Insurance Operations Specialist

Exchange Bank; Santa Rosa (CA); On-site; USD 32,000 - 44,000; Full time

Job summary

Exchange Bank is seeking an Insurance Operations Specialist in Santa Rosa, CA, to protect the loan portfolio by ensuring proper insurance coverage. You will manage coordination, record-keeping in the core system, and regulatory compliance, partnering with carriers and internal teams.

You will monitor hazard and flood insurance, resolve exceptions, and support smooth lending with proactive follow-up and attention to detail.

Qualifications

• High school diploma or equivalent; associate or bachelor’s preferred.
• Minimum of 2 years in insurance, banking, or lending; commercial risk a plus.
• Proficiency with Microsoft Office; familiarity with core banking systems or agency management systems (e.g., FIS).
• Exceptional data-entry accuracy to prevent compliance breaches.
• Strong verbal and written communication to articulate complex information.

Responsibilities

• Coordinate collateral insurance by updating records in the core banking system.
• Monitor insurance exception reports and track items in the vendor portal.
• Communicate with agents, borrowers, collateral insurance placement vendors, and others to resolve coverage issues.
• Follow up on exceptions requiring Credit Department review or action.
• Prepare monthly and quarterly exception reports for management, compliance, and audit committees.
• Place policies with Bank’s insurance carrier when there is a gap in coverage and collect payments.
• Report borrowers unable to make required insurance payments to Special Assets.
• Ensure insurance documentation complies with regulatory requirements and internal policies.
• Serve as primary contact for borrowers and insurers regarding policy updates, renewals, payments, and coverage requirements.
• Identify potential coverage concerns and escalate as needed.

Skills

Communication skills

Data entry accuracy

Analytical thinking

Education

Associate/Bachelor's in business or finance

Tools

FIS core banking system

Microsoft Excel

Job description

The Insurance Operations Specialist plays an essential role in protecting the bank’s loan portfolio by ensuring secured loans maintain the appropriate insurance coverage. This position manages the full insurance coordination process - from verifying coverage and resolving exceptions to partnering with external carriers and internal teams. This role will maintain accurate records in the bank's core system, monitor hazard and flood insurance requirements, and help ensure compliance while minimizing operations and financial risk. Through careful attention to detail and proactive follow-up, the Insurance Operations Specialist supports regulatory compliance, reduces risk, and helps ensure a smooth lending experience.

Essential Functions

• Insurance Coordination
  • Review and update collateral and insurance records in the core banking system to ensure information is accurate and current.
  • Monitor insurance exception reports and track outstanding items in the vendor portal.
  • Contact insurance agents, borrowers, collateral insurance placement vendors, and other parties to resolve coverage deficiencies and documentation issues.
  • Follow up on exceptions requiring Credit Department review, decision-making, or action.
  • Prepare monthly and quarterly exception reports for management, compliance, and audit committees.
  • Place policies with Bank’s insurance carrier when there is a gap in coverage and collect payments, within the guidelines set forth by the bank.
  • Report borrowers who are unable to make required insurance payments to the Special Assets Department
  • Ensure insurance documentation complies with regulatory requirements and internal policies, including requirements for SBA, flood, hazard, and fire insurance.
  • Serve as a primary point of contact for borrowers and insurance providers regarding policy updates, renewals, payments, and coverage requirements.
  • Identify potential coverage concerns and escal…
• Administrative Support
  • Provide administrative support to Credit Administration and lending officers on matters related to loan collateral insurance.
  • Perform other duties as assigned by manager

Minimum Qualifications

• High school diploma or equivalent required; associate or bachelor's degree in business, Finance, or a related field is preferred.
• Minimum of 2 years of experience in insurance, banking, or lending, with experience in commercial lines or risk management being a plus.
• Proficiency with Microsoft Office (especially Excel for reporting) and familiarity with core banking systems or agency management systems (e.g., FIS).
• Exceptional precision in data entry and record maintenance to prevent compliance breaches.
• Strong verbal and written communication skills to articulate complex information to stakeholders.
• Ability to identify root causes of insurance discrepancies and resolve them proactively.

Compensation

The hiring range for this position is $23.25 to $32.00 per hour. The compensation offered will fall within this range commensurate with the candidate's applicable experience, education and skills.