Job Description
General Summary
The Insurance Risk Specialist plays an important role in the bank by performing a number of tasks related to its loan operations insurance functions. The role is responsible for providing timely processing of insurance renewals and force placed insurance. Also, this role is responsible for monitoring and tracking insurance to ensure sufficient and current coverage for collateral that secures loans is maintained.
Duties and Responsibilities
- Monitoring monthly and daily activity and tracking reports to ensure insurance (liability, hazard, and flood) is maintained and current.
- Contacting insurance companies for updated insurance (liability, hazard, and flood) policies.
- Work with Relationship Managers (RMs) and Associated Relationship Managers (ARMs) on obtaining insurance (liability, hazard, and flood) policies.
- Contacting clients regarding insurance coverage(s) ? increased amounts and expirations.
- Determining minimum insurance requirements based on predefined components (liability, hazard, and flood).
- Complete understanding of force placed insurance (liability, hazard, and flood) policies, procedures and regulations.
- Force places insurance (liability, hazard, and flood) policies effectively and timely to include sending all correspondence to borrowers, RMs & ARMs according to regulations.
- Processes payments of force placed policies by advancing on loans and/or escrow disbursements.
- Overseeing properly scanning and filing insurance documents in cold storage system. Scans, verifies and indexes loan files and other related loan documentation.
- Escrow processing and payment of escrowed insurance. Monthly processing of escrow account analysis.
- Works assigned reports with varying frequencies to ensure compliance and mitigate risk.
- Maintains a thorough understanding of the Loan Operations procedures related to insurance.
- Responsible for actively working with other employees to grow the organization.
- Demonstrates a working knowledge of the loan accounting system, daily reconciliation of loan related general ledger accounts.
- Embrace and demonstrate qualities that support the Bank's Brand and Culture. Ensure optimal standards are adhered to for Brand
- Performs other duties as assigned.