Portfolio Management Specialist

AFCO Direct•Lake Forest, IL

1d•$51,000 - $61,000

About The Position

Provide excellent customer service to agents and insureds while facilitating collection of return premiums and balances due from insureds, agents, and insurance companies through verbal and written correspondence with applicable parties to loan transactions. Work closely with management to identify and resolve collection problems and minimize delinquencies and loan losses. Manage an assigned portfolio by researching and evaluating reports and other information; communicating with agents, brokers, carriers, and insureds; and taking appropriate actions to prevent policy cancellations and address payment issues. Review collateral shortages, balances due, overpayments, and returned premiums; post payments and interest; correct posting errors; and make account decisions within assigned authority. The position also involves customer-service phone coverage, handling returned mail, identifying possible agency fraud or non-compliance, and assisting with portfolio audits.

Requirements

High school diploma or equivalent education and related training.
Two years of premium finance experience, preferably in operations, collections, or a related discipline in the property and casualty insurance industry.
Ability to work independently.
Excellent written and verbal communication skills.
Excellent organization and analytical skills.
Proficiency in basic computer applications, such as Microsoft Office software products.
Ability to travel, occasionally overnight.

Nice To Haves

Associate or bachelor’s degree, or completion of a technical school in a related subject.

Responsibilities

Research, analyze, and evaluate reports and other information to manage an assigned portfolio.
Communicate with insurance agents, brokers, and carriers about transaction status within the portfolio.
Communicate with insureds about loan status to help prevent policy cancellations.
Work with insureds on NSF or returned payments to avoid cancellations.
Within assigned authority, decide whether to hold issuing a Notice of Cancellation by analyzing changes in collateral value relative to credit and considering the insured’s and agent’s history.
Follow up with general agents and insurance companies, based on account size and age, to obtain return premium amounts and expected payment dates.
Analyze collateral shortages and determine the next course of action.
Collect balances due from the appropriate parties based on analysis of shortages; recommend appropriate and approved referrals to outside collection agencies; and process monthly loan write-offs for submission to OSC.
Within assigned authority, decide whether to waive late fees based on account review and analysis.
Recommend and communicate payment options within assigned authority to reduce costs and maximize fee income.
Post return premium checks to applicable loans.
Complete loan adjustment requests to correct payments posted to incorrect loans.
Identify warning signs of agency fraud or non-compliance, notify management for investigation or action, and assist with agent portfolio audits.
Assess and post insureds’ post-maturity interest to loans with credit balances.
Be online and available in the company’s customer service ACD phone queue.
Review all return premiums posted to the portfolio daily.
Handle returned mail for final demand letters and cancellation notices sent to insureds, intermediaries, and carriers.
Review and analyze portfolio overpayments and unusual payments daily.
Contact insureds and/or agents to help prevent loan cancellations.

Benefits

Medical insurance
Dental insurance
Vision insurance
Life insurance
Disability insurance
Tax-preferred savings accounts
401(k) plan
At least 10 days of vacation during the first year, prorated based on hire date and full-time or part-time status
10 sick days, prorated
Paid holidays
Depending on position and division, eligibility for a defined benefit pension plan, restricted stock units, and/or a deferred compensation plan