Job Scope:
The Credit and Payments Specialist will oversee the end-to-end management of premium collections, credit control, payment reconciliations, and operational efficiency in financial transactions within the insurance domain. This role requires close collaboration with internal teams, clients, and third-party service providers to ensure accurate and timely processing of payments while maintaining compliance with financial and regulatory standards.
Key Responsibilities:
Credit Management:
- Monitor and manage outstanding premiums and accounts receivable to minimize delinquency and improve cash flow.
- Conduct regular credit reviews of clients and brokers to assess financial health and creditworthiness.
- Implement and maintain robust credit control policies and procedures aligned with company guidelines.
- Liaise with sales, underwriting, and customer service teams to resolve disputes or queries impacting payments.
Payments Management:
- Oversee the processing of incoming premium payments via various methods.
- Ensure timely allocation of payments to corresponding policies and accounts, resolving discrepancies promptly.
- Manage refunds and other adjustments in line with company policies.
Reconciliation and Reporting:
- Perform daily, weekly, and monthly reconciliation of accounts to ensure accuracy between systems, bank statements, and ledger entries.
- Prepare and present regular reports on credit aging, collections performance, and payment trends to senior management.
- Identify and escalate significant payment or credit risks to the finance and risk management teams.
Compliance and Process Improvement:
- Ensure all credit and payment activities comply with internal controls, accounting standards, and regulatory requirements.
- Identify inefficiencies in payment and credit processes and recommend improvements or automation opportunities.
- Support audits by providing accurate records and documentation of payment and credit transactions.
Stakeholder Collaboration:
- Act as a point of contact for resolving complex payment or credit issues.
Job Qualifications:
- Bachelor’s Degree in Finance, Accounting, Business Administration, or a related field.
- 5 years of experience in credit control, payments management, or financial operations, preferably in the insurance industry.
- Knowledge of regulatory requirements related to insurance payments and financial transactions.
- Excellent knowledge of insurance operations, particularly premium collection and payments.
- Proficiency in financial systems, payment gateways, and reconciliation tools.
- Analytical mindset with attention to detail and the ability to interpret financial data.
- Problem-solving ability to address payment discrepancies or credit issues effectively.
Interested candidates can click apply for more information.
** We regret to inform that only shortlisted candidates will be notified. **
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Rallonza Bernice Mae Nocum | EA License No. 02C3423 Personnel | Registration No. R1442141
