GAP Claims Associate
This position will process GAP Claims in conformity with the contractual wording in relation to claim documents submitted. Obtain information from policyholders to verify the accuracy and completeness of information on claims forms, applications and related documents, and company records. Each document is unique to insurance company involved in the claim.
Required Education and Experience
- High School diploma or General Education Degree (GED)
- Understanding of general claim procedures and processes
- 1+ years’ experience with finance and insurance or a combination of education and experience that would enable performance of the full scope of the position
- Proficiency with MS Office products (Outlook, Word, Excel) & related software applications
- Strong mathematics proficiency
- Must be able to work effectively under pressure in a fast paced environment simultaneously while meeting strict deadlines
- Willingness to accept additional tasks, duties and/or direction from management
Preferred Education and Experience
- Bachelor degree
- Experience in insurance, warranty or a related field
To perform the job successfully, an individual should demonstrate the following competencies to perform the essential functions of this position.
- Problem solving – the individual identifies and resolves problems in a timely manner and gathers and analyzes information skillfully.
- Interpersonal Skills – the individual maintains confidentiality, remains open to others’ ideas and exhibits willingness to try new things.
- Oral communication – the individual speaks clearly and persuasively in positive or negative situations, demonstrates group presentation skills and conducts meetings as required.
- Written Communication – the individual edits work for spelling and grammar, presents numerical data effectively and is able to read and interpret written information.
- Planning/organizing – the individual prioritizes and plans work activities, uses time efficiently and develops realistic action plans.
- Quality control – the individual demonstrates accuracy and thoroughness and monitors own work to ensure quality.
- Adaptability – the individual adapts to changes in the work environment, manages competing demands and is able to deal with frequent change, delays or unexpected events.
- Dependability – the individual is consistently at work and on time, follows instructions, responds to management direction and solicits feedback to improve performance.
- Safety and security – the individual actively promotes and personally observes safety and security procedures, and uses equipment and materials properly.
Essential Functions – General
- Communicate with insurance agents, dealership finance, lenders, attorneys and agreement contract holders
- Prepare, analyze and interpret claim documents such as; GAP Agreements, insurance documents, finance contracts, police reports, etc. to locate correct data to adjudicate the claim
- Determine payoff balance of loan based on calculation of interest
- Calculate interest to the date of loss and prepare amortization schedules
- Determine retail value and value at loss date
- Create the payment explanation with amounts, deductions, interest, refunds, fees and settlements
- Generate correspondence to explain adjustments and denials
- Compose and verify correspondence for corrections to missing or other information
- Prepare supplementary GAP payments based on new information submitted
Process GAP payments
- Enter notes in computer/database detailing discrepancies and action taken to resolve
- Analyze and proofread contracts to verify data is complete and accurate
Track and log change requests ensuring all documentation is completed and recorded
- Store completed documents in appropriate locations
- Build, strengthen and maintain positive business relationships by establishing rapport with consumers and clients (agents, dealers and internal personnel)
- Ensure customer service satisfaction both internally and externally
Keep appropriate personnel informed of changes to customer account information
- Provide timely feedback to the company regarding customer concerns
- Perform special projects and other related duties as assigned
- Display a professional image in all settings
The duties listed above are not designed to cover or contain a comprehensive listing; they are intended only as illustrations of the various types of work that may be performed. The omission of specific duties, responsibilities and activities does not exclude them from the position; as they may change at any time with or without notice.
Headquartered just outside of Chicago, Illinois, AGWS is an innovative provider of administration services for Agents and Dealers offering vehicle service contracts, limited warranties, and a variety of environmental and aftermarket products across the United States. Since its inception in 1998, the goals of AGWS are to offer superior claim processing, exceptional customer service, and unrivaled profitability options. Products are insured by “A” or “A-” (Excellent) rated carriers. AGWS is part of the American Guardian Group of Companies and enjoys an A+ rating with the Better Business Bureau.