Insurance Specialist

Insurance Specialist

Job Type : Full Time- Hybrid

Exemption: Non-Exempt

Wage Amount: $20.99 Hourly Minimum

Great opportunity to join the Collections department at A FCU!

The primary purpose of this position is to assist the Credit Union in achieving its mission to be our member’s first choice as their partner to help them make informed financial decisions. Your role to achieve this mission will be to provide outstanding service to internal members and under general supervision, and in accordance with established policies and procedures, to provide a variety of loan support services to the membership. Processes member claims for insurance, monitor and charge premiums for collateral protection insurance. Ensures the Credit Union is in compliance with legal requirements and internal policies and procedures. Support a sales and service culture. Maintain a working knowledge of all services and operations of the Credit Union.

Essential Functions:

Collateral Protection Insurance (CPI)

• Process multiple weekly CPI reports including reviewing batch postings for errors, manually posting exceptions, and notifying the CPI provider of any exclusions.
• Research loan histories, recalculate monthly payments, process loan adjustments, and recast loans.
• Resolve action items through the CPI provider’s work queues.
• Work with CPI provider and members to ensure proof of insurance is provided for all collateralized loans.
• Handle inbound and escalated calls from members regarding insurance additions, payment changes, and cancellations on their loans.
• Make decisions on waiving CPI monitoring in individual cases.
• Manage the day-to-day relationship with the CPI vendor, report inaccuracies, file errors, etc,

Credit Life/Disability Claims

• Monitor deceased notifications received by the department, reviewing each loan to see if the member had credit life coverage.
• Obtain required information through contacting the next of kin/executor of the estate or through online searches and file credit life insurance claims through the vendor’s website.
• Assist members with filing and following up on credit disability claims.
• Review dates of coverage on credit disability payments and ensure that payments are posted correctly and to the correct accounts. Post credit life/disability payments. Adjust due dates and effective dates as needed.
• Process monthly credit life and disability premium reports.

Total Loss

• Review/update letters of guarantee received from insurance companies for correct verbiage and provide updated responses.
• Work with members to ensure that all claim documentation is obtained and uploaded to imaging.
• Review loan documents to determine if the member has any backend products (service/warranty/etc.) and file for all available refunds.
• File/follow up on backend product refunds and GAP claims weekly through working the insurance queue.
• Post insurance, GAP, and backend refund checks. Adjust due dates and effective dates as needed.
• On deficiency balances, review the members’ current financial situations and work with them to offer repayment or loan modification options based upon their financial ability to repay the remaining loan balances.

Miscellaneous Duties

• Assist in responding to credit bureau disputes including notification, research, and corrections/updates that deal with CPI or disability inquires with timely responses.
• Accept inbound calls/correspondence and follow up in a timely manner.
• Process monthly pre-charge off transfers and charge off loan reports.
• Post payment transactions/corrections.
• Open, review, and process daily mail deliveries.
• Assist with the call queue during high-volume periods.
• Alert management of potential risk exposure.
• Other job duties as assigned.

For information about our benefits, please click the following link: https://aplusfcu.org/about-us/career-opportunities/benefits

Job Requirements:

Education and Experience

• High school diploma or G.E.D equivalent.
• Minimum of 1 year financial institution experience
• Two years office experience preferred
• Additional specialized or technical training in lending procedures is highly desired

Skills, Knowledge & Abilities

• Excellent verbal and written communication skills.
• Ability to manage potential member conflicts.
• Account research, problem solving skills, dealing with conflict, and managing expectations.
• Strong organizational skills and attention to detail.
• Ability to navigate with ease between multiple browsers, internet, intranet, and several proprietary systems in gathering and relaying information.
• Fluency in MS Outlook, Excel, and Word.
• Ability to work both independently and in a team environment.
• Advanced math/accounting/financial analysis skills.
• Ability to work in a paperless environment.
• Understanding of loan contracts including APR, amortization schedules, and simple interest calculations.
• Knowledgeable of Credit Unions products and services.

Desirable Traits

• Pleasant and professional appearance
• Enjoys working with public using courteous professional approach
• Flexible working hours
• Dependable
• Organizer and planner
• Decision-making abilities
• Versatile in all aspects of the CU

Physical Functions

• Must have the ability/stamina to work at least 40 hours a week
• Will frequently reach, feel, bend, stoop, carry, finely manipulate and key in data
• Must be able to engage in problem-solving skills to help identify and solve potential issues in the field
• Must be able to communicate heavily through telephone, email and in-person communication

Types of Decisions Made Independently: Adding single interest insurance, recalculating/updating loans, advancing due dates, and clearing partial payments. Payment arrangements in the collection of delinquent accounts.

Types of Decisions Requiring Supervisory Approval: Single interest insurance on repossessed collateral, bankrupt accounts and situations outside A FCU policies and procedures.