Commercial Underwriter
A professional responsible for assessing the risks of insuring commercial entities and deciding the terms of insurance policies.
Top Articles for Commercial Underwriter
Sample Job Descriptions for Commercial Underwriter
Below are the some sample job descriptions for the different experience levels, where you can find the summary of the role, required skills, qualifications, and responsibilities.
Junior (0-2 years of experience)
Summary of the Role
We are seeking a motivated and detail-oriented individual to join our team as a Junior Commercial Underwriter. The successful candidate will be responsible for assessing the risks associated with commercial insurance proposals and determining appropriate premiums.
Required Skills
- Basic knowledge of risk assessment and risk management.
- Proficiency in Microsoft Office Suite and underwriting software.
- Strong mathematical and quantitative analysis skills.
- Ability to work under pressure and meet tight deadlines.
- Good negotiation and decision-making abilities.
Qualifications
- Bachelor's degree in finance, economics, mathematics, business administration, or a related field.
- Working knowledge of commercial insurance and its various products.
- Strong analytical skills and the ability to interpret complex data.
- Effective written and verbal communication skills.
- Detail-oriented with strong organizational abilities.
Responsibilities
- Evaluate the risk and exposure of potential clients to decide if they meet the company's underwriting standards.
- Review insurance applications to ensure that all necessary information is provided and accurate.
- Determine policy terms and calculate premiums based on risk assessment and actuarial data.
- Use underwriting software and analytical tools to aid in the decision-making process.
- Communicate and negotiate with brokers or agents to gather information or deliver underwriting decisions.
- Keep accurate records of policies underwritten and decisions made.
- Stay updated with changes in the market and industry regulations that can affect underwriting standards and processes.
Intermediate (2-5 years of experience)
Summary of the Role
As a Commercial Underwriter, you will assess and analyze financial risks and determine appropriate insurance coverage for businesses. You will be responsible for evaluating insurance applications, setting premiums, and establishing policy terms to ensure a balance between protecting the company and providing fair insurance services to commercial clients.
Required Skills
- Excellent analytical and decision-making abilities.
- Effective communication and negotiation skills.
- Attention to detail and precision in risk assessment.
- Ability to work collaboratively with team members and stakeholders.
- Strong organizational skills with the ability to prioritize and manage multiple tasks.
Qualifications
- Bachelor's degree in finance, economics, business administration, or a related field.
- 2-5 years of experience in commercial underwriting or related financial services.
- Strong knowledge of insurance products, market trends, and regulatory requirements.
- Proficiency in underwriting software and tools, as well as MS Office Suite.
- Certification in commercial underwriting or progress towards obtaining such certification is preferred.
Responsibilities
- Evaluate and underwrite insurance applications based on financial and business risks.
- Determine insurance premiums and policy terms that reflect the level of risk.
- Analyze business financial statements and credit reports to assess stability and risk exposure.
- Collaborate with brokers and clients to gather the necessary information for risk assessment.
- Coordinate with actuaries, legal advisors, and other professionals to ensure comprehensive risk evaluation.
- Monitor existing policies for compliance and review requests for changes or renewals.
- Stay informed on industry changes, regulations, and emerging risks that may impact underwriting standards and practices.
Senior (5+ years of experience)
Summary of the Role
As a senior commercial underwriter, you will be responsible for assessing and making decisions on the risks of insuring commercial clients. Using strong analytical skills and in-depth knowledge of the industry, you will evaluate potential clients' applications to determine the degree of risk and pricing for commercial insurance policies. You will also play a strategic role in developing underwriting guidelines and participate in risk management and product development discussions.
Required Skills
- Advanced analytical and decision-making abilities.
- Proficiency with underwriting software and Microsoft Office Suite.
- Effective interpersonal and leadership skills.
- Ability to work independently and manage multiple tasks.
- Strong attention to detail and accuracy.
- Robust knowledge of the commercial insurance market and products.
Qualifications
- Bachelor's degree in finance, economics, or a related field.
- 5+ years of experience in commercial underwriting or a closely related field.
- Strong grasp of financial analysis and business operations.
- Knowledge of insurance laws, regulations, and policies.
- CPCU or other relevant professional insurance designation is preferred.
- Excellent communication and negotiation skills.
- Proven track record in underwriting complex commercial risks.
Responsibilities
- Evaluate and underwrite commercial insurance proposals to determine risk levels and appropriate premiums.
- Collaborate with insurance agents and brokers to gather and assess client information.
- Analyze financial statements and business operations to accurately assess risk profiles.
- Develop and maintain underwriting guidelines and ensure compliance with regulatory standards.
- Negotiate policy terms and coverage with brokers and clients.
- Provide mentorship and guidance to junior underwriting staff.
- Stay informed on industry changes and advancements to incorporate into risk evaluation processes.
- Work with other departments to facilitate ongoing risk assessment and product development.
See other roles in Business, Consulting, and Legal Services and Insurance
Sample Interview Questions
