Insurance and Loan Administrator
Job Overview
The Insurance & Loan Administrator manages insurance procurement and loan administration, including includes property and casualty, automobile, builders' risk, and special situation coverage. The role ensures that proactive safety programs and code compliance are in place to minimize claims and reduce premium costs. The Insurance & Loan Administrator liaises with senior financial, legal, and operating management teams, insurance brokers, underwriters, insurance carrier safety officers, and risk assessment specialists. They also administer bank and institutional loans, overseeing timely payment, supervising reserve account drawdowns, and responding to surveillance officer's requests.
Organizational Impact
The job of an Insurance and Loan Administrator has a significant impact on the organization. Some of the impacts are:
- Financial Management: The Insurance and Loan Administrator is responsible for managing the financial aspects of the organization. They ensure that the organization's insurance policies and loans are up-to-date and that payments are made on time. This helps the organization to maintain a good credit score and avoid financial penalties.
- Risk Management: The Insurance and Loan Administrator is responsible for assessing and managing the risks associated with the organization's insurance policies and loans. They ensure that the organization is adequately covered and that the risks are minimized. This helps the organization to avoid financial losses and reputational damage.
- Compliance: The Insurance and Loan Administrator ensures that the organization complies with all the legal and regulatory requirements related to insurance and loans. This helps the organization to avoid legal penalties and reputational damage.
- Employee Benefits: The Insurance and Loan Administrator is responsible for managing the organization's employee benefits programs, such as health insurance, life insurance, and retirement plans. This helps the organization to attract and retain talented employees.
- Customer Service: The Insurance and Loan Administrator is responsible for providing excellent customer service to the organization's clients. This helps the organization to build a positive reputation and retain its clients.
Overall, the job of an Insurance and Loan Administrator has a significant impact on the financial stability, risk management, compliance, employee benefits, and customer service of the organization.
Key Systems
- Insurance policy management system
- Loan origination system
- Customer relationship management (CRM) system
- Accounting software
- Compliance and regulatory software
The most important five systems for this job would be:
- Insurance policy management system
- Loan origination system
- Customer relationship management (CRM) system
- Accounting software
- Compliance and regulatory software
Inputs
- Customer information and requests
- Insurance policies and loan agreements
- Financial data and records
- Regulatory requirements and guidelines
- Communication with insurance providers and lenders
Outputs
- Process loan applications and insurance claims
- Maintain accurate records of loan and insurance transactions
- Communicate with clients regarding their loan and insurance status
- Analyze loan and insurance data to identify trends and make recommendations for improvement
- Ensure compliance with regulatory requirements for loans and insurance policies
Activities
-Monitor and review monthly mortgage payments to make sure payments are correct and made on time. Prepare the data entry for accountants. Review and check escrow balances and have interest income posted to ledger. Review the tax and insurance escrow balances at the time of payment to make sure posting to ledger is done promptly
-Coordinate submission and prepare capital draws as required by each lender and each loan. After submission follow up with the lender until funds are received Respond to any request for additional information.
-Receive incident reports and field telephone calls or other correspondence from claimants. Coordinate responses to claimants as determined by legal department. Maintain a file on the incident -Supervise maintenance of vendor insurance files --Coordinate annual renewal of insurance coverage for policies, review insurance bills, assist vendor with allocation of premium if necessary and coordinate payment of all premiums
Recommended Items
- Familiarization with insurance policies and loan products offered by the company
- Training on the company's loan and insurance application processes
- Access to the company's database and software for managing loan and insurance accounts
- Guidelines for handling customer inquiries and complaints related to insurance and loan products
- Documentation of all transactions and communication with customers for record
- keeping purposes.
Content Examples
- Insurance policies and loan agreements
- Claims and loan application forms
- Financial reports and statements
- Correspondence with clients and stakeholders
- Compliance and regulatory documentation
Sample Event-Driven Tasks
- Process loan applications when received from loan officers
- Review insurance claims and determine if they are covered under the policy
- Send out loan payment reminders to customers who are behind on payments
- Update loan and insurance records when changes are made to policies
- Investigate and resolve any discrepancies or errors in loan or insurance accounts
Sample Scheduled Tasks
- Review and process loan applications on a daily basis
- Send out monthly insurance premium invoices to clients
- Conduct weekly follow-up calls with clients who have outstanding loan payments
- Generate and distribute monthly loan and insurance reports to management
- Conduct quarterly reviews of insurance policies to ensure they are up-to-date and meet regulatory requirements
Sample Infill Tasks
- Processing insurance claims and verifying coverage
- Reviewing loan applications and determining eligibility
- Maintaining accurate records of insurance policies and loan agreements
- Communicating with clients regarding their insurance and loan accounts
- Analyzing financial data to assess risk and make informed decisions about loans and insurance policies