Insurance Specialist

About the role

The Insurance Specialist plays a critical role in protecting the credit union’s collateral and supporting members through insurance-related processes. This position manages and monitors all aspects of collateral protection insurance (CPI), total loss claims, GAP claims, credit life and disability claims, and tow/impound notices. The role also involves proactively contacting members to arrange resolutions for deficit balances resulting from insurance settlements or total losses, and providing support to other areas within the Member Solutions Department.

Responsibilities

• Collateral Protection Insurance (CPI): Oversee CPI program administration, including tracking coverage, addressing member questions, and coordinating with vendors. Ensure timely placement and cancellation of CPI policies based on member compliance.
• Total Loss Claims: Process and monitor total loss claims to ensure timely resolution and recovery. Communicate with insurance companies, members, and internal departments to facilitate claim settlements.
• GAP Claims: Review and submit GAP claims on behalf of members. Track claim status and follow up to ensure prompt payment.
• Credit Life & Disability Claims: Assist members with filing credit life and disability claims. Liaise with insurance providers to ensure claims are processed accurately and efficiently.
• Tow/Impound Notices: Monitor incoming tow and impound notices. Use valuation tools to determine the value of collateral and support decision-making in securing or abandoning it. Make recommendations based on recovery potential, cost, and risk. Coordinate with the Asset Recovery Team to secure collateral if approved by management.
• Deficit Balance Follow-Up: Contact members with deficit loan balances resulting from insurance settlements or collateral losses. Work with members to establish payment arrangements or workout loans to resolve outstanding balances.
• Departmental Support: Collaborate with and provide support to the Member Solutions, Loss Mitigation, Bankruptcy & Recovery, and Asset Recovery teams. Assist with cross-functional tasks and projects to ensure smooth operations across the Member Solutions Department.
• Administrative Duties: Prepare and send notices related to claims. Process incoming checks related to insurance claims and refunds. Open, sort, and process incoming mail pertaining to insurance policies, claims, payments, and refunds.
• Compliance & Documentation: Maintain accurate records of all insurance-related activities. Ensure compliance with internal policies and regulatory requirements.
• Perform other duties as assigned.