Insurance Risk Specialist

About Us

How This Role impacts Live Oak and its People

As a part of theInsuranceTeamthe InsuranceRisk Specialist will help the bank meet and exceed Audit Lending Servicing and Credit expectationsby ensuring collateral for loans is protected. The role is essential to protecting the both the bank and borrowers interest. The Insurance Risk Specialist will act as the primary point of contact for an assigned internal team. This role reports to Insurance Manager or Senior Manager Insurance Risk.

What Youll Do at Live Oak

• Collaborate effectively as a team recognizing that every member is vital to its success.

• Maintain open communication with assigned internal team relating to insurance questions insights and force placement of policies when necessary.

• Perform additional duties as required demonstrating a willingness to crosstrain.

• Continually evaluate the completeness and adequacy of internal control documentation as processes and products change.

• Assist in performing periodic risk assessments to plan the teams various control activities and suggest changes in scope when necessary.

• Provide assistance to customers loan teams and insurance team members with questions related to assigned internal team billing documentation exceptions and other insurance related questions.

• Gain and maintain a thorough understanding ofinsurance industry services and products.

• Conduct advanced level loan reviews for both pre and postclosing to identify documentation deficiencies. Ensure completeness and accuracy of files by monitoring for missing/incomplete documentation across various insurance types as required by Live Oak Insurance Guidelines.

How Youll Do It

• Compliance Assessment: Has responsibility for followingregulatory requirements including those pertaining to the Bank Secrecy Act (BSA) AntiMoney Laundering (AML) Customer Identification Program (CIP) and OFAC to assist in the identification detection and determent of money laundering or other unlawful activities.

• Decisioning: Make decisions regarding proper insurance for loans including force placement of insurance for all loans and loan products.

• Issue Resolution: Reviews all loans for documentation deficiencies and maintains individual reminder system for all missing loan documentation pertaining to insurance. Provides advanced issue resolution insight to fellow teammates.

• Audit: Work alongside Senior Manager Insurance Risk during Audits. Ensure that insurance is complete accurate and compliant for all loan documents and records to mitigate risk for the bank.

• Risk Assessment: Ensures insurance documentation is complete accurate and compliant for all loan types to mitigate bank risk. Exhibits expert risk assessment insight. Evaluate existing policies and procedures to identify weaknesses.

• Evaluation: Set exceptions for follow up on all insurance documentation and completes follow up for annual insurance updates on all loan products. Provides expert insight to fellow teammates.

• Project Ownership: Works and/or leads special projects applicable to Insurance Team needs.

• Support: Provide expert knowledge mentorship and support for all team members. Provide additional support for all team members as needed.

• Sound Judgement: Must have a proven ability/relatable experience to solve complex issues and consider alternative perspectives using sound judgement.

Required and Preferred Experience

• Bachelors degree preferred. Equivalent work experience in Insurance or similar role would be considered.

• 45 years of experience in insurance industry loan closing postclosing lending credit construction audit or similar role preferred.

• SBA & Commercial loan documentation experience preferred.

• Customer service experience preferred.

• Insurance knowledge required.

• Excellent oral and written communication skills required.

• Excellent interpersonal skills required.

• Property & casualty and/or life insurance license(s) strongly preferred.

Required to Thrive at Live Oak

• Dedication You possess a deep commitment to Live Oak Banks mission and core values exemplified through a strong work ethic adaptability and pride in your work.

• Ownership You take initiative to deliver positive results by proactively and creatively solving problems while maintaining a high degree of quality.

• Innovation You embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.

• Teamwork You foster collaboration accountability and trust with others and understand that together we do more.

• Respect You treat everyone with courtesy politeness and kindness.

The above statements are intended to describe the general nature and level of work being performed by the incumbent assigned to this classification. They are not intended to be construed as an exhaustive list of all responsibilities duties and/or skills required of all personnel so classified.

Our Values

• Dedication:Possess a deep commitment to Live Oak Banks mission and core values exemplified through a strong work ethic adaptability and pride in your work.

• Ownership:Take initiative to deliver positive results by proactively and creatively solving problems while maintaining a high degree of quality.

• Respect:Treat everyone courtesy politeness and kindness.

• Innovation:Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.

• Teamwork: Foster collaboration accountability and trust with others and understand that together we do more

For a detailed overview of our employee benefits please visit: Oak Bank is an Affirmative Action and Equal Opportunity Employer Minorities/Women/Veterans/Disabled. We consider applicants for employment without regard to race color religion sex sexual orientation gender identity national origin age genetic information veteran status or disability. Equal access to programs service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and/or interview process should notify human resources at.

EEO is the Law

Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills experience and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.