Claims and Contracts Specialist
Lafayette Federal Credit Union
Location: Rockville, MD
Welcome to Lafayette Federal Credit Union Careers! Our organization is growing, and we are seeking top-notch individuals to provide support to our members. Our employees are a critical component in our endeavor to be the premier financial partner for every one of our members.
- Do you have excellent first-level conflict resolution, building relationships, and soliciting cooperation?
- Do you have a high degree of confidentiality and discretion, diplomacy and tact in communication?
If so, then Lafayette Federal may have the perfect opportunity for you! We are currently seeking a Claims & Contract Specialist to join our dynamic team!
Our Difference: What makes Lafayette Federal cutting-edge? Lafayette Federal Credit Union is not only a great place to bank, but also a great place to work! We have been recognized nationally by (1) Newsweek’s America’s Best Bank’s list, (2) we’ve received a 5-star rating from Bauer financial, and (3) we’ve also ranked #12 in S&P Global’ s Top Performing Credit Union’s in 2022 for the second year in a row!
Our Culture: Lafayette Federal is about inclusion, diversity, high performance, and new opportunities. Teamwork and our sense of community also make Lafayette Federal a great place to work. Each person is valued for his or her unique set of skills. We share a common devotion to the people we serve, participating in charity events throughout each year and giving back to the community.
Our Opportunities: Professional development, training, and certification is a priority for our employees. We want you to reach your career goals and provide support that leads to opportunities of advancement within the industry.
About the role:
We are seeking a smart, organized, and resourceful Claims & Contract Specialist to maintain the Credit Union’s vendor management module, and ensuring compliance with regulations as defined by NCUA, FFIEC and CFPB. In addition, the candidate will process the Credit Union’s insurance claims in accordance with NCUA and BSA regulations and the Credit Union’s policies and procedures, as it relates to fraud, corporate or on-property member incident claims. This individual will perform a variety of clerical, administrative, and technical functions in support of the day-to-day vendor management and insurance claims processing operations of the Risk Management Division.
Education & Experience
- One year to three years of similar or related experience
A day in the life of a Claims & Contracts Specialist will include:
- Serving as the initial response to member incidents (i.e., falls, slip, car accidents) on Lafayette premises and completing incident reports as needed and processes claims through insurance provider.
- Reviewing all member-facing and insurance provider claims as it relates to fraudulent activity, verifying the accuracy of the details stated within the claim within LFCU applications (AE, e-Oscar, etc.) and processes the claims through TruStage. Maintains and updates Keystone and the department’s claims’ database with the current claims’ status.
- Responding to incidents and processes claims for pertaining to LFCU’s Fidelity or Package of Protection policy with TruStage, as it relates such items as errors & omissions, robberies, damage to LFCU property, ATM machines, etc. Interfaces with appropriate business units, as necessary.
- Ensures vendor corporate and contact data remains current. Access the vendors’ Extranet sites as needed to further research. Prepares, scans, and updates the NContracts software system with vendor documentation. Assists with maintenance in setting calendar reminders and obtaining documentation as it relates to vendor risk assessments and annual reviews.
Our ideal candidate will have knowledge of:
- Reviewing basic contracts for key terms and scope of work.
- Validating new vendors through Lexis Nexis systems, Dun & Bradstreet, the Better Business Bureau and/or the SEC website. Researches the Internet and uploads pertinent vendor documentation, including but not limited to contracts, renewals, insurance certificates, SOC reports, financials, purchase orders, proposals, invoices, etc. for those vendor documents approved by the VP of Risk and Vendor Management.
- Closing out claims within LFCU systems once they have been resolved and following up with pertinent parties until a resolution has been reached.
- Generating various reports to include claims status, as well as monthly and quarterly reports of claims processed, dollars recuperated or lost, and open claims.
Top benefits or perks:
Joining Lafayette Federal comes with perks to support you in your personal and professional journey.
We provide employees with a generous benefits package including:
- Employer paid (99.9%) health insurance premium for single and family coverage (HMO Plan)
- Fully funded deductible (HMO Plan)
- 401k employer matching contribution
- Income protection with life insurance, short and long-term disability
- Paid time off & holiday leave
- Educational assistance
- Commuter benefits program and more!
The job posting highlights the most critical responsibilities and requirements of the job. It is not all-inclusive. There may be additional duties, responsibilities, and qualifications for this job.
*Lafayette Federal Credit Union is an Equal Opportunity and E-Verify Employer
How to Apply
Please apply using the following link:
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