What are the responsibilities and job description for the Insurance Risk Specialist position at Live Oak Bank?
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 Insurance Risk Specialist will help the bank meet and exceed Audit, Lending, Servicing and Credit expectations by ensuring collateral for loans is protected. The role is essential to protecting the both the bank and borrower’s interest. The Insurance Risk Specialist will act as the primary point of contact for an assigned internal team. This role reports to Insurance Manager or Senior Manager, Insurance Risk.
What You’ll Do at Live Oak
- Collaborate effectively as a team, recognizing that every member is vital to its success.
- Maintain open communication with assigned internal team relating to insurance questions, insights, and force placement of policies when necessary.
- Perform additional duties as required, demonstrating a willingness to cross-train.
- Continually evaluate the completeness and adequacy of internal control documentation as processes and products change.
- Assist in performing periodic risk assessments to plan the team’s various control activities and suggest changes in scope when necessary.
- Provide assistance to customers, loan teams and insurance team members with questions related to assigned internal team billing, documentation, exceptions, and other insurance related questions.
- Gain and maintain a thorough understanding of insurance industry services and products.
- Conduct advanced level loan reviews, for both pre and post-closing, to identify documentation deficiencies. Ensure completeness and accuracy of files by monitoring for missing/incomplete documentation across various insurance types, as required by Live Oak Insurance Guidelines.
How You’ll 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 OFAC to assist in the identification, detection and determent of money laundering or other unlawful activities.
- Decisioning: Make decisions regarding proper insurance for loans including force placement of insurance for all loans and loan products.
- Issue Resolution: Reviews all loans for documentation deficiencies and maintains individual reminder system for all missing loan documentation pertaining to insurance. Provides advanced issue resolution insight to fellow teammates.
- Audit: Work alongside Senior Manager, Insurance Risk during Audits. Ensure that insurance is complete, accurate and compliant for all loan documents and records to mitigate risk for the bank.
- Risk Assessment: Ensures insurance documentation is complete, accurate and compliant for all loan types to mitigate bank risk. Exhibits expert risk assessment insight. Evaluate existing policies and procedures to identify weaknesses.
- Evaluation: Set exceptions for follow up on all insurance documentation and completes follow up for annual insurance updates on all loan products. Provides expert insight to fellow teammates.
- Project Ownership: Works and/or leads special projects applicable to Insurance Team needs.
- Support: Provide expert knowledge, mentorship, and support for all team members. Provide additional support for all team members as needed.
- Sound Judgement: Must have a proven ability/relatable experience to solve complex issues and consider alternative perspectives using sound judgement.
Required and Preferred Experience
- Bachelor’s degree preferred. Equivalent work experience in Insurance or similar role would be considered.
- 4-5 years of experience in insurance industry, loan closing, post-closing, lending, credit, construction, audit or similar role preferred.
- SBA & Commercial loan documentation experience preferred.
- Customer service experience preferred.
- Insurance knowledge required.
- Excellent oral and written communication skills required.
- Excellent interpersonal skills required.
- Property & casualty and/or life insurance license(s) strongly preferred.
Required to Thrive at Live Oak
- Dedication – You 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 – You take initiative to deliver positive results by proactively and creatively solving problems, while maintaining a high degree of quality.
- Innovation – You embrace fresh ideas and fearlessly contribute new solutions to emerging or existing problems.
- Teamwork – You foster collaboration, accountability and trust with others and understand that together, we do more.
- Respect – You treat everyone with courtesy, politeness and kindness.
“The above statements are intended to describe the general nature and level of work being performed by the incumbent assigned to this classification. They are not intended to be construed as an exhaustive list of all responsibilities, duties and/or skills required of all personnel so classified.”
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 wi.th 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
HumanResources@liveoak.bank
.
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 $55,000.00 - $90,000.00 per year. 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.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.
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.
Salary : $55,000 - $90,000
