Insurance Coordinator

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.

Equal Opportunity Employer This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.