Product overview / Project overview (filled by Hiring Manager for FTE openings only)
OFSS BPO is seeking candidates with a minimum of 6 months and up to 3 years of work experience to support back-office processes for the Insurance Division of its U.S. banking client. Candidates with experience in forced lender-placed insurance (LPI), loan servicing, insurance processes, loan administration, or related fields are preferred. Candidates with experience in financial services are also encouraged to apply.
Pre-Requisites (filled by Hiring manager)
Education
Preferably a Commerce Graduate – B. Com (H) and (P); BBA, BCA, Economics Graduates can also apply.
Engineering Graduates & candidates from IT background not eligible.
Soft / Behavioral Skills
- Good Communication skills / Comprehension skills
- Good Listening skills
- Eagerness to Learn and Improve
- Open to work in Night shifts / Indian Holidays
- Team Player
Total Experience
Min: Yrs. 0.5 Max: Yrs. 3 Yrs
Relevant Experience
Min: Yrs. 0.5 Max: Yrs. 3 Yrs
Primary ( Essential ) Technical / Functional / Managerial Skills :
- Proficiency in MS Office, IT support applications and other BPO related applications
- Good Typing skills with high Accuracy levels (30-35 words per minute, Accuracy of 90-95%)
- Good Analytical Skills / Problem Solving skills
- Good Decision-making skills
- Flexible with shift timings
Special Requirements
- A minimum of six months to one year of experience in a financial services project, preferably in the loan servicing or insurance domain.
- Experience in forced lender-placed insurance (LPI) or insurance-related processes will be an added advantage.
- Must be willing to work night/rotational shifts.
- No leave required for the next 3 months.
- Not pursuing any course, degree, or diploma that may interfere with work or cause shift issues.
Forced Lender-Placed Insurance (LPI) Reviewer
Proposed Opportunity (Filled by Hiring Manager)
Role
Associate 1
Responsibilities / Job Tasks
- Perform data entry across various platforms for accurate tracking and processing.
- Monitor the borrower’s hazard insurance status to ensure active coverage meets lender requirements.
- Track insurance expirations, lapses, or changes, and notify borrowers promptly.
- Oversee escrow and non-escrow accounts to ensure insurance premiums are paid on time.
- Assess when Forced Lender Placed Insurance (LPI) is required due to insufficient, canceled, or non-renewed borrower insurance.
- Ensure LPI coverage aligns with mortgage contract requirements, including coverage amounts, flood insurance, and hazard insurance.
- Facilitate premium payments to the insurance company via borrower escrow or lender account as necessary.
- Adjust borrower escrow accounts for LPI costs and address any discrepancies.
- Ensure accurate billing statements are sent to borrowers, detailing coverage and premium information.
- Monitor policy renewals, adjusting coverage and premiums as required, and identify the necessary insurance type.
- Communicate renewal notices to borrowers and inform them of any changes to their insurance coverage.
- Cancel or replace LPI once the borrower provides proof of insurance and process any premium refunds as required.
- Facilitate the insurance claims process in the event of a loss, ensuring efficient processing of claims.
- Maintain thorough documentation of insurance claims, including status updates and outcomes.
- Ensure that insurer payments are applied to the loan balances in a timely manner.
- Maintain and update the Daily Production sheet to track progress and performance.
Career Level - IC1
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