Premium Auditor

Overview

Responsibilities

• Examine employer payroll records and tax returns to verify total remuneration for workers' compensation policies.
• Review general ledgers and sales journals to determine exposure bases for general liability coverage.
• Interview policyholders to understand business operations and ensure correct NCCI or state-specific classification codes are applied.
• Prepare comprehensive audit reports that document findings and justify changes to the original premium estimate.
• Identify and report instances of potential fraud or intentional misrepresentation of business activities.
• Communicate audit results to underwriters to assist in future risk assessment and policy pricing.
• Collaborate with insurance agents and brokers to resolve disputes regarding audit findings or classifications.

Qualifications

• A bachelor's degree in accounting, finance, business administration, or a related field is typically required.
• Professional certification such as the Associate in Premium Auditing (APA) is often mandatory for career advancement.
• Demonstrated proficiency in interpreting complex insurance manuals and state-specific regulatory guidelines is essential.
• Advanced analytical skills and experience using specialized auditing software and spreadsheets are necessary.
• Strong communication skills are required for explaining technical audit adjustments to non-financial stakeholders.

Nice to have

• The Chartered Property Casualty Underwriter (CPCU) designation is highly regarded in senior roles.
• Previous experience in public accounting or internal corporate auditing provides a significant advantage.
• Familiarity with multi-state labor laws and diverse industry-specific accounting practices enhances performance.

Work environment

• The role involves a hybrid schedule, splitting time between a home office, corporate headquarters, and policyholder sites.
• Frequent local or regional travel is common to conduct on-site inspections and physical record reviews.
• Standard business hours are typical, though deadlines at the end of fiscal quarters may require additional time.
• Work is largely autonomous, requiring high levels of self-management and organization.
• The tools of the trade include portable scanning equipment, cloud-based auditing platforms, and comprehensive tax databases.

Benefits & growth

• Compensation often includes a base salary supplemented by performance bonuses tied to audit accuracy and volume.
• Travel expenses, including mileage reimbursement and per diems, are standard components of the package.
• Career progression typically moves from staff auditor to senior auditor, and eventually into audit management or underwriting.
• Professional development is supported through tuition reimbursement for advanced insurance designations and industry certifications.