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
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Collaborate effectively as a team, recognizing that every member is vital to its success.
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Gain and maintain a thorough understanding of the insurance industry services and products.
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Perform additional duties as required, demonstrating a willing to cross-train.
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Review loans to identify documentation deficiencies and monitor for missing or incomplete documentation related to Insurance.
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Assist customers and loan teams with questions related to billing, documentation exceptions, and other insurance related questions.
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Collaborate across teams within the organization, serving as a valuable resource and partner.
How You’ll Do It
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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 OFAC to assist in the identification, detection and determent of money laundering or other unlawful activities.
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Decisioning: Makes basic decisions regarding proper insurance for all loans and loan products, including property, flood, and life to include force placement.
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Review: Completes insurance reviews, pre and post-closing, to mitigate risk to the Bank, with direct supervision. Images & manages documentation within the loan system. Prepares and maintains insurance in the collateral files.
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Exceptions: Completes clearing of insurance exceptions with direct supervision.
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Annual Review: Establishes reminder system for follow up on all insurance and completes follow up for annual insurance updates on all loans.
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Special Projects: Works on or assists with special projects that may be applicable to Insurance Department.
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Daily Mail: Opens and processes insurance mail daily.
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Support: Provides additional support for all team members as needed.
Required and Preferred Experience
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Associate or bachelor’s degree preferred. Equivalent work experience in insurance and/or similar role would be considered.
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SBA & Commercial loan documentation experience preferred.
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Customer service experience preferred
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Insurance knowledge strongly preferred
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Property & Casualty and/or Life Insurance license(s) strongly preferred.
#LI-DNI
Our Values
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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.
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Ownership: Take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
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Respect: Treat everyone wi.th courtesy, politeness, and kindness.
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Innovation: Embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
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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: https://www.liveoakbank.com/corporate-social-responsibility/live-oak-bank-employees/
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
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.
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.
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.
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