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Insurance Coordinator
Summary
Coordinates insurance policies for a bank’s loan collateral, verifies coverage, tracks exceptions, and ensures compliance with regulatory and internal guidelines.
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.