Insurance Specialist
Insurance Specialist
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Job Description
About Us
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be Americas Small Business Bank. Our products help customers buy build and expand their business and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined and we seek those who embody and embrace what it takes to empower the American dream.
How This Role Impacts Live Oak and its People
As a member of the Insurance Team the Insurance Specialist will play a crucial role in supporting the Banks efforts to meet and exceed audit lending servicing and credit expectations. This role is key in protecting collateral for loans through internal insurance processes that protect the interests of the bank and its borrowers. This role reports to an Insurance Manager.
What Youll Do at Live Oak
Work collaboratively as a team recognizing that each members contribution is vital to its success.
Develop a thorough understanding of and stay current with insurance industry services and products.
Provide knowledgeable insight and support to other departments on documentation exception billing notice and other insurance related inquiries.
Perform additional duties as required demonstrating a willingness to be cross trained and provide knowledgeable assistance to teammates in multiple areas within the team.
Conduct experienced loan reviews to identify documentation deficiencies and monitor for missing or incomplete documentation across various insurance types in accordance with Live Oak Insurance Guidelines.
How Youll Do It
Compliance Assessment: Has responsibility for following regulatory requirements including those pertaining to the Bank Secrecy Act (BSA) Anti-Money Laundering (AML) Customer Identification Program (CIP) and Office of Foreign Assets Control (OFAC) to assist in identification detection and determent of money laundering or other unlawful activities.
Decisioning: Evaluate closed loans and determine the necessary insurance coverage including property flood and life insurance. Provides knowledgeable insight to manager to facilitate discussion for force placement.
Review: Images reviews and manages documentation both in the loan and relationship level. Exhibits thorough understanding of multiple insurance and loan types.
Exceptions: Completes clearing of insurance exceptions with reduced supervision.
Issue Resolution: Reviews all loans for documentation deficiencies and maintains individual reminder system for all missing loan documentation pertaining to insurance. Provides knowledgeable issue resolution insight to fellow teammates.
Risk Assessment: Ensures insurance documentation is complete accurate and compliant for all loan types to mitigate bank risk. Exhibits knowledgeable risk assessment insight.
Project Ownership: Works and/or assists with special projects applicable to Insurance Team needs.
Assist: May be asked to assist in daily manual mail process.
Support: Provide additional knowledgeable support for all team members as needed.
Required and Preferred Experience
Bachelors degree required. Equivalent work experience in insurance or similar role would be considered.
3-4 years of experience in insurance industry loan closing post-closing lending credit audit or similar role would be considered.
SBA & Commercial loan documentation experience preferred.
Customer service experience preferred.
Insurance knowledge strongly preferred.
Excellent oral and written communication skills required.
Excellent interpersonal skills required.
Property & casualty and/or life insurance license(s) strongly preferred.
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.
The base pay range for this position is $19.23 - $31.25 per hour. Compensation may also include annual bonuses and long-term incentives subject to various metrics and company policy. A candidates salary is determined by several factors including travel relevant work experience or skills and expertise.Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave including but not limited to Arizona California Colorado District of Columbia Maine Maryland Massachusetts Michigan Nevada New Jersey New Mexico New York Oregon Rhode Island Vermont and Washington.
Required Experience:
Unclear Seniority
Employment Type
Full-Time
