Job Description
Job Description
About Us
Founded in 1981, Loman-Ray Insurance Group, LLC, is an independent insurance headquartered in Central Illinois. Throughout the decades, Loman-Ray excelled at serving the needs of educators, farmers, group health clients, and families of all shapes and sizes, providing value and building personal, trusted relationships. In 2016, Loman-Ray announced a new logo to represent the nature of the agency's identity and capture what makes our team unique. The shield symbolizes our dedicated employees, each genuinely vested in our insureds' well-being and ready to protect their best interests. Each section of the shield represents the categories of insurance we provide: life, health, home, auto, commercial, and farm insurance. The shield brings all of these together into one entity – Loman-Ray Insurance Group, LLC.
Today, Loman-Ray continues to grow, offering multiple insurance lines from dozens of proven providers. Carefully selected mergers have helped Loman-Ray enter new communities across Illinois and to develop a growing staff of experienced insurance professionals.
Commission Reconciliation Specialist
Position Summary:
The Commission Reconciliation Specialist is responsible for accurately processing, reconciling, and reporting insurance commission statements. This role ensures that all commission payments are correctly matched to policies, identifies and resolves discrepancies, and maintains thorough records in both Applied Epic and SharePoint systems.
Key Responsibilities:
Deposit Processing & Statement Acquisition
- Monitor incoming deposits and trigger commission reconciliation workflows.
- Acquire commission statements via email, mail, direct download, or company websites.
- Establish new statement acquisition processes for new carriers as needed.
- Reference prior months’ records to resolve uncertainties in statement sourcing.
Commission Statement Processing
- Process commission statements daily, with increased activity at the start of each month.
- Utilize three Applied Epic methods for statement processing:
- Manual Entry: Hand-key data from PDF or paper statements, reconciling policy, premium, and commission details.
- Import: Format and import Excel/CSV statements, ensuring data integrity and resolving import errors.
- Download: Batch process statements downloaded directly into Applied Epic, matching transactions to deposit reference numbers.
Error Resolution & Collaboration
- Identify and resolve errors such as policy mismatches, date discrepancies, or incorrect billing types.
- Collaborate with CSRs and other team members to correct and reprocess failed transactions.
- Ensure all errors are addressed promptly to prevent unresolved items from persisting.
Recordkeeping & Reporting
- Save electronic statements in Applied Epic and SharePoint; maintain paper records by accounting month.
- Run balance sheet reports to identify and investigate discrepancies.
- Review producer and broker commission reports for anomalies, especially for older life policies.
Audit & Compliance
- Support management in running reports to identify policies with missing funds and investigate potential cancellations or duplicate entries.
- Maintain compliance with cash basis accounting for receipts.
Continuous Improvement
- Develop mapping files for imports and optimize workflows for efficiency.
- Provide feedback on process improvements and system enhancements.
Qualifications:
- High School Diploma required; Associate Degree in Accounting, or a related field preferred
- Minimum of 1 year of related accounting experience preferred; any experience working in the insurance industry a plus
- Proficiency in Excel and handling CSV/PDF formats
- Familiarity with SharePoint or similar document management systems
- Experience with an agency management system is desirable
- Ability to collaborate across teams and communicate effectively
- Strong attention to detail and accuracy in financial data entry and reconciliation
- Problem-solving skills for error identification and resolution
- Ability to maintain confidentiality and handle sensitive information
- Ability to pass a criminal background check, as permitted by law
Physical Requirements:
- Prolonged periods of sitting at a desk and working on a computer
- Manual dexterity to operate standard office equipment such as computers, phones, copiers, printers, and other office equipment
- Frequent use of hands/fingers for data entry, filing, and document handling
- Visual acuity to read printed materials and computer screens for extended periods
- Hearing ability sufficient to communicate effectively in person and over the phone
- Ability to stand, walk, bend, or reach occasionally as needed
- Ability to lift and carry light office supplies or packages up to 20 pounds occasionally
Hours: Monday-Friday, 8:30am-4:30pm
Office Location: 2702 Boulder Drive, Urbana, IL 61802
Benefits:
- Competitive Compensation
- Health Insurance Plans (PPO, HSA, Copay Options)
- Dental Insurance
- Vision Insurance
- Company Paid Disability Insurance
- Supplemental Insurance including Critical Illness, Accident, Legal, Pet Insurance
- 401(k) with Safe Harbor Match
- Paid Time Off
- Paid Holidays
No Solicitation Notification to Agencies: Please note that Keystone Agency Partners and our Partner Agencies do not accept unsolicited resumes or calls from third-party recruiters or employment agencies. In the absence of a signed Master Service Agreement and approval from HR to submit resumes for a specific requisition, Keystone Agency Partners will not consider or approve payment to any third parties for hires made.