Insurance Compliance Manager Our client is seeking a highly motivated individual who will be responsible for the insurance compliance in multifaceted agency.
This position plays a critical role in ensuring that appropriate coverage is in place and that if there are deficiencies that they are resolved via insurance agent, and that the investors have the maximum protection. Essential Duties and Responsibilities:
- Review insurance documentation on commercial interests prior to the loan closing to ensure compliance with insurance requirements; Perform evaluation of Statement of Values for blanket policies; identify concentration of risk
- Lead in resolution of non-compliance issues working with agents, borrowers, and investors to build consensus on allowable coverage; ensure that coverage as agreed is in place.
- Determine appropriateness of coverage waivers; compile and analyze borrower, property, insurance and market data; present scenarios to Senior Management and Credit Committee members with recommendation for action.
- In scenarios where investors have delegated authority for waivers, analyze coverage scenarios and grant delegated waivers if appropriate.
- Problem resolution with borrowers and originators to resolve insurance issues.
- Subject Matter Expert in insurance coverage for collateral, investor insurance requirements; consultant for senior management and production team in matters of insurance; liaison with Investors for insurance matters
- Manage day to day prefunding compliance process; delegate and manage work flow; create and enforce procedures; oversee outsource vendors who may perform prefunding reviews, create and provide reporting on work status and volume and performance metrics
- Oversee Prefunding Compliance Analyst; provide training and guidance; ensure that analysts work and performance meets standards; set goals and evaluate performance
Core Competencies:
- Problem solving and make decision to ensure borrower satisfaction while managing the risk of the company.
- Comprehend complex insurance issues in the context of investor insurance requirements; apply knowledge in day to day analysis and problem resolution.
- Recognize, escalate and resolve risk related to insurance coverage’s and day to day processes
- Demonstrated ability to organize & prioritize work; effectiveness in managing multiple tasks.
- Management skills ; ability to train and provide guidance, to delegate and monitor work of analysts, motivate them toward goals, evaluate their performance.
- Flexibility and ability to respond to rapidly changing priorities; work productively in a fast-paced, evolving work environment.
- Highly developed computer skills, specifically using MS Excel, Word and Access.
- Pro-active team player.
- Establish and monitor policies and procedures.
- Initiative in identifying, designing and implementing process improvements in day to day duties.
- Strong interpersonal skills; ability to work in and support a team environment; ability to work with and achieve results with the production team, insurance agents, investors, and borrowers.
- Excellent Verbal and Written communications skills are mandatory; ability to convey complex insurance requirements.
Qualifications:
- College degree is preferred or significant related work experience.
- The ideal candidate will have a BA/BS degree and 1 to 3 years related work experience in the insurance industry and a current insurance broker’s license.
- Experience as a successful people and process manage.
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