Premium Finance Carrier Returns Specialist

AFCO Direct•Florence, SC

5d•Onsite

About The Position

The Premium Finance Carrier Returns Specialist facilitates the collection of return premiums and balances due from insureds, agents, and insurance companies through verbal and written correspondence. This role works closely with management to identify and resolve collection problems, aiming to minimize delinquencies and loan loss. The position involves communicating with insurance carriers, intermediaries, and agents/brokers to verify information on cancelled accounts, pursuing collection activities, and responding to inquiries. The specialist will also communicate with internal sales and marketing staff, review and make decisions on handling assigned accounts, and exercise judgment on charge-offs. Additionally, the role involves recognizing potential fraud/non-compliance, conducting agent portfolio audits, reviewing delinquent loans, computing interest adjustments, and providing support to staff on collection matters. The specialist may also assume supervisor's duties in their absence.

Requirements

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

Nice To Haves

Bachelor's degree or completion of a technical school in a related subject

Responsibilities

Communicate with insurance carriers, intermediaries and insurance agents/brokers to verify vital information regarding cancelled accounts and document files accordingly with information collected.
Pursue collection activities on assigned portfolio of cancelled accounts as outlined in line of business policies and procedures.
Respond to telephone and written inquires on assigned loan portfolio or when appropriate, respond to inquiries that have been redirected from other departments.
Communicate regularly with internal sales and marketing staff regarding cancelled accounts, losses and agency delinquencies.
Review and make decisions on handling of assigned accounts once initial carrier collections activities have been completed.
Exercise judgment within established authority limits to make decisions related to the charge off of delinquent loan balances and prepare to explain the reasons for the loss.
Recognize the warning signs of agency fraud/non-compliance and ensure that management is notified of these instances for further investigation and/or action.
Complete agent portfolio audits resulting from UFO filings to insure prompt action is taken to minimize losses.
Review delinquent loans and make determinations on deferring or proceeding with cancellation requests to the insurance carrier.
Review payments received on cancelled loans and determine appropriate action.
Compute interest adjustments using various calculation methods, calculate payoffs and prepare refunds.
Provide support and direction to staff on collection matters for large and/or complex accounts as necessary.
Assume supervisor's duties and responsibilities in their absence.

Benefits

medical
dental
vision
life insurance
disability
accidental death and dismemberment
tax-preferred savings accounts
401k plan
10 days of vacation (prorated based on date of hire and by full-time or part-time status)
10 sick days (also prorated)
paid holidays
defined benefit pension plan
restricted stock units
deferred compensation plan