Senior Premium Reconciliation Specialist

🏗 We're Hiring: Senior Premium Reconciliation Specialist
📍 Location: United Arab Emirates (Remote)
🕒 Employment Type: Full-Time
💼 Experience Level: Mid-Level to Senior
🌐 Work Arrangement: Fully Remote
About Us
We are a construction-focused organization committed to operational excellence, financial accuracy, disciplined contract management, and effective project delivery. Our distributed teams collaborate across Project Management, Construction, Engineering, Procurement, Commercial, Legal, Finance, Human Resources, Design, Quality, HSE, Consultants, Contractors, Suppliers, Logistics, Administration, Information Technology, and Executive Leadership.
We recognize the importance of accurate premium accounting, reliable financial records, and transparent reconciliation processes in maintaining strong financial controls. Through effective transaction matching, timely discrepancy resolution, and robust financial reporting, we aim to strengthen accountability, support informed decision-making, and maintain the integrity of our financial operations.
The Role
We are seeking an experienced Senior Premium Reconciliation Specialist to oversee and perform premium reconciliation activities across insurance policies, customer accounts, broker statements, insurer records, and internal financial systems. The successful candidate will investigate premium discrepancies, validate payments and allocations, reconcile outstanding balances, coordinate adjustments, and ensure that premium-related financial records are complete and accurate.
This role requires strong analytical skills, attention to detail, and a solid understanding of insurance premium accounting, receivables, payables, commissions, refunds, and financial control procedures. The Senior Premium Reconciliation Specialist will work closely with Finance, Insurance Operations, Underwriting, Claims, Brokers, Treasury, and external counterparties to resolve reconciliation issues and improve the efficiency of premium accounting processes.
Key Responsibilities1. Premium Reconciliation and Account Validation
Perform regular reconciliation of insurance premiums across internal accounting systems, insurer statements, broker records, customer accounts, and banking records.
Compare premium transactions, invoices, receipts, credit notes, debit notes, endorsements, and settlement records to identify discrepancies.
Verify that premiums recorded in financial systems agree with supporting documentation and approved policy terms.
Reconcile gross premiums, net premiums, taxes, fees, commissions, and other applicable charges.
Investigate differences arising from timing issues, incorrect allocations, duplicate transactions, missing entries, and inaccurate data.
Confirm that premium receipts and settlements are recorded against the correct policies, customers, brokers, and accounting periods.
Maintain complete reconciliation schedules and supporting evidence for all assigned accounts.
Ensure reconciliation activities are completed accurately and within established reporting deadlines.
2. Premium Receivables and Payables
Reconcile premium receivable balances between customer accounts, broker statements, insurer records, and the general ledger.
Validate premium payable balances and amounts due to insurers, reinsurers, brokers, and other relevant counterparties.
Monitor outstanding premium balances and identify overdue, disputed, or partially settled transactions.
Investigate unapplied cash, unidentified receipts, unallocated payments, and unmatched settlements.
Coordinate with Accounts Receivable and Accounts Payable teams to resolve allocation and posting issues.
Verify that premium settlements reflect agreed contractual terms, payment schedules, and approved adjustments.
Support the timely clearance of outstanding balances and aged reconciliation items.
Escalate material or long-standing discrepancies through established financial control procedures.
3. Broker and Insurer Statement Reconciliation
Review broker bordereaux, premium statements, insurer account statements, and settlement reports.
Match policy-level premium details against broker submissions and internal policy administration records.
Verify policy numbers, insured parties, coverage periods, premium amounts, commissions, taxes, and settlement references.
Identify missing policies, duplicate entries, incorrect premium amounts, and inconsistencies between counterparties.
Coordinate with brokers and insurers to obtain supporting documentation and resolve disputed balances.
Track reconciliation differences until corrective entries, confirmations, or settlements are completed.
Maintain accurate records of correspondence, agreed adjustments, and reconciliation outcomes.
Support periodic confirmation of balances with external counterparties.
4. Commission and Fee Reconciliation
Reconcile broker commissions, intermediary fees, service charges, and other applicable premium-related deductions.
Verify commission calculations against approved agreements, policy terms, and contractual schedules.
Investigate differences between expected commissions and amounts reported or settled.
Validate commission adjustments arising from cancellations, endorsements, renewals, and policy amendments.
Coordinate with Commercial, Finance, and broker management teams to resolve commission disputes.
Ensure commission transactions are accurately recorded in the relevant accounts and reporting periods.
Maintain supporting schedules for commission accruals, adjustments, settlements, and outstanding amounts.
Identify recurring commission discrepancies and recommend improvements to calculation and approval controls.
5. Payment Allocation and Cash Application
Match incoming premium payments against invoices, policy records, customer accounts, and remittance advice.
Review bank statements and cash receipt reports to identify premium-related transactions.
Investigate unidentified deposits, short payments, overpayments, duplicate receipts, and unapplied cash.
Coordinate with Treasury and Finance teams to confirm payment details and resolve allocation issues.
Ensure premium receipts are applied to the appropriate accounts and transactions.
Review payment references and supporting documents to reduce allocation errors.
Monitor unresolved cash application items and follow up with relevant stakeholders.
Support accurate cash reporting and timely updates to premium receivable balances.

Work arrangement
Yes