WHAT DOES AN INSURANCE UNDERWRITER DO?
Insurance underwriters share some similarities with underwriters in other spaces, but their role in the insurance space is unique. Insurance Underwriters are responsible for determining whether an applicant should be approved for coverage. It is then, their job to decide if covered, what the terms of that policy coverage look like for an individual or company.
ROLES AND RESPONSIBILITIES
The roles of an insurance underwriter and required software proficiencies vary from business to business (ex. P&C, E&O, E&S, D&O, etc.) but the overall responsibilities are shared:
- Identify and assess risk by evaluating insurance applications.
- Determine coverage amounts and premiums for applicants.
- Review submissions of customer information to ensure underwriting adherence and system accuracy.
- Successfully negotiate policy terms, sometimes by working with the insurance agent/broker to do so.
- Creating or update underwriting documents and templates to maintain standard underwriting protocol.
- Communicate underwriting decisions with agents, and help continue to build the collective insurance knowledge base.
- Collaborate with the insurance team to develop new ways to evaluate risk and identify ways to improve customer workflows and automation.
- Develop and maintain positive relationships with key clients.
JOB SKILL SET
Analytical Mindset/ Data-Driven
EXPERIENCE AND QUALIFICATIONS
6 Months of of Customer Service/Hospitality Experience
4-year Degree preferred
6 Months of Customer Service/Hospitality Experience
4-year Degree preferred
- How will your past work experience relate to this position?
- Describe a challenging situation in your last job and describe how you handled it?
- Tell me about your experience with carrier guidelines and/or insurance underwriting?
- What steps do you take to ensure your work is accurate?
- When faced with a tough decision, what factors do you consider in order to come to a conclusion?
- Customer Service Representative
- Claims Adjuster
- Loan Officer
- Insurance Agent/Broker
- Underwriter II
- Senior Insurance Underwriter
- Director of Liability Management
- According to the U.S. Bureau of Labor Statistics, the 2020 median income for Insurance Underwriters is $71,790 per year ($34.51 per hour)
- According to the U.S. Bureau of Labor Statistics in 2019 there were 114,700 reported Insurance Underwriters.
- The 2019-2029 job outlook forecast predicts a -6% change.