Will “Insurance Biller” be Replaced By Robots? 🤔

Unknown Chance of Automation

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Job Description

Process applications for, changes to, reinstatement of, and cancellation of insurance policies. Duties include reviewing insurance applications to ensure that all questions have been answered, compiling data on insurance policy changes, changing policy records to conform to insured party's specifications, compiling data on lapsed insurance policies to determine automatic reinstatement according to company policies, canceling insurance policies as requested by agents, and verifying the accuracy of insurance company records.

Job Details

The SOC (Standard Occupational Classification) code is 43-9041.02

☝️ Information based on the reference occupation “Insurance Policy Processing Clerks”.

Also Known As…

Tasks for “Insurance Biller”

Notify insurance agent and accounting department of policy cancellation.
Calculate premiums, refunds, commissions, adjustments, and new reserve requirements, using insurance rate standards.
Obtain computer printout of policy cancellations or retrieve cancellation cards from file.
Process and record new insurance policies and claims.
Modify, update, and process existing policies and claims to reflect any change in beneficiary, amount of coverage, or type of insurance.
Examine letters from policyholders or agents, original insurance applications, and other company documents to determine if changes are needed and effects of changes.
Check computations of interest accrued, premiums due, and settlement surrender on loan values.
Correspond with insured or agent to obtain information or inform them of account status or changes.
Organize and work with detailed office or warehouse records, maintaining files for each policyholder, including policies that are to be reinstated or cancelled.
Compare information from application to criteria for policy reinstatement and approve reinstatement when criteria are met.
Interview clients and take their calls to provide customer service and obtain information on claims.
Compose business correspondence for supervisors, managers, and professionals.
Collect initial premiums and issue receipts.
Review and verify data, such as age, name, address, and principal sum and value of property on insurance applications and policies.
Process, prepare, and submit business or government forms, such as submitting applications for coverage to insurance carriers.
Transcribe data to worksheets and enter data into computer for use in preparing documents and adjusting accounts.

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