Specialist - Collections

Role Purpose

As a Specialist in Collections, you will play a pivotal role in managing overdue accounts, with a particular emphasis on complex and high-value debts. Your responsibilities will involve close collaboration with the Credit Control Department to negotiate favorable payment arrangements, resolve client disputes, and ensure strict adherence to insurance regulations, legal requirements, and internal company policies. This position is instrumental in optimizing cash flow by implementing advanced collection strategies, analyzing payment trends, and coordinating with internal departments to address and resolve issues that impact collections and the recovery of outstanding balances. Your expertise will directly contribute to the financial health and operational efficiency of the organization.

Key Responsibilities

• Portfolio Management: Oversee the collections process for the entire Health portfolio, ensuring timely recovery of premiums and endorsements.
• Client and Broker Communication: Notify clients, brokers, and internal Sales & Agency teams about due premium installments and endorsement payments through various channels, including email, phone calls, and in-person visits.
• Proactive Follow-Up: Engage in regular follow-ups with clients, brokers, and agencies to facilitate the prompt settlement of outstanding and overdue premium amounts, maintaining strong relationships throughout the process.
• Process Development and Management: Establish and manage efficient payment collection processes for active accounts, ensuring that all due payments are collected while fostering positive relationships with clients and brokers (excluding lapsed accounts).
• Issue Resolution: Address and resolve payment-related concerns and disputes through effective communication and negotiation, ensuring client satisfaction and compliance with payment terms.
• Documentation and Tracking: Maintain accurate records of collection statuses, ensuring that all due and collected payments are updated in the system. Track and report on the achievement of collection targets to support data-driven decision-making.
• Reporting and Analysis: Develop comprehensive monthly and quarterly reports that highlight collection updates, unresolved issues, and progress toward achieving collection targets. These reports will provide valuable insights to senior management and relevant stakeholders.

Qualifications and Experience

To excel in this role, you must possess a bachelor’s degree in Finance, Accounting, or an equivalent field. Additionally, a minimum of two years of hands-on experience in collections is required. The ideal candidate will demonstrate a strong understanding of financial principles, exceptional communication skills, and the ability to manage complex accounts with professionalism and efficiency. Proficiency in using collection software and tools, as well as a keen eye for detail, will be highly advantageous in this position.