Job Details
Description
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 au...