Insurance Specialist

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 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.

• 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 escalates 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.

N/A

MUST have experience working in a collections, call center, or banking environment.

• 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.
• An…