Commercial Underwriting Auditor (Johnston, RI)

 Commercial Underwriting Auditor

AIPSO is a management organization and service provider for various insurance industry groups responsible for administering the residual market. We are a national organization that serves local customer needs. Centralization and standardization are key to many AIPSO services because of the inherent economies of scale and other efficiencies. However, our organization is based on customer focus and recognizes the need for flexibility in serving customer groups with diverse interests.
www.aipso.com

Position:
Temporary/Contract Role – Commercial Underwriting Auditor
*Individual will be paid through Volt - a third-party vendor

Essential Duties & Responsibilities:
• Availability to participate on commercial underwriting compliance audit testing for the duration of the audit,
  which may be between 22 and 80 hours, depending on the sample of transactions, with testing to be
  conducted during the standard business week and hours.
• Audit assignments may range between 1 and 8 per year and are typically scheduled during the months of
  February through early December, with no more than 2 assignments per month.
• Reviewing selected commercial new business, endorsement, renewal, cancellation transactions for
  compliance with residual market automobile insurance commercial underwriting standards and state-
  specific requirements or industry best practices.
• Some specific standards under review may include timely and accurate reporting of the transaction to the
  central processor, and as applicable to the transaction type, compliance with eligibility, coverage, policy
  issuance, policy limits, exposure information, classifications, rating, experience rating, gross
  receipts/composite rating, surcharges, forms and documentation, commission paid/returned, premium billing
  and payment, cancellation method and premium calculation, filings (and cancellation of).
• Ability to rate, on a sample basis, multi-vehicle policies for accuracy in premium development.
• Following up, through inquiry, with the servicing carrier, for additional evidential support or explanation of
  non-compliant transactions or activity.
• Ability to review data to evaluate the overall underwriting and rating processes within each transaction
  tested and identify potentially suspicious activities that may warrant SIU referral.
• Reviewing the underwriting transactions through limited access to the servicing carrier’s policy
  administration and/or imaged documentation software and completing the test results in Excel
  spreadsheets.

Education: Bachelor's degree (BA/BS) from a four-year college or university majoring in Accounting, Finance or Business Administration preferred.

Experience:
Prior experience in commercial underwriting.

Skills/Knowledge:
• Proficiency in navigating the already prepared spreadsheets and tabs in Excel and entering the audit
  attribute responses in the appropriate cell, including calculations for testing, where required.
• Proficiency in the applicable automobile insurance commercial underwriting practices and industry
  standards.
• Strong analytical skills.
• Attention to detail is required to capture the audit responses in support of the testing.
• Effective verbal and written communication skills are required to communicate the identified audit findings,
  the standard, and remedial recommendations.

Salary Range: $40/hour, plus reimbursement of travel expenses (lodging, meals, commute), as applicable. Candidates may work remotely from home, with the use of an AIPSO-issued laptop. In such instances, travel expenses will not be incurred or reimbursed. If the candidate lives locally to the Johnston, Rhode Island office, he/she may be requested to come into the office to conduct the audit testing onsite. In these instances, qualifying mileage and meal expenses will be reimbursed, in addition to lodging, depending on the commute distance.
AIPSO is an equal opportunity employer.  To this end, all employment related decisions are made on a non-discriminatory basis and in full compliance with federal, state, and local laws prohibiting discrimination in employment.

This is a non-management position