What are the responsibilities and job description for the Insurance Specialist position at b1BANK?
SUMMARY
This individual will be responsible for tracking and monitoring insurance on various types of collateral as required by bank policy and federal/state regulations. Additionally, this individual will serve as a liaison between the bank, insurance companies, and third party insurance tracking vendor(s).
SPECIFIC JOB DUTIES
- Monitor and process incoming insurance documents received by the bank
- Transmit insurance documents via secure file transfer to the bank’s insurance tracking vendor
- Work with insurance companies to verify continuation of insurance coverage
- Work with banking staff to resolve insurance tracking issues
- Work with banking staff to resolve non-coverage or deficient coverage issues
- Review insurance tracking reports provided by the bank’s insurance tracking vendor
- Produce payment change notification letters when forced placed insurance policies are issued
- Assist with processing of force place premiums
- Process force place premium refunds
- Assist with policy premium payment on escrowed loans
- Assist with annual property tax research and payments
JOB REQUIREMENTS
- Associate’s Degree or Bachelor’s Degree in a Business or Finance related field; or 2 (two) years of loan operations experience
- Strong understanding of loan application policies and procedures, as well as documentation required by federal and state regulations
- Strong understanding of insurance documents (i.e., policies, applications, etc.)
- Experience in Loan Operations or experience in the insurance industry
- Strong interpersonal communication
- Strong organizational and time management skills
- Strong computer, keyboard, and software application (Microsoft Word and Excel) skills
Equal Opportunity Employer/Disabled/Veterans
