What is a Premium Auditor Job?
A premium auditor job is a specialized position in the insurance industry. The role of a premium auditor is to verify the accuracy of the premiums paid by policyholders. This is done by examining the policyholder's records and financial information to ensure that they have paid the correct amount of premiums based on their coverage. Premium auditors may work for insurance companies, independent audit firms, or as self-employed consultants.
What Usually do in This Position?
In this position, a premium auditor will typically review a policyholder's financial records, such as their payroll and tax information, to determine the appropriate premiums that should have been paid. They will also examine any relevant documentation related to the policy, such as certificates of insurance and policy endorsements. The auditor will then compare the information gathered to the policy terms to determine if the premiums paid are accurate. If discrepancies are found, the auditor will work with the policyholder to correct them and ensure that the correct premiums are paid.
Top 5 Skills for Position
- Attention to detail
- Analytical thinking
- Communication skills
- Time management
- Knowledge of insurance policies and regulations
How to Become this Type of Specialist?
To become a premium auditor, you will typically need a bachelor's degree in a related field, such as accounting or finance. Many employers also require experience in the insurance industry or in auditing. Certification as a premium auditor may also be required or preferred, such as the Certified Insurance Premium Auditor (CIPA) designation offered by the Insurance Auditors Association.
Average Salary
According to payscale.com, the average salary for a premium auditor in the United States is around $55,000 per year. However, salaries can vary widely depending on factors such as experience, certification, and location.
Roles and Types
There are several different types of premium auditor roles, including:
- Field Auditor: travels to policyholder locations to conduct audits
- Desk Auditor: conducts audits remotely from an office
- Premium Audit Supervisor: manages a team of auditors and oversees the audit process
- Consultant: works independently as a consultant to provide audit services to various clients
Locations with the Most Popular Jobs in USA
According to the Bureau of Labor Statistics, the states with the highest employment levels for insurance appraisers, examiners, and investigators (which includes premium auditors) are California, Texas, Florida, New York, and Pennsylvania.
What are the Typical Tools?
Premium auditors typically use a variety of tools and software to perform their job duties, including:
- Spreadsheet software (such as Microsoft Excel) to organize and analyze financial data
- Auditing software (such as InspectNet) to conduct audits and generate reports
- Communication tools (such as email and video conferencing) to communicate with policyholders and other stakeholders
In Conclusion
A career as a premium auditor can be a rewarding and challenging position for those with a strong analytical mindset and attention to detail. With a degree in a related field, certification, and experience in the insurance industry or auditing, you can begin a fulfilling career in premium auditing. Salaries can vary based on experience and location, but the demand for experienced and qualified premium auditors is expected to remain strong in the coming years.