Job details

Collections Associate

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FM is a leading property insurer of the world's largest businesses, providing more than one-third of FORTUNE 1000-size companies with engineering-based risk management and property insurance solutions. FM helps clients maintain continuity in their business operations by drawing upon state-of-the-art loss-prevention engineering and research; risk management skills and support services; tailored risk transfer capabilities; and superior financial strength. To do so, we rely on a dynamic, culturally diverse group of employees, working in more than 100 countries, in various challenging roles.

Reporting to the Transactional Accounts Receivable (AR) & Collections Supervisor, the position will be responsible for performing all collection activities in compliance with defined policies and procedures to support optimal cash flow and ensure timely payment of premiums from customers, brokers, coinsurers or WRP companies. This will include working with account teams worldwide to pursue collection of all receivables. The position will be required to take initiative to improve collections, reporting, methodologies and reconciliations. This position may be required to prepare analysis in support of improving collection efficiency.

Schedule & Location

This position is a non-exempt, office-based position working 5 days each week Monday-Friday in Johnston, RI. This position may be eligible for one remote day per week on either Tuesday or Friday, based on business needs.

Monitoring and collection of all premiums due with focus on collections within specified due dates to minimize penalty to surplus.
Timely follow-up and communication with the account teams and/or customer (internal/external) for any delinquent payments.
Support the effort of operations for resolution of outstanding premium.
Review and reconcile bordereaux payments for brokers, insureds, and/or WRP companies communicating results to AR associates.
Initiate and maintain accurate and timely communication (conversations) within the ERP system.
Provide supporting documentation for queries on invoicing and collections questions, potentially coordinating between cross functional groups and international offices.
Conducting ad hoc requests, as needed.

Required Education:

Bachelor’s degree in finance/accounting preferred, or equivalent education and work experience

Required Work Experience:

1+ year in collections

Highly Preferred Work Experience:

2+ years in collections

Required Skills:

Excellent interpersonal and communication skills with both internal and external customers.
Excellent organizational skills and the ability to recognize and schedule priorities.
Ability to work independently within specific timeframes and deadlines.
Proficiency in Microsoft Outlook, Excel, and Word.
Possess critical thinking and problem-solving skills with attention to detail.
Knowledge of accounts receivable and experience in collections.
Work collaboratively across disciplines to share knowledge with others.
PeopleSoft experience is highly preferred.

The hiring range for this position is $29.21 – $41.99 per hour. The final salary will be determined based on individual qualifications. Employees enjoy a comprehensive Total Rewards program, including incentives, health and well-being programs, retirement plans, career development, tuition reimbursement, flexible work options, and more!

FM is an Equal Opportunity Employer and is committed to attracting, developing, and retaining a diverse workforce.

Average salary estimate

$74000 / YEARLY (est.)

min

max

$60700K

$87300K

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What You Should Know About Collections Associate, FM

Are you ready to dive into a fulfilling career as a Collections Associate with FM, one of the world's leading property insurers? Based in Johnston, RI, this role plays a pivotal part in ensuring that our operations run smoothly. As a Collections Associate, you will be working closely with our Transactional Accounts Receivable & Collections Supervisor, and your primary responsibility will be to uphold our collection activities in accordance with defined policies and procedures. This includes a strong focus on ensuring timely premium payments from customers, brokers, and partners. You'll be actively engaged in fostering relationships and monitoring accounts worldwide, ensuring we maintain optimal cash flow. We value initiative, so a proactive approach in improving our collections and methodologies is key. You’ll also have the opportunity to refine your analytical skills by preparing reports that support our collection efficiency efforts. FM offers a collaborative and supportive environment where you can thrive and grow, with the position being primarily office-based, offering one remote day per week based on business needs. Additionally, with competitive pay, incentives, and comprehensive benefits, FM is more than just a workplace; it’s a place to build a fulfilling career while making a difference in the risk management industry. If you're ready to contribute and grow in this dynamic role, we’d love to hear from you!

Frequently Asked Questions (FAQs) for Collections Associate Role at FM

What are the key responsibilities of a Collections Associate at FM?

A Collections Associate at FM is tasked with performing all activities related to the collection of premium payments. This involves actively monitoring accounts, ensuring timely follow-ups with customers and brokers, resolving outstanding premiums, and maintaining documentation within our systems. The role demands a diligent approach to improve collection efficiencies while collaborating with various account teams worldwide.