Premium Reconciliation Officer

Objective and Responsibilities of the Role
The team’s objective is to ensure all due premiums are received, reconciled, and reported in time, to ensure profitability and minimize the Company’s exposure to capital adequacy risks.
The Job function cut across the reconciliation of premium inflows and each client’s premium account position, pursuing, and recovering due premiums, monitoring, and controlling access to care in cases of delayed premiums, and working with the BD team to ensure that corporate clients are well informed of every price change. The team would also work with the Finance team to properly age pending receivables.
The job function will largely depend on the systems integrations and would work closely with the IT team for proper reports integration.

Job Grade Level: Analyst
Location: Lagos/Assigned Location

REPORTING RELATIONSHIPS:
Reports To: Head, Underwriting and Risk Management
Supervises: Intern if required/available

Other Relationships (Internal & External)
Business Development, Enrolment, Claims, Customer Care, Finance, Care Providers, Underwriting, Technology, Call Centers

KEY ACCOUNTABILITIES/ RESULT AREAS

RESPONSIBILITIES
Business Analysis:
▪ Conduct daily reviews of all premium collection channels to ensure that all premiums received are properly reconciled and
applied to the policies.
▪ Own and ensure data accuracy and alignment between the data held by the underwriting, BD, and Finance teams.
▪ Oversee the billing and invoicing process to ensure policyholders receive accurate and timely invoices and premium statements.
▪ Generate and analyze reconciliation reports regularly, and highlight discrepancies, trends, or imminent issues that may require attention.
▪ Ensure full automation of all invoicing and renewal processes.
▪ Manage communications with the clients when premiums are owed to limit our claims exposure.
▪ Support the Audit teams in providing accurate and detailed information related to premium reconciliations.

Others
▪ Thorough archiving and documentation of work and self-appraisal of work done to ensure that it is correct, complete, and logical.
▪ Any assigned projects within the company
▪ Drafting departmental procedure documents
▪ Preparation of other management information as required

KEY PERFORMANCE AREAS:
▪ Internal and external Customer Satisfaction Index
▪ Business Process Improvement/Alignment
▪ Process Time/output
▪ Process Quality

JOB REQUIREMENTS:
Education/Professional Qualification:
▪ Bachelor’s Degree in Actuarial Science, Insurance, Mathematics, Statistics, or a related field
▪ Intermediate knowledge of Microsoft Excel.
▪ Knowledge of VBA, Access, and R is a plus

Experience:
▪ 1-3 years’ experience in a related position.

KEY SKILLS & COMPETENCIES REQUIREMENTS:
Priority/Technical:
▪ Knowledge of the insurance industry, business, sales and claims processes, and provider operations.
▪ A developed understanding of all Bastion’s products applicable to the Unit and underwriting applications
▪ Ability to thoroughly investigate and ask questions when necessary to help pursue premium recoveries.
▪ Work with the Underwriting and Finance team to ensure data integrity and correctness.
▪ To manage own workload and proactively provide updates.
▪ Ability to Influence stakeholders/work closely with them to determine acceptable solutions.
▪ Strong Communication, Planning & Organizing skills.
▪ Analytical. Organizational & excellent documentation skills
▪ Experience in creating detailed business reports.
▪ Technology Savvy with strong MS Office Skills (Word, Excel, Outlook, Visio)
▪ Data & Business Analysis Skills
▪ Customer Service & Presentation Skills
▪ Problem Solving Skills
▪ Teamwork

Behavioural:
▪ Demonstrable track record of first principles thinking.
▪ Honest and ethical with high levels of integrity and confidentiality
▪ Be detail-oriented.
▪ Confident
▪ Innovative
▪ Excellent organizational, prioritizing, time management, and multi-tasking skills

FUNCTIONAL & LEADERSHIP COMPETENCIES PROFICIENCY PATH: