The Insurance Specialist plays a critical role in protecting the credit union’s collateral and supporting members through insurance -related processes. This position is responsible for managing and monitoring all aspects of collateral protection insurance (CPI), total loss claims, GAP claims, credit life and disability claims and tow/impound notices. The insurance Specialist also proactively contacts members to make arrangements on deficit balances resulting from insurance settlements or total losses.
In addition, this role provides support to other areas within the Member Solutions Department.
ESSENTIAL FUNCTIONS
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Collateral Protection Insurance (CPI)
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Oversee CPI program administration, including tracking coverage, member questions, and vendor coordination.
- Ensure timely placement and cancellation of CPI policies based on member compliance.
- Total Loss Claims
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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
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Review and submit GAP claims on behalf of members.
- Track claim status and follow up to ensure prompt payment.
- Credit Life & Disability Claims
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Assist members with filing credit life and disability claims.
- Liaise with insurance providers to ensure claims are processed accurately and efficiently.
- Tow/Impound Notices
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Monitor incoming tow and impound notices.
- Use valuation tools to determine value of the collateral to support decision-making in securing or abandoning collateral.
- Make recommendations to secure or abandon collateral based on recovery potential, cost and risk.
- Coordinate with the Asset Recovery Team to secure collateral, if approved by management.
- Deficit Balance Follow-Up
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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
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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
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Prepare and send notices related to claims.
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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
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Maintain accurate records of all insurance-related activities.
- Ensure compliance with internal policies and regulatory requirements.
- Other duties as assigned.
EDUCATION/CERTIFICATION
REQUIRED KNOWLEDGE
Solid understanding of auto insurance, especially in relation to lienholder rights and total loss processes.
Familiarity with Collateral Protection Insurance (CPI) programs and compliance standards.
Understanding of collections processes and loan delinquency management.
Knowledge of collection procedures and related laws and regulations suggested but not required
Familiar with default and enforcement clauses suggested but not required
Familiar with deposit programs, account ownership, and casualty insurance suggested but not required
Understanding of Credit Union loan products and policies suggested but not required
EXPERIENCE REQUIRED
1–3 years experience in insurance, lending, or collections within a financial institution. Demonstrated experience managing total loss claims, or other related claims such as GAP.
Experience in a credit union, bank, or financial institution environment is highly desirable.
HARD/TECHNICAL SKILLS/ABILITIES
Proficient with Microsoft Office Suite (Excel, Word, Outlook).
Experience with core banking and insurance tracking software.
Strong skills in data entry, documentation, and verifying insurance and claims information.
Ability to interpret insurance policies, claims documents, and settlement offers accurately.
Excellent verbal and written communication skills for interaction with members, insurance companies, and internal teams.
Discretion and professionalism in handling sensitive member information.
Strong organizational and multitasking abilities to manage multiple claims and insurance records efficiently.
WORKING CONDITIONS
This description has been reviewed to ensure that only essential functions and basic duties have been included. Peripheral tasks, only incidentally related to each position, have been excluded. Essential functions, requirements, skills, and abilities included have been determined to be the minimal standards required to successfully perform the positions. In no instance, however, should the duties, responsibilities, and requirements delineated be interpreted as all-inclusive. Additional functions and requirements may be assigned by supervisors as deemed appropriate.
In accordance with the Americans with Disabilities Act, it is possible that requirements may be modified to reasonably accommodate disabled individuals. However, no accommodations will be made which may pose serious health or safety risks to the employee or others or which impose undue hardships on the organization.
The Credit Union believes that each employee makes a significant contribution to our success. That contribution should not be limited by the assigned responsibilities. Therefore, this job description is designed to outline primary duties, qualifications, and job scope, but not limit the incumbent. It is our expectation that each employee will offer his/her services wherever and whenever necessary to ensure the success of our endeavors.
Job descriptions are not intended as and do not create employment contracts. The organization maintains its status as an at-will employer. Employees can be terminated for any reason not prohibited by law.
