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.
What You’ll Do at Live Oak
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
Required Experience
Associate or bachelor’s degree (or equivalent work experience in insurance and/or a similar role)
Preferred Experience
Experience with SBA & Commercial loan documentation
Customer service experience
Insurance knowledge
Property & Casualty and/or Life Insurance license(s)
Our Values
Dedication: Possess a deep commitment to Live Oak Bank’s 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 with 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: http://www.liveoakbank.com/careers/
Live 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 [email protected].
EEO is the Law
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 candidate’s 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.
Top Skills
What We Do
Live Oak Bank has had the privilege of helping thousands of passionate, driven people turn their dreams into reality. These everyday heroes aren’t in it for the fortune or the fame. They’re in it to make a difference, just like we are.
As one of the last banks to get a charter before the start of the Great Recession, Live Oak emerged out of the rubble of 2008 as the first bank to keep the customer at the center of the business model. We put a groundbreaking spin on what banking could be, focused on service and technology to redefine banking.
Live Oak is a digital, cloud-based bank serving small business owners in all 50 states. We are the #1 SBA 7(a) lender by dollar volume* in the country and our mission is to be America’s small business bank. We aim to fulfill that mission through banking products that help business owners buy, build and expand, along with FDIC-insured checking, high-yield savings and CD accounts to grow their hard-earned money. Our family of companies under the holding and parent company Live Oak Bancshares (NYSE: LOB), and our subsidiaries, partner with businesses who share a groundbreaking focus on service and technology to redefine banking.
Our mantra is to treat every customer like the only customer and our mission is to be America’s small business bank.
