Insurance Underwriter
An insurance underwriter is a professional who evaluates and analyzes the risks involved in insuring people and assets, and establishes pricing for accepted insurable risks.
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Sample Job Descriptions for Insurance 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 diligent Junior Insurance Underwriter to assist with the risk assessment and decision-making process of insurance applications. In this role, you will work under the supervision of senior underwriters to evaluate insurance proposals and determine coverage terms and premiums.
Required Skills
- Risk assessment
- Statistical analysis
- Attention to detail
- Time management
- Communication
- Problem-solving
- Collaboration
Qualifications
- Bachelor's degree in finance, economics, or a related field.
- Understanding of insurance principles and risk assessment techniques.
- Excellent analytical and decision-making abilities.
- Strong verbal and written communication skills.
- Proficiency with Microsoft Office Suite and underwriting software.
- Ability to work effectively in a team environment.
Responsibilities
- Assess and analyze various insurance applications to determine the risk involved.
- Recommend appropriate premium rates and coverage amounts based on risk assessment.
- Liaise with agents and brokers to gather information and explain underwriting policies.
- Review insurance applications for completeness and accuracy.
- Assist with the underwriting of new policies and the renewal of existing policies.
- Utilize underwriting software and statistical analysis to aid in decision-making.
- Stay informed about market trends and industry regulations.
- Collaborate with senior underwriters and other team members.
Intermediate (2-5 years of experience)
Summary of the Role
An Insurance Underwriter is responsible for evaluating and analyzing risks involved in insuring people and assets and establishing appropriate premium rates for acceptance of such risks. As an intermediate-level underwriter, you will work to assess clients' risk factors and determine terms of coverage, policy costs, and insurability.
Required Skills
- Strong analytical and decision-making skills.
- Good communication and negotiation skills.
- Ability to work with complex data and financial models.
- Attention to detail and high level of accuracy.
- Effective time management and ability to prioritize tasks.
- Proficient in assessing risk and making recommendations based on analysis.
- Adaptability to work in a fast-paced and dynamic environment.
Qualifications
- Bachelor's degree in finance, economics, or related field.
- 2-5 years of experience in insurance underwriting or a related field.
- A sound understanding of insurance laws, regulations, and policies.
- ACII/Chartered Property Casualty Underwriter (CPCU) designation or equivalent is preferred.
- Experience with underwriting software and Microsoft Office Suite.
Responsibilities
- Evaluate insurance applications to determine coverage amounts and premiums.
- Analyze risk factors associated with a policy applicant, including examining past claim history, financial status, and other relevant information.
- Use actuarial data and models to predict likely outcomes and decide whether to offer insurance.
- Collaborate with agents and brokers to gather client information and discuss underwriting policies.
- Review and update existing policies to reflect any changes in risk factors.
- Assist in the development of underwriting standards and practices.
- Maintain records and prepare reports for management regarding risk, underwriting process, and outcomes.
- Keep up to date with legal and regulatory changes in the insurance industry.
Senior (5+ years of experience)
Summary of the Role
We are seeking a seasoned Insurance Underwriter with over 5 years of experience to assess the risks involved in insuring people and assets, establish pricing for accepted insurable risks, and provide coverage recommendations. As a senior member of the team, the candidate will be responsible for ensuring profitability through prudent risk evaluation and decision-making. The role involves collaboration with agents and brokers, employing specialized software, and applying comprehensive risk assessment models.
Required Skills
- Excellent analytical and decision-making abilities.
- Detail-oriented with a strong mathematical and statistical analysis background.
- Superior communication and negotiation skills.
- Ability to create and interpret financial models and manage large sets of data.
- Proven leadership skills and ability to mentor junior underwriters.
Qualifications
- Bachelor's degree in finance, economics, or a related field.
- At least 5 years of experience in insurance underwriting, with a proven track record of managing risk.
- Certification from the Chartered Insurance Institute (CII) or equivalent is preferred.
- Strong understanding of insurance laws, regulations, and policies.
- Experience with underwriting software and Microsoft Office Suite.
Responsibilities
- Analyze various risk factors associated with insuring individuals or assets and determine policy terms.
- Establish pricing for accepted risks and determine coverage limits.
- Consult with clients and insurance agents to discuss and formulate policy plans.
- Utilize specialized software for risk analysis and use statistical models to determine probability and magnitude of risks.
- Review company records to determine the amount of insurance in force on single risks or groups of closely related risks.
- Assess and update policies and premium rates, based on new data or claims.
- Provide guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- Keep abreast of industry changes, regulations, and trends affecting insurance coverage and underwriting decisions.
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