Associate Insurance Specialist

Live Oak Bank•Wilmington, NC

1d•$20 - $32

About The Position

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