What are the responsibilities and job description for the US Insurance Brokerage Accounting Specialist position at Lockton?
Your Responsibilities
Responsible for Insurance Brokerage Accounting (IBA) activities. An Insurance Broker is an intermediary who sells,
solicits, or negotiates insurance with an insurer on behalf of their client (insured) for compensation. IBA is the
accounting transactional Team that ensures client monies are accurately and timely applied to Agency Bill
(fiduciary), Direct Bill, or Fees. IBA also ensures client fiduciary monies are remitted accurately and timely to
insurers. In FY24, the US IBA Team processed over $14 billion dollars in cash transactions. The Associate should
have the ability to work and operate effectively within a fast-paced, complex, and dynamic organization.
Responsibilities include:
Responsible for Insurance Brokerage Accounting (IBA) activities. An Insurance Broker is an intermediary who sells,
solicits, or negotiates insurance with an insurer on behalf of their client (insured) for compensation. IBA is the
accounting transactional Team that ensures client monies are accurately and timely applied to Agency Bill
(fiduciary), Direct Bill, or Fees. IBA also ensures client fiduciary monies are remitted accurately and timely to
insurers. In FY24, the US IBA Team processed over $14 billion dollars in cash transactions. The Associate should
have the ability to work and operate effectively within a fast-paced, complex, and dynamic organization.
Responsibilities include:
- Reconcile direct bill commissions to agency management system(s)
- Resolve unapplied carrier and client monies received.
- Reconcile fiduciary payments to insurers.
- Remit return premiums to clients.
- Reconcile multi-entity client payments for large insurance placements.
- Review and provide timely feedback to GFSC (Global Finance Service Center).
- Meet all deadlines in accordance with the dates set by management.
- Ensure compliance with all accounting department policies and procedures.
- Suggest new process improvements.
- Complete special projects as requested.
- Participate on project teams focused on accounting or organizational initiatives.
- Professional behavior: Represents the company in a reputable, ethical, and businesslike manner and complies with company operating procedures and requirements.
- Ability to remain engaged and focused. Excellent communication skills. Ability to problem-solve.
- Attention to detail and accuracy a must.
- Must be proactive with strong customer service skills, critical thinker, problem solver, able to be resourceful, organized, and detail & team oriented.
- Proficiency with computers and Microsoft Excel, Word, and Outlook.
- Ability to handle various tasks simultaneously under high pressure and within demanding time constraints.
- Consistently reports for work as scheduled, on-time and ready/able to perform job responsibilities.
- Proven ability to interact with all individuals within the organization and be able to communicate information to customers and vendors.
- Discipline to follow Standard Operating Procedures.
- Team player able to build trust and prove dependability.
- Aptitude to be cross-trained and contribute.
- Bachelor’s degree in Business/Accounting/Finance/Insurance/Technology or equivalent education/experience
- Insurance industry experience preferred
- Strong technical ability including advanced Excel skills
- Able to prioritize heavy, time sensitive workloads with the ability to meet aggressive deadlines
- High degree of professional communication and tactful negotiation skills with the personal presence to interface with all levels of associates
