Risk Analysis Jobs

Position Purpose

The goal of this position is to identify and evaluate risks involved in financing consumer and commercial premium finance loans. There will be a heavy focus on establishing the authorities and mailing/funding requirements of all parties involved in the writing of the insurance policy (ies) listed on the finance agreement. The Risk Analyst is responsible to ensure that all loans received are processed and funded in a timely manner and in accordance with the procedures of each of the finance companies we manage. The Risk Analyst is responsible to work with customers, management and sales to facilitate the renegotiation of finance terms for any loan received that falls outside of acceptance standards. When renegotiation of terms is not possible, the risk analyst is required to ensure the loan is dishonored within defined communication and response time standards.

Duties And Responsibilities

• Assist Collateral Protection as needed during staffing shortages.
• Enter loans and perform account adjustments within the loan system when needed to meet loan acceptance standards.
• Obtain policy provisions, mailing and funding instructions from general agents and insurance companies. This is to protect the collateral of the finance agreement by ensuring we are issuing loan proceeds and notices to the proper location and avoid costly processing delays.
• Review quotes and finance agreements for exposure from risks to ensure they meet eligibility requirements and when they don’t, renegotiate terms that are acceptable within defined turn around standards. This is to ensure we process loans and quotes timely for our customers as well as meet legal state timeframe requirements when communicating on unacceptable loans.
• Perform miscellaneous duties as assigned by management.
• Answer overflow broker support or customer relations calls during peak call times or when the call center is short people to ensure we meet customer expected call answer times.
• Review and approve auto create loans. Make any adjustments to markets, funding, insured mailing delivery, billing methods, and market notices as needed. If the loan does not meet acceptability standards place funding on hold by 9 AM on the 2nd business day after the account is auto created and renegotiate acceptable terms with the submitting party after review with Management and the BDO, or close out/ rescind the financing.
• Ensure all loans due for boarding are assigned account numbers daily or that carry over approval has been granted and report the updated status of the loan daily to the Lead, Manager, and AVP of Collateral Management. This allows management to offer support as needed to prevent processing delays and avoid a negative customer impression.
• Develop and maintain effective business relationships with peers, sales representatives, insurance agents, insurance carriers and customers through superior service. This is so that you are perceived by them as being an experienced professional member of Input1, and that they can trust that whatever actions you take will always be in the interest of creating the best possible outcome.
• Ensure all loans due for funding are funded daily or obtain carry over approval. Report the updated status of the funding requirements/status to the Operations Manager or the Manager’s designee daily. This allows management and marketing to offer support as needed to prevent undue delays and avoid a negative customer impression.
• Approve and code finance agreements for data entry, ensuring that the risks involved are within defined standards for acceptability, or obtain necessary bypass approvals. This ensures that we do not accept loans with unacceptable exposure which could result in a loan write off.
• Confirm existing relationships between agents, general agents and insurance companies. This is to ensure that we are funding loans in accordance with the carrier requirements and obtaining policy verification(s) from the party that has the underwriting authority over the policy.

The performance of the risk analyst will be evaluated based on his/her effectiveness in managing loans received, from receipt to funding, while ensuring that each transaction is properly documented and maintains an acceptable level of exposure. The risk analyst will also be evaluated on his/her ability to effectively re-negotiate loan terms or provide declination communication in a timely manner to the originator of the loan transaction. The person is expected to provide excellent customer service while working closely with agents, insurance companies or their managing agents, marketing 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

• 4-year college degree preferred

Experience/Knowledge

• Microsoft Outlook, Word, Excel
• Premium Billing System from Input 1
• Proficiency with a computer and a variety of programs including, but not limited to:
• 2-5 years of prior experience in insurance risk or insurance financing is preferred, but not required.

Skills/Abilities

• Ability to handle a high degree of ambiguity and change.
• Excellent organizational skills with attention to detail.
• Ability to exercise good judgment.
• Service oriented mindset with outstanding interpersonal and communication skills, including the ability to persuade.
• Ability to handle multiple tasks in a dynamic environment.
• Positive, upbeat attitude at all times.
• A sense of urgency in resolving loan impediments and meeting daily/monthly deadlines and objectives.
• Ability to work well independently with minimal supervision, or in groups to achieve positive results.
• Solid analytical skills particularly as it relates to financial exposure analysis.