What does a Premium Auditor do?
Premium auditors ensure insurance companies’ financial operations are conducted properly and adhere to policies and regulations. They work in the insurance industry with a concentration on premiums or the price a consumer pays for their insurance coverage. They audit insurance companies’ financial records and operations and analyze the information to detect potential fraud and ensure companies follow laws and regulations.
Premium auditors also ensure the insurance company's financial statistics are accurately gathered and recorded so that rates can remain objective and that a reasonable rate structure has been developed. They may also inspect an insured company's payroll and tax records and the premises and day-to-day business operations and conduct quality control within the industry regarding interactions between companies and their clients. Premium auditors need a bachelor's degree in accounting and certification through an organization including the National Society of Insurance Premium Auditors.
- Evaluate risk exposures, hazards and controls, and suggest necessary recommendations and improvements where needed.
- Provide technical classification support for underwriting and insurance agencies.
- Serve as a resource for underwriting, financial, risk control and claims departments.
- Evaluate physical premises, equipment, materials, work practices, and safety policies and programs.
- Work with management to develop loss control strategies that will have the greatest impact on company success measures.
- Provide loss control survey and consultative service to new and renewal business.
- Build and maintain productive relationships with underwriting, claims, marketing, policyholders and agents
- Conduct independent examinations of financial records of taxpayers that have unique or special audit features or anticipated accounting, tax law, or investigative problems.
- Review of insured's financial and accounting records which includes auditing of payrolls, revenues, auto fleet, subcontractors, per diems, etc.
- Review and resolve contested audits with agents, insureds, and support from underwriting.
- Develop business partnership and ambassador-type relationship with insured policyholders.
- Validate account operation information as part of underwriting process.
- Conduct research and data collection to help identify risk sources and potential loss.
- Manage difficult complex situations and or high impact internal and external relationship.
- Bachelor's Degree in business, accounting, or computer science.
- Strong command of English language and good communication skills.
- Proficient with Microsoft Office Suite, especially Excel.
- Strong leadership, time management, and critical thinking skills.
- Advanced understanding of risk assessments.
How much does a Premium Auditor make?
Premium Auditor Career Path
Learn how to become a Premium Auditor, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Premium Auditor Insights
“I have a great manager that knows what he is talking about and knows how to manage without micromanaging.”
“personal and professional and give you tools to grow professionally.”
“Good good good good good”
“Great work and life balance”
“Low salary and nothing more.”
“Salary reviews have been above my expectations every year!”
“Great people to work with”
“Great people to work with”
Premium Auditor Interviews
Frequently asked questions about the roles and responsibilities of a Premium Auditor
- Internal Auditor
- It Auditor