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Position Summary
The Claims Accounting team is seeking a candidate for a Senior Accountant position. This role is responsible for overseeing key financial processes including deductible validation, account setup coordination, and daily cash transfers to TPAs and MGAs. The Senior Accountant will also maintain sub-ledgers for paid losses, recoveries, and escrows, ensuring accuracy and alignment across Claims, Treasury, and Finance teams.
Job Responsibilities
- Oversight of Pierced Claim/Deductible process which will include analytical work to ensure that claims identified by a TPA/MGA have, in fact, pierced a policy deductible and have entered into ARCH’s layer for payment.
- Oversight of New Account set-ups which will include the verification and coordination between TPA, Claims, Accounts Payable, Treasury and Claims Finance teams.
- Daily cash transfer to Third Party Administrators (TPAs) and Managing General Agencies (MGAs) utilizing a web-based banking product and an internal verification process developed in-house.
- Maintenance of the Paid Loss, recovery and escrow sub-ledgers to track the daily payments made to the various TPAs/MGAs throughout the month, including clearing out the sub-ledgers following data transfers and acceptance of recoveries by other divisions.
- Analyze, reconcile and verify accurateness between ARCH Funding and Recovery detail to electronic monthly data reporting received from our various Third Party Adjusters and Managing General Agencies (TPA/MGAs).
- Assistance with various other projects, such as, service fee analysis, abandoned property work and internal/external audit compliance assistance, Sarbanes Oxley, etc.
- Collaborates with other departments and/or external service providers to ensure all transactions have been properly recorded on a timely manner.
- Provides assistance, reconciliations, account activity explanations, and other support as required for internal and external auditors.
- Performs various analysis on a monthly/quarterly basis to present results to senior management.
- Design, improve and document processes and flowcharts.
- Performs research on technical accounting matters.
- Performs ad hoc analysis and projects as needed.
Required Skills/Experience
- This position requires excellent analytical skills and a self-motivated individual.
- Knowledge of Statutory Accounting Principles a plus but not required.
- Ability to understand and apply standard practices and procedures.
- Advanced knowledge of financial applications.
- Skilled in identifying and resolving moderately complex accounting issues.
- Excellent communication and interpersonal skills needed to multi-task and work with various departments both internal (Accounting, Treasury & I.T.) and external (TPA’s/MGA’s).
- Strong time management and organizational skills with the ability to consistently meet deadlines.
- Strong analytical and problem solving skills.
- Ability to work collaboratively with others within the department and across the Company.
Education & Experience
- Bachelor’s degree in Accounting or related fields
- 5 plus years insurance accounting experience.
- Background with P&C insurance, Claims and/or Third Party Adjustment oversight considered extremely helpful for this position.
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For individuals assigned or hired to work in the location(s) indicated below, the base salary range is provided. Range is as of the time of posting. Position is incentive eligible.
$72,000 - $97,000/year
Total individual compensation (base salary, short & long-term incentives) offered will take into account a number of factors including but not limited to geographic location, scope & responsibilities of the role, qualifications, talent availability & specialization as well as business needs. The above pay range may be modified in the future.
Click here to learn more on available benefits.
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14400 Arch Insurance Group Inc.
