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