Risk Analyst I
Risk Analyst I
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Salary Not Disclosed
1 Vacancy
Job Description
Position Purpose
The Risk Analyst I position (RA1) is responsible for ensuring that the premium finance applications assigned to them are either accepted and funded or declined within defined service level agreements. The RA1 must collaborate closely with customers management and sales team to facilitate effective communications when there are additional items required to fund a loan. If the funding items do not come in by the deadline the RA1 must obtain bypass approvals or dishonor the finance agreement within the defined service level agreements and in accordance with the internal SOPs.
Duties and Responsibilities
- Review and complete auto created accounts for accuracy ensuring that the risks involved fall within defined standards for acceptability or obtain necessary bypass approvals. This ensures compliance with funding requirements for our customers.
- Perform standard followup with customers for items needed to fund a policy such as obtaining missing signatures collecting past due payments acquiring missing policy information reviewing quote memos and responding to inquiries as needed.
- Confirm existing relationships between agents general agents and insurance companies for fund agent accounts or policies with foreign entities to ensure alignment with carrier instructions for policy funding.
- Review entity memos during the autocreate review process to identify necessary changes on an account.
- Develop and maintain effective business relationships with peers sales team insurance markets and customers through superior service establishing credibility as an experienced professional and ensuring reliability in taking necessary actions for optimal outcomes.
- Review submitted premium finance agreements not auto created by the loan system for acceptability. Enter approved finance agreements into the loan system. Seek management instructions before defined service level standards when you cannot approve a loan. Ensure internal communication standards are met.
- Review disbursement holding report daily and take the necessary actions to ensure all policies are funded timely.
- Report the updated statuses of premium finance agreements not yet created into accounts and policies not yet funded to the Manager facilitating Managements review of accounts eligible for bypass approvals or requiring communication to the agent and sales team regarding outstanding funding requirements.
- Perform miscellaneous duties as assigned by management.
Performance
The performance evaluation of the Risk Analyst is based on their effectiveness in meeting the following KPIs on an ongoing basis:
- Missing Items: Communicate with the loan originator about missing items needed to issue funding on or before the 5th business day from receipt of the loan with 100% adherence to this timeline.
- Funding Deadlines: Meet submittedby and payee funding deadlines on 95% of loans received. If a loan is received after what would have been the deadline then fund within 2 business days from receipt of the loan unless approval from Management has been granted to extend the timeframe.
- Communicate with management before funding is due or within 2 business days from receipt of the loan to obtain approval to waive funding requirements or fund the loan after requirements have been met.
- Review Follow Up: Meet loan acceptance and funding review followup timelines defined in written procedures.
- Accurate Note Taking: Maintain current notes in the underwriting window of PBS until funding is released. This includes all phone calls made or received and all emails sent and received related to the loan.
- Customer Communication: Communications sent to customers are effective courteous professional and grammatically correct. This must be adhered to 100% of the time.
- Team Meetings: Active participation in weekly Team meetings.
- Alignment with Core Values: Demonstrate the organizations core values Integrity Respect Flexibility SelfEvaluation Knowledge and Compassion in all interactions.
Qualifications
To be successful in this position the individual must be able to perform each essential function. The competencies and knowledge listed below illustrate the knowledge skill and/or ability required for this position.
Educational and Experience/Knowledge Requirements
- High school diploma required
- College degree preferred.
- 03 years of related experience.
- Prior experience in premium finance or property and casualty insurance is preferred but not required.
- Proficiency with a computer and a variety of programs including but not limited to:
- Microsoft Outlook Word Excel Teams SharePoint.
- Previous experience working in a remote environment preferred.
- Ability to perform basic troubleshooting when needed.
Physical Requirements
- Sitting: Ability to sit for extended periods often up to 8 hours a day since most of the work is performed at a desk using a computer.
- Typing and Computer Use: Frequent use of a computer keyboard and mouse. This requires good handeye coordination manual dexterity and the ability to type quickly and accurately.
- Speaking and Listening: Clear verbal communication is essential. This involves speaking clearly over the phone and listening attentively to understand and respond to customer inquiries.
- Hearing: Ability to hear and understand conversations over the phone which may involve different accents and varying levels of background noise.
- Vision: Ability to read and interpret data on a computer screen including reading small print and using a computer monitor for extended periods.
- Reaching and Handling: Occasionally reaching for items such as a headset or a phone
Competencies:
- Communication Skills:
- Both written and verbal communication consistently displays professionalism objectivity respect emotional intelligence compassion and persuasion.
- Strong ability to work effectively in a team or independently fostering collaborative relationships to achieve results.
- Proactively takes initiative to resolve challenges presented.
- Interpersonal Skills:
- Always acts with integrity
- Embraces a growth mindset
- Demonstrates personal credibility and selfreflection
- Analytical skills:
- Uses objectivity including all available data with a serviceoriented mindset
- Tech savvy with a deep understanding of a variety of programs.
- Organizational skills:
- When reviewing loans demonstrate accuracy and acute attention to detail.
- Exceptional time management and ability to reprioritize tasks throughout the day regularly as needed.
Driven to be an independent learner and able to efficiently work with minimal supervision.
Employment Type
Full Time
