Copyright

Premium Auditor: Education Requirements and Career Information

Premium auditors work in the insurance industry, focusing on premiums, or the price a consumer pays for insurance coverage. These professionals audit the financial records and operations of an insurance company, analyzing information to detect any possible fraud and to make sure laws and regulations are being followed. Insurance premium auditors may conduct audits in the field or over the phone.

View 11 Popular Schools »

Premium Auditor Education Requirements

According to the U.S. Bureau of Labor Statistics (BLS), most auditors and accountants need at least a bachelor's degree in accounting or a similar field to get hired (www.bls.gov). Some employers may require a master's degree. Most auditors begin their careers by working under the guidance of an experienced auditor.

Aspiring insurance premium auditors may wish to consider the Associate in Premium Auditing (APA) program sponsored by the American Institute for Chartered Property Casualty Underwriters (AICPCU). This program covers the basics of auditing procedures, particularly with regard to the insurance industry (www.aicpcu.org).

Certification

The BLS reported that auditors and accountants who have earned a certification may be preferred by employers over candidates who aren't certified. The National Society of Insurance Premium Auditors (NSIPA) offers two certifications for this specialized profession.

The designations are the Certified Insurance Premium Auditor (CIPA) and the Certified Insurance Premium Telephone Auditor (CIPTA). The latter credential is designed for those who do their regulatory audits over the phone. A prerequisite for both credentials is the APA program.

Also pertinent to this field is the Institute of Internal Auditors (IIA) and its Certified Internal Auditor (CIA) certification. Eligibility requirements for this certification include a bachelor's degree or higher from an accredited college or university, two years of work experience and passage of an exam.

Career Information for Premium Auditors

Among the duties of a premium auditor is to make sure that an insurance company's financial statistics are accurately gathered and recorded so that its rates are fair and a good rate structure is developed. Auditors may also inspect an insurance company's payroll and tax records and even its premises and day-to-day business operations. Premium auditors are also responsible for quality control within the insurance industry, especially regarding interactions between companies and their clients.

Employment Outlook

According to the BLS, the number of jobs for auditors and accountants was expected to rise 13% from 2012-2022. This anticipated rate is about as fast as average, and job growth may be due to revised fiscal regulations and heightened fiscal responsibility in many organizations.

Salary Information

The BLS noted that auditors and accountants made a median annual salary of $65,080 in May of 2013. The top-paid ten percent of these professionals earned $113,740 or more, while the bottom-paid ten percent made $40,370 or less.

Show me popular schools

Related to Premium Auditor: Education Requirements and Career Information

  • Related
  • Recently Updated
  • Popular
ISO Auditor Certification and Training Program Overviews

International Organization for Standardization (ISO) auditors are hired by individual organizations to check conformity of...

Certified Energy Auditor Training, Degree and Exam Info

Explore training programs and degree options for aspiring certified energy auditors. Read about coursework and job duties as...

How to Become an Environmental Waste Auditor

Learn about what is required to start a career as an environmental waste auditor. Read on for a job description, education,...

What Is a Night Auditor?

A night auditor works overnight in hotels and other lodging establishments, performing front desk and accounting duties. While...

Auditing Courses: Top School for Becoming an Auditor - Indianapolis, IN

Popular Schools

Popular Schools

Avg. Wages For Related Jobs

Source: Bureau of Labor Statistics