- File insurance claims with Collateral Protection Insurance (CPI) vendor for qualifying losses, ensuring timely and accurate submission of required documentation.
- Submit claims to members' primary insurance carriers when the credit union is listed as lienholder, coordinating directly with adjusters to protect the credit union's financial interest.
- Monitor claim status from initiation through settlement, ensuring timely payment and proper application of proceeds.
- Review insurance settlement checks for accuracy and confirm proper endorsement and posting to member accounts.
- Identify accounts eligible for GAP, VSC, credit life, disability, or other ancillary product claims and initiate refund or claim processes as applicable.
- Request and process refunds of unused ancillary products (e.g., GAP, service contracts, credit insurance) upon payoff, total loss, repossession, or charge-off in accordance with policy.
- Ensure all claim recoveries and product refunds are accurately documented and reconciled for audit and accounting purposes.
- Track recovery timelines and escalate delays with vendors or carriers when necessary.
- Maintain reporting on insurance claim recovery rates and refund amounts to support loss mitigation performance metrics.
- Coordinate with members to resolve deficiencies post claim filing.
- Responsible for maximizing insurance and ancillary product recoveries to reduce net charge-offs.
- Manage all impounded vehicle accounts from notification through resolution.
- Verify legal right to repossess or recover in compliance with state laws.
- Coordinate with towing companies, impound lots, repossession agents, and law enforcement when necessary.
- Review and approve impound fees and storage charges for reasonableness.
- Negotiate fee reductions when possible, to minimize loss exposure.
- Recommend recovery strategy (redeem, repossess, release to member, or abandon).
- Ensure timely action to prevent excessive storage accumulation.
- Document chain of custody and condition of recovered vehicles.
- Coordinate post-recovery liquidation processes with remarketing team.
- Partner with Collections to evaluate delinquent accounts with insurance or impound risk.
- Provide recommendations for early intervention on high-risk collateral.
- Assist in skip-tracing and collateral location efforts when appropriate.
- Support bankruptcy or legal teams when insurance or impound matters intersect with filings.
- Ensure compliance with automatic stay provisions when applicable.
- Ensure compliance with:
- State repossession and impound laws
- NCUA regulations
- UCC Article 9 (secured transactions)
- CFPB guidelines
- Maintain examination-ready files and documentation.
- Adhere to internal charge-off and collateral recovery policies.
- Escalate legal or regulatory concerns promptly.
- Strong understanding of secured lending and collateral risk.
- Knowledge of vehicle titling and lien perfection requirements.
- Familiarity with force-placed insurance processes.
- Working knowledge of repossession and impound regulations (Texas-specific preferred).
- Strong negotiation skills (especially with storage facilities).
- Detail-oriented with strong documentation habits.
- Ability to handle high-pressure, time-sensitive situations.
- Strong communication skills for member interaction during sensitive circumstances.
- Analytical mindset with ability to identify trends and recommend improvements.
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Position Purpose and Objectives · The Insurance & Impound Specialist is responsible for protecting the credit union's collateral position by ensuring continuous insurance coverage on secured loans and managing all impounded or towed vehicle accounts. This role minimizes loss expo ...
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Job Details · Description · Position Purpose and Objectives · The Insurance & Impound Specialist is responsible for protecting the credit union's collateral position by ensuring continuous insurance coverage on secured loans and managing all impounded or towed vehicle accounts. T ...
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Insurance Specialist - Allen - Credit Union Texas
Description
Position Purpose and ObjectivesThe Insurance & Impound Specialist is responsible for protecting the credit union's collateral position by ensuring continuous insurance coverage on secured loans and managing all impounded or towed vehicle accounts. This role minimizes loss exposure, ensures regulatory compliance, and supports member resolution strategies in alignment with the credit union's loss mitigation objectives.
This position plays a critical role in reducing uninsured collateral risk, managing vendor relationships, and accelerating recovery timelines.
Major Duties and Essential Functions
Insurance Claims & Refund Administration
Specific knowledge, skills, and abilities required for this position:
MUST have experience working in a collections, call center, or banking environment.
Experience: Minimum 2-5 years experience in collections, loss mitigation, collateral recovery an insurance tracking. Knowledge of core and collection systems a plus.
Physical Activities and Requirements of this Position
CATEGORY
DESCRIPTION
Finger Dexterity
Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.
Grasping
Using fingers and palm on an object.
Talking
Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.
Repetitive Motions
Movements frequently and regularly required using the wrists, hands, and/or fingers.
Average Hearing
Able to hear average or normal conversations and receive ordinary information.
Average Visual Abilities
Average, ordinary, visual acuity necessary to prepare or inspect documents or products, or operate machinery.
Sedentary Work
While performing the duties of this job, the employee will frequently talk or hear, sit, use hands to handle or feel, and reach with hands or arms. The employee will occasionally, stand and walk, climb or balance, and stoup, kneel, crouch, or crawl. The employee will occasionally lift and move up to 10 pounds.
Working Conditions of this Position
DESCRIPTION
None. No hazardous or significantly unpleasant conditions.
Mental Activities and Requirements of this Position
Reasoning Ability: The ability to use common sense or logic.
Detailed
Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.
Mathematical Ability: The level of ability required to perform math skills and operations.
Basic
Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume. Ability to apply concepts of basic algebra and geometry.
Language Ability: The level of ability required to communicate and understand written and oral language.
Typical
Ability to use passive vocabulary of 7,000-9,000 words; read at a fast-paced rate; and define unfamiliar words in dictionaries for meaning, spelling, and pronunciation. Ability to write moderate to complex documents. Ability to communicate in complex sentences, using normal word order with present and past tenses and strong vocabulary. Ability to read, analyze, and interpret common scientific and technical journals, financial reports, and legal documents. Ability to respond to common inquiries or complaints from customers, regulatory agencies, or members of the business community. Ability to write speeches and articles for publication that conform to prescribed style and format. Ability to effectively present information to top management, public groups, and/or boards of directors.
Compliance requirement
The responsibilities contained within this job description remains compliant with Bank Secrecy Act / Anti-Money Laundering, Office of Foreign Assets Control and USA PATRIOT Act as they apply to the duties of the position
Disclaimer
The information in this job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications required of employees assigned to this job, which may vary on the department or the assignment. The actual essential duties, responsibilities and qualifications may vary by department, reporting structure and other business needs. No inference should be drawn that a specific job duty, responsibility or qualification is non-essential by its absence from this description.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
This employer is required to notify all applicants of their rights pursuant to federal employment laws.
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