UnderwriterSample Job Descriptions, Salaries, and Interview Questions
An underwriter is responsible for examining applications for insurance loans, or other similar applications, and evaluating the risk of said loans. The underwriter is in charge of making a decision to either approve or disprove any application. This can be done through risk assessment, calculation, and the use of software to aid in the determination of risk.
Underwriters can benefit from having an analytical mind as well as the ability to quickly calculate and understand problems. Underwriters also need the ability to troubleshoot and overcome these problems. An underwriter cannot be indecisive and must be capable of making tough and difficult approval decisions in order to be beneficial to your company. Underwriters oftentimes work in corporate and office environments and may consult clients when needed – although this is not a requirement of the position.
Sample job description #1
We are the vital link bringing together these groups with underwriting companies. For our customers, we are an advocate, providing driven products and easily accessible, world-class customer service. For the underwriting company, we provide the marketing and administrative expertise vital to improve their policy sales.
Review and evaluate insurance applications and related documents, including inspection reports, financial statements, loss data, MVR’s, and other information needed to accurately evaluate and classify the degree of risk in relation to proposed coverage limits.
Obtain all relevant information not included with the initial submission to ensure a detailed evaluation of the risk.
Review and evaluate renewal business and recommend appropriate actions to attain premium rate and loss ratio objectives.
Prepare own or review other quotations/proposals for presentation to potential clients.
Approve the coverages requested within specified underwriting authority, either as submitted or on a modified basis, or decline the risk in its entirety; refer with recommended action if risk exceeds underwriting authority.
Develop and maintain positive and constructive working relationships with the company’s marketing professionals and their productions sources in order to attract and retain clients.
Review policy forms used in specific programs to ensure consistency and keep producers informed regarding coverage issues;
Responsible for a renewal book of approx. $1,500,000 premium and new business book of approx. $500,000 premium.
Complete a variety of underwriting assignments at the direction of the Division Sr. Vice President or Underwriting Manager/Director.
Active Property and Casualty Indiana Insurance license;
Minimum 3 -5 years working in a commercial Property and Casualty insurance operation
Understanding of Property and Casualty insurance coverages
Working knowledge of Microsoft Office Suite, specifically Excel and Word.
Good verbal and written communication skills
Outstanding organizational skills and time management capabilities
Can work cohesively in a team environment and follow direction well
Computer skills to include Microsoft Word and Excel, Outlook and other company proprietary computer programs
Sample job description #2
The Underwriter will join a growing team charged to review and evaluate case data to present fair and sound stop-loss pricing. In this role, the Underwriter will report directly to the Assistant Vice President of Underwriting.
Evaluate fully insured, level funded, and self-funded submission documentation, including new business proposals, renewals, and claims documents
Maintain and support a positive working relationship with Regional Vice Presidents, Sales Associates, the Sales Management Team, and carrier partners
Learn and be able to reiterate captive products, including the various cost containment programs available to members
Identify and suggest creative underwriting solutions through a knowledge of various TPA programs, Reference Based Pricing vendors, and cost containment initiatives
Evaluate formal quotes from carriers for accuracy and fairness
Prepare and release marketing pieces, proposals, and liability models according to guidelines and operating procedures
Evaluate and respond to broker partner requests in a timely and constructive manner
Skills and experience
2+ years of underwriting stop loss experience required
Knowledge of self-insurance space and cost containment programs
Demonstrated consultative approach to underwriting or toward UW process
Must demonstrate attention to detail and strong analytical skills
Bachelor’s degree required
Highly proficient in Excel
Must possess strong skills multitasking capability, and a desire to work as a part of a team
Ability to sit for long periods
Ability to work nights and weekends on occasion as business needs may dictate
Sample job description #3
Utilize underwriting tools to determine accurate classifications, rates, and premium charges. Understand state laws, including cancellation and non-renewal, within assigned territory to properly transact business within each state. Knowledgeable in coverage forms and policy language; appropriate utilization of forms and exclusions. Assist with resolving premium audit disputes within assigned agents/brokers.
Key duties and responsibilities
Participate in prospecting through the identification of new business targets and opportunities, work closely with producer/agent to ensure department receives opportunity to offer proposal.
Make strategic recommendations to supervisor.
Manage personal book of business.
Review, analyze, accept, and decline casualty risks
Underwrite and select new business that will produce an underwriting profit.
Manage the existing renewal book and implement corrective measures, as needed, to meet profitability expectations.
Communicate with regional managers and national casualty product line leaders on individual accounts, current and proposed producers, and make recommendations concerning operations, systems, and procedures when appropriate.
Perform required number of broker marketing calls. Solicit new accounts, gather market intelligence, and deliver up-to-date department information relating to products and services. Manage select agency relationships to ensure objectives are achieved.
Participate in audits and/or underwriting meetings as required.
Build and maintain quality relationships with key producers while simultaneously monitoring the entire appointed producer base for profitability and production.
Review forms and pricing of competitors and be able to effectively market the product within the competitive landscape
Provide training or technical assistance to department underwriting staff.
2-5 years plus years in wholesale Primary Casualty underwriting or broking
Strong presentation and interpersonal skills
Established E&S broker relationships within the region and the ability to build relationships in new markets
Excellent oral and written communication skills.
Microsoft Office skills to include MS Word and MS Excel.
Strong analytical and organizational skills.
Must be a team player that enjoys a flexible and spontaneous business environment with a desire to succeed.
Up to 25% travel (when appropriate)
Average salary and compensation
The average salary for an underwriter is $71,800, plus the opportunity for a monthly, quarterly, or annual bonus. Salary will vary by geographic location, market conditions, company size, and experience level.
Los Angeles, California
New York City, New York
Sample interview questions
How do you prioritize when maintaining multiple claims?
Do you prefer working on a team or independently?
How do you stay focused when doing a repetitive job?
What is your favorite insurance industry to work in?
When was a time when you were required to demonstrate your good ethics?
How would you approach compiling a quote under a tight deadline?
What process do you follow when reviewing a new application?
How do you keep up-to-date on the latest insurance laws?
How do you handle moderate-level risk assessments?
What do you do if you are unable to collect adequate financial information on an application?
How do debt-to-loan ratios affect your risk assessments?
How would you handle a difficult customer or broker?
How would you communicate to a customer a denied claim?
How do you accurately maintain large collections of data?
Which underwriting and statistical programs are you most comfortable using?
What resources do you use most often to make your claim decision?
What do you do when you suspect insurance fraud?
If you have conflicting data about a customer, how would you determine which documents are accurate?
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