Things to Know Before Applying

• This is a fully remote position. Two monitors is required and we can provide a webcam and monitor if needed. We do not send out equipment but we do provide a reasonable business reimbursement the person using their own desktop/laptop, internet, and cell for VPN only.
• Must be okay with working Pacific hours.
• Seeking candidates that are analytical, critical thinking and inquisitive.
• You must reside in one of these locations: CA - FL - GA - MA - MI - NC - NH - NJ - NV - TN - TX

Position Pay

• The pay for people starting in this position is $20-$22/hour.

Position Purpose

The goal of this position is to:

• Identify and eliminate any possible insurance fraud for gotoPremiumFinance.com and customers who contract with us to perform fraud prevention measures.
• Ensure that all entities involved in a premium finance transaction for the portfolios we service meet defined acceptability requirements.
• Maintain existing loan collateral by ensuring we have proper up to date notices and funding information in the loan systems for all entities involved in the premium finance transaction.
• Work with the loan originating entity to re-establish loan collateral when a collateral shortage exists because of an incorrectly submitted loan.

Duties and Responsibilities

• Reviews daily early fraud detection reports: Duplicate Insured report, Agents Making Payments report, and Address Update reports to identify and act quickly on fraud warning signs, to eliminate or minimize the risk of possible insurance fraud.
• Performs random funding and insured verification calls to ensure funding is meeting market requirements and to ensure that all loans are originated at the request of the insured.
• Performs agent portfolio reviews including 1st X loan audits, funding verification calls, insured verification calls, and participate in fund agent reviews. This is to ensure that loan originating entities are submitting loans that contain accurate policy and provisional details, that all monies due from the agency are paid timely to the market and finance company, to ensure there is a valid policy associated with the finance transaction, and that the finance agreement is not being submitted for financing fraudulently.
• Approval and entry of new agents, general agents, and insurance companies in the Premium Billing System (PBS). This is to ensure all entities entered into our system met the finance defined finance company requirements.
• Process name and address changes for insurance agents, general agents and insurance companies received from co-workers, return mail, and incoming correspondence. This is to ensure notices are being sent to the proper location and to avoid costly processing delays.
• Ensures that the most current AM Best Ratings are available in PBS and PFLM via the AM Best update program. This is to ensure our carrier database always contains the most up-to-date rating and financial size information for all the carriers in our loan systems.
• Reviews all changes to the AM Best ratings and financial size of insurance companies. Informs management, lenders, finance company principles, and risk analysts of any changes that cause the entity to fall outside of acceptability standards. This is so that we can quickly develop a limit approval or create a run-off plan for all those entities no longer meeting defined acceptability standards.
• Ensures that we do not exceed entity finance limits for carrier concentrations previously set. Informs management, sales, loan originator or 3rd party sales when limits have been reached or are almost reached, obtains lender approval for financing limit approvals when appropriate. This is to ensure that finance proceeds are in the hands of financially solvent insurers, or insurers that meet defined acceptability standards.
• Processes returned Notices of Financed Premium or other premium acknowledgements to ensure the legitimacy of the collateral of the finance transaction, identify areas of potential collateral shortage or insurance fraud or take quick decisive action to re-collateralize any loan where a potential collateral shortage is identified. This is to ensure that all positive balance loans are properly collateralized by executable finance agreements within defined exposure standards and minimize or eliminate any potential losses to the finance company.
• Answers overflow customer service calls.
• Provides overflow support to Risk Analysis as needed.
• Performs miscellaneous duties as assigned by management.

The performance of the collateral protection specialist will be evaluated based on his/her effectiveness in managing early fraud reports, funding and insured verification calls, processing of returned Notices of Finance Premium, agent reviews, entry of new entities, maintenance of entities in premium billing system, processing of AM Best ratings and finance limits. The collateral protection specialist will also be evaluated on their ability to effectively locate fraud warning signs, then quickly identify those signs with significance and take quick appropriate action to eliminate or minimize risk to the finance company. The person is expected to provide excellent customer service while working closely with agents, insurance companies or their managing agents, sales, and management.

Qualifications and Skills

To be successful in this position, the individual must be able to perform each essential function. The requirements listed below are representative of the knowledge, skill and/or ability required for this position.

Education Requirements

• 2-year college degree preferred

Experience/Knowledge

• 1-2 years of prior experience in the premium finance or insurance industry is preferred, but not required.
• Proficiency with a computer and a variety of programs including, but not limited to:
• Microsoft Outlook, Word, Excel
• Premium Billing System from Input 1

Skills/Abilities

• Solid analytical skills particularly as it relates to fraud warning signs and entity database management.
• Service oriented mindset with outstanding interpersonal and communication skills, including the ability to persuade.
• Meet daily/monthly deadlines and objectives.
• A sense of urgency to identify and eliminate the risks associated to sloppy or fraudulent entities.
• Ability to exercise good judgment.
• Ability to work well independently with minimal supervision, or in groups to achieve positive results.
• Excellent organizational skills with attention to detail.
• Ability to handle multiple tasks in a dynamic environment.
• Ability to handle a high degree of ambiguity and change.
• Positive, upbeat attitude at all times.