Premium
A Premium is the regular payment that individuals or employers make to an insurance company to maintain health insurance coverage. Think of it like a monthly subscription fee for healthcare. When reviewing resumes in the insurance industry, this term often appears when candidates discuss their experience with billing, customer service, or account management. It's a fundamental concept in health insurance, similar to how mortgage payments work in real estate or membership fees work in subscription services.
Examples in Resumes
Managed Premium collection processes for 500+ client accounts
Reduced Premium delinquency rates by 25% through improved communication strategies
Developed training materials for new hires on Premium billing and collection procedures
Typical job title: "Premium Billing Specialists"
Also try searching for:
Where to Find Premium Billing Specialists
Professional Organizations
Job Boards
Online Networks
Example Interview Questions
Senior Level Questions
Q: How would you handle a large-scale premium rate change affecting multiple employer groups?
Expected Answer: A strong answer should discuss project management skills, communication strategies with stakeholders, compliance considerations, and systematic approaches to implementing changes while minimizing disruption.
Q: What strategies have you implemented to reduce premium delinquency rates?
Expected Answer: Look for answers that demonstrate experience with creating payment policies, implementing early warning systems, developing communication strategies, and analyzing payment patterns to prevent defaults.
Mid Level Questions
Q: How do you explain premium changes to clients who are concerned about cost increases?
Expected Answer: Should demonstrate strong customer service skills, ability to explain complex concepts simply, and knowledge of factors affecting premium rates.
Q: What process would you follow to audit premium payments for accuracy?
Expected Answer: Should show understanding of reconciliation processes, attention to detail, and knowledge of common billing discrepancies.
Junior Level Questions
Q: What is the difference between a premium and a deductible?
Expected Answer: Should be able to explain that a premium is the regular payment to maintain coverage, while a deductible is what the customer pays before insurance coverage kicks in.
Q: How would you handle a customer who claims they made a premium payment but it's not showing in the system?
Expected Answer: Should demonstrate basic customer service skills, knowledge of payment verification processes, and problem-solving abilities.
Experience Level Indicators
Junior (0-2 years)
- Basic premium calculation understanding
- Customer service fundamentals
- Payment processing
- Basic billing software usage
Mid (2-5 years)
- Premium collection strategy implementation
- Payment reconciliation
- Client relationship management
- Billing problem resolution
Senior (5+ years)
- Premium strategy development
- Team leadership
- Process improvement
- Complex problem resolution
Red Flags to Watch For
- Lack of attention to detail in handling financial information
- Poor understanding of basic insurance concepts
- Limited customer service experience
- No experience with billing or payment processing systems
