Associate Insurance Specialist
About The Position
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 America’s 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 part of the Insurance Team, the Associate Insurance Specialist will assist the Bank in meeting and exceeding audit, lending, servicing, and credit expectations. This is achieved by ensuring loan collateral is protected through internal insurance processes that safeguard the interests of both the bank and its borrowers. This position reports to Insurance Manager.
Requirements
- Associate or bachelor’s degree (or equivalent work experience in insurance and/or a similar role)
Nice To Haves
- Experience with SBA & Commercial loan documentation
- Customer service experience
- Insurance knowledge
- Property & Casualty and/or Life Insurance license(s)
Responsibilities
- Collaborate effectively as a team member, recognizing the importance of each individual's contribution to overall success
- Develop and maintain a thorough understanding of insurance industry services and products
- Perform additional duties as needed, demonstrating flexibility and a willingness to cross-train
- Review loans to identify documentation deficiencies and monitor for missing or incomplete insurance related documentation
- Assist customers and loan teams with inquiries related to billing, documentation exceptions, and other insurance matters
- Collaborate across departments, serving as a knowledgeable resource and partner
- Ensure compliance with regulatory requirements, including the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Customer Identification Program, (CIP) and Office of Foreign Assets Control (OFAC), to help detect and prevent unlawful activities
- Make informed decisions regarding insurance coverage for loans, including property, flood, life, and force placement
- Complete insurance reviews pre- and post-closing to mitigate risk.
- Image and manage documentation within the loan system and maintain insurance records in collateral files
- Clear insurance exceptions under direct supervision
- Establish and maintain a reminder system for follow annual insurance updates across all loan products
- Assist with or lead special projects relevant to the Insurance Department
- Opens and processes insurance-related mail daily
- Provides knowledgeable support to all team members as needed
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
Associate degree
Number of Employees
251-500 employees
