What are the responsibilities and job description for the Insurance Commission Reporting Specialist position at Prime Capital Financial?
Description: The Insurance Commission Reporting Specialist is responsible for managing the insurance commission reporting process for Prime Capital Financial. This position serves as a key liaison between the Finance Department and Compliance teams, ensuring accuracy and efficiency in insurance commission processing, advisor payouts, and associated reporting.
Key Responsibilities:
Commission Reporting & Processing
- Prepare and reconcile insurance commission reports received from carriers and vendors.
- Review and validate commission data to ensure accuracy before processing payments.
- Collaborate with the Finance team to provide all necessary data for commission payouts.
- Track and investigate discrepancies, missing data, or inconsistencies in carrier reports.
- Maintain detailed commission logs, documentation, and tracking systems for audit readiness.
Forecast Reporting
- Monitor activity and case submission.
- Review revenue increase and decrease (Individual Advisors and Firms) with the Director of
- Insurance.
- Track pending business to improve policy placement ratio.
Cross-Department Collaboration
- Serve as a primary point of contact between Finance, Compliance, and
- Advisor teams regarding insurance commission questions and reporting timelines.
- Provide timely responses and resolution to advisor commission inquiries.
- Partner with the Director of Finance to continuously improve commission tracking and reporting processes.
Data Integrity & Reporting
- Maintain commission reporting dashboards, summaries, and reports for internal stakeholders.
- Identify and implement process improvements to enhance reporting accuracy and timeliness.
- Ensure all commission activities align with firm compliance and financial policies.
Education/Experience:
Required:
- 2 years of experience in insurance commission reporting, carrier reconciliation, or financial
- operations.
- Strong knowledge of insurance products, carriers, and commission structures.
- Exceptional attention to detail and accuracy in financial data.
- Proficiency in Microsoft Excel and financial reporting systems.
- Excellent communication and organizational skills.
Preferred:
- Bachelor’s degree in Finance, Accounting, Business Administration, or related field.
- Experience within an RIA, broker-dealer, or insurance/financial services firm.
- Familiarity with insurance licensing and registration requirements.
- Experience in wealth management, advisory, or professional services environments
- Experience in scaling accounting operations
Key Competencies:
- Analytical Thinking: Ability to interpret financial data and resolve discrepancies efficiently.
- Accountability: Takes ownership of deliverables and deadlines.
- Collaboration: Works effectively across Finance and Compliance teams.
- Process Improvement: Continuously seeks to enhance operational accuracy and efficiency.
- Integrity: Maintains confidentiality and adheres to compliance standards.