Insurance Coordinator

The Insurance Coordinator is responsible for managing and coordinating all insurance-related activities, including verifying coverage, tracking exceptions, and liaising with external carriers to ensure compliance and mitigate risk. They maintain accurate, up-to-date records in the bank's core system, ensuring that all secured loans have required insurance, such as hazard or flood coverage.

Essential Functions

• Insurance Coordination
  • Review and update collateral records in the core banking system to ensure accuracy.
  • Monitor insurance exception logs, track exceptions in vendor portal, and contact insurance agents, borrowers, collateral insurance placement vendor(s), and others as necessary to resolve deficiencies.
  • Ensure exceptions requiring Credit Department decisioning are followed for responses/action.
  • Prepare monthly and quarterly exception reports for management, compliance, and audit committees.
  • Place policies with Bank’s insurance carrier when there is a gap in coverage and collect payments, within the guidelines set forth by the bank.
  • Report to the Special Assets Department borrowers who are unable to make the required payments.
  • Ensure all insurance documentation adheres to regulatory and internal bank guidelines (e.g., SBA loans, flood and fire insurance).
  • Act as the point of contact for clients and insurance providers regarding policy updates, renewals, and payments.
• Administrative Support
  • Assist Credit Administration and lending officers with administrative tasks related to loan collateral insurance needs.
• Other duties as assigned
  • Perform other duties as assigned by manager

Minimum Qualifications

• High school diploma or equivalent required; Associate's or Bachelor’s degree in Business, Finance, or a related field is preferred.
• Minimum of 2 years of experience in insurance, banking, or lending, with experience in commercial lines or risk management being a plus.
• Proficiency with Microsoft Office (especially Excel for reporting) and familiarity with core banking systems or agency management systems (e.g., FIS).
• Exceptional precision in data entry and record maintenance to prevent compliance breaches.
• Strong verbal and written communication skills to articulate complex information to stakeholders.
• Ability to identify root causes of insurance discrepancies and resolve them proactively.

Compensation

The hiring range for this position is $23.25 to $32.00 per hour. The compensation offered will fall within this range commensurate with the candidate's applicable experience, education and skills.