Accounting And Reporting Specialist

Position Summary:

Responsible for assisting in the preparation of financial reports, including balance sheets, income statements, and other financial analyses specific to the insurance industry and handling financial transactions and ensuring the accuracy and compliance of financial records related to insurance policies, premiums, claims, and commissions. The role is involved in processing and recording premium payments received from policyholders, ensuring that payments are accurately applied to the correct policies, managing accounts receivable and payable related to insurance transactions, reconciling accounts, and resolving any discrepancies, conducting regular reconciliations of financial data, such as premiums received, claims paid, and commissions payable, to ensure accuracy and completeness.

Location:

Chicago

• Illinois

• Wacker

What will your job entail?

Responsibilities:

• Prepares and analyzes financial reports, including income statements, balance sheets, and cash flow statements, ensuring accuracy and compliance with regulatory requirements.

• Manages banking files and monitors bank statements and funding. Manages Accounts Payable and Accounts Receivable, prepares commission reports, and monitors transaction transmissions.

• Conducts variance analysis to compare actual financial performance against budgeted and forecasted figures, identifying key drivers of variances, and recommending corrective actions.

• Analyzes financial data and metrics to assess the company's financial health, profitability, and performance of insurance products and business segments.

• Assists in assessing financial risks and developing strategies to mitigate risks associated with insurance operations, investments, and regulatory compliance.

• Ensures accurate and timely recognition of premium revenue and claims reserves in accordance with accounting standards and regulatory guidelines.

• Stays abreast of regulatory changes in the insurance industry, ensuring compliance with accounting standards, tax regulations, and reporting requirements.

• Identifies opportunities to streamline accounting processes, implement automation, and enhances system functionalities to improve efficiency and effectiveness.

• Assists in the development of annual budgets and financial forecasts, providing insights and recommendations based on historical data and industry trends.

• Coordinates and supports internal and external audits, providing documentation, reconciliations, and explanations as required by auditors.

• Participates in ad-hoc projects and initiatives, such as system implementations, mergers and acquisitions, or financial analyses for strategic planning purposes.

Work Experience:

• Minimum of 2 years of experience in the Accounting and Finance in Insurance Industry is preferred.

Education:

• Bachelor's degree required; Finance, Accounting and Business Administration preferred. Any other related discipline or commensurate work experience considered.

Licenses & Certifications:

• Preferred: Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), Chartered Accountant (CA)

Ryan Specialty is an Equal Opportunity Employer. We are committed to building and sustaining a diverse workforce throughout the organization. Our vision is an inclusive and equitable workplace where all employees are valued for and evaluated on their performance and contributions. Differences in race, creed, color, religious beliefs, physical or mental capabilities, gender identity or expression, sexual orientation, and many other characteristics bring together varied perspectives and add value to the service we provide our clients, trading partners, and communities. This policy extends to all aspects of our employment practices, including but not limited to, recruiting, hiring, discipline, firing, promoting, transferring, compensation, benefits, training, leaves of absence, and other terms, conditions, and benefits of employment.

How We Support Our Teammates

Ryan Specialty seeks to offer our employees a comprehensive and best-in-class benefits package that helps them - and their family members - achieve their physical, financial, and emotional well-being goals. In addition to paid time off for company holidays, vacation, sick and personal days, Ryan offers paid parental leave, mental health services and more.

The wage range for this role considers many factors, such as training, transferable skills, work experience, licensure and certification, business needs, and market demands. The base pay range is subject to change and may be modified in the future. Full-time roles are eligible for bonuses and benefits. For additional information on Ryan Specialty Total Rewards, visit our website https://benefits.ryansg.com/.

We provide individuals with disabilities reasonable accommodations to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment in accordance with applicable law. Please contact us to request an accommodation at HR@Ryansg.com

The above is intended to describe this job's general requirements. It is not to be construed as an exhaustive statement of duties, responsibilities, or physical requirements. Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.