Job Application - World Insurance Associates

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Producer Commissions Accountant - Edison, NJ

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Position Summary

World Insurance Associates, LLC. is looking to hire a Producer Commission-Accountant. You will report into our Director of Financial Reporting.


Primary Responsibilities

  • Review producer and administrative commission as reported by our agency management system and other agencies when not fully integrated.
  • Monthly admin/brokers/others - Run reports, review accuracy/ appropriate to ensure the rates and calculations are in line with Company standards and/or agreed upon amounts
  • Quarterly draw recs for producers - Run reports, review accuracy/ appropriate to ensure the rates and calculations are in line with Company standards/employment agreements
  • Provide reviewed amounts to payroll for payment
  • Prepare analysis as requested by management
  • Prepare periodic Earnout calculations,
  • Ensure proper onboarding and offboarding related to commissions.
  • Issue preliminary producer commission statements to employees for review
  • Prepare final commission statements on monthly basis for:
  • Preparation includes confirming accuracy of commission rates per Admin Comp policy, broker agreements, offer letters or employment agreements
  • Provide payroll (or A/P) with payment information on timely basis
  • Field inquiries from all commission recipients including investigation into “missing” commissions, revised rates, shared business, etc.
  • Create General Ledger accounts for producers with draw agreements.
  • Reconcile Draw Accounts to Producer General Ledger accounts/production reports on a quarterly basis or as requested by management.
  • Prepare reconciling journal entries
  • Review of Asset Purchase Agreements to determine optimal producer profile requirements
  • Review producer & broker commission reports to ensure the accuracy of rates and compliance with commission agreements
  • Review producers & brokers book of business after conversion for accuracy of rates & codes
  • Update producer commission defaults per changes to employment agreements


Qualifications

  • Bachelor's Degree
  • Required Minimum of 5 years' experience in accounting, insurance industry
  • Computer/Software Skills
  • Required Proficient in accounting software and Microsoft Office Suite or related software
  • Essential Skills/Competencies
  • Excellent verbal and written communication skills
  • Thorough understanding of accounts payable functions
  • Excellent supervisory and analytical skills
  • Excellent organizational skills and attention to detail
  • Ability to motivate staff