the resulting final audit and remove any doubt the insured may have disputing the amount owed

· Provide Collection Agency Support preparing and submitting account documentation necessary for direct collection

· Provide Legal Support by compiling account documentation necessary for litigation

· Special projects and system user acceptance testing as needed

Qualifications

· Strong reconciliation, analytical and business problem solving skills

· Strong interpersonal and organizational skills

· Excellent written and verbal communication skills

· Ability to work well independently and as part of a team

· Ability to work on several tasks simultaneously

· Attention to detail

· Understanding of Captives and/or Reinsurance business are a plus

Additional Information

· Bachelor’s degree – preferably in Accounting or Finance

· 4 – 6 years Insurance experience preferably finance, collections or premium audit collections

· Advanced knowledge of Microsoft Office products

· Experience with Cognos, Power BI, Great Plains, or Alteryx are a plus