Insurance Underwriter job description
A Insurance Underwriter is a professional responsible for reviewing insurance applications, assessing clients’ backgrounds and financial status, and collaborating with specialists to gather information. They analyze risks and determine underwriting alternatives to establish terms of coverage and maintain profitability for the insurer.
This Insurance Underwriter job description template is optimized for posting in online job boards or careers pages and easy to customize for your company.
What is an Insurance Underwriter?
An Insurance Underwriter is a professional who evaluates insurance applications, assesses clients’ backgrounds and financial status, and determines the terms and conditions of insurance coverage based on risk analysis.
What does an Insurance Underwriter do?
An Insurance Underwriter reviews insurance applications for compliance, assesses clients’ backgrounds and financial status, collaborates with specialists to gather information, and determines underwriting alternatives. They draw up quotes, negotiate specific policy terms, and maintain detailed records of policies underwritten. Their goal is to balance risks, maintain profitability for the insurer, and ensure compliance with applicable insurance laws.
Insurance Underwriter responsibilities include:
- Reviewing insurance applications for compliance and adherence
- Assessing clients’ background information and financial status
- Liaising with specialists to gather information and opinions
Job brief
We are seeking a meticulous Insurance Underwriter to assess the risk factors of potential clients and establish coverage terms.
The ideal candidate will be responsible for implementing guidelines that ensure a balanced ratio of favorable risks, minimizing claim costs, and enabling the company to provide insurance at a competitive price.
This role requires a comprehensive understanding of risk analysis, the ability to analyze data, and make informed decisions.
By effectively managing risk, the Insurance Underwriter plays a crucial role in maintaining the financial stability and profitability of the company.
Responsibilities
- Review insurance applications for compliance and adherence
- Assess clients’ background information and financial status
- Liaise with specialists to gather information and opinions
- Weight loss exposures and determine underwriting alternatives
- Draw up a quotes for competitive insurance premiums
- Negotiate and define the specific terms of insurance policies with brokers or policyholders
- Keep detailed records of policies underwritten and decisions made
- Balance between mass and homogeneity of risks to achieve predictability of future results
- Develop and maintain a profitable book of business for the insurer
- Follow applicable insurance laws
Requirements and skills
- Proven insurance underwriting experience
- Hands-on experience with “smart systems”, analytical tools and statistical packages (spreadsheets,SPSS, databases etc)
- Sensible judgement and attention to detail
- Confident decision making skills
- Excellent knowledge of insurance policies and ability to relate policy provisions to the loss exposures
- Proven numeracy and statistical skills
- Insurance diploma or certification
- BS in Business Administration, Finance or related field
Frequently asked questions
- What does an Insurance Underwriter do?
- An Insurance Underwriter evaluates insurance applications, assesses clients' backgrounds and financial status, and determines the terms and conditions of insurance coverage based on risk analysis.
- What are the duties and responsibilities of an Insurance Underwriter?
- The duties and responsibilities of an Insurance Underwriter include reviewing insurance applications, assessing clients' backgrounds and financial status, liaising with specialists, determining underwriting alternatives, and negotiating policy terms.
- What makes a good Insurance Underwriter?
- A good Insurance Underwriter possesses sensible judgment, attention to detail, confident decision-making skills, excellent knowledge of insurance policies, and proven numeracy and statistical skills.
- Who does an Insurance Underwriter work with?
- An Insurance Underwriter works with clients, specialists in various fields, brokers, and policyholders to gather information, assess risks, and negotiate policy terms.
- What skills should an Insurance Underwriter have?
- An Insurance Underwriter should have proven insurance underwriting experience, hands-on experience with analytical tools and statistical packages, sensible judgment, attention to detail, confident decision-making skills, and excellent knowledge of insurance policies.