Insurance Underwriter Job Description
Insurance Underwriter Duties & Responsibilities
To write an effective insurance underwriter job description, begin by listing detailed duties, responsibilities and expectations. We have included insurance underwriter job description templates that you can modify and use.
Sample responsibilities for this position include:
Insurance Underwriter Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Insurance Underwriter
List any licenses or certifications required by the position: FLMI, ALMI, CRIS, CPCU, CPA
Education for Insurance Underwriter
Typically a job would require a certain level of education.
Employers hiring for the insurance underwriter job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Collage Degree in Education, Business, Management, Finance, Accounting, Business Operations, Economics, Marketing, Communication, Engineering
Skills for Insurance Underwriter
Desired skills for insurance underwriter include:
Desired experience for insurance underwriter includes:
Insurance Underwriter Examples
Insurance Underwriter Job Description
- Supervise day-to-day operations for an underwriting unit by establishing priorities, assigning work, providing training and development, and helping staff with more complex work
- Help to establish streamlined quote process so work is handled in a timely and quality manner
- Ensure adherence to underwriting policies, procedures, and standards
- Review risks exceeding underwriting authority limits and/or departures from established guidelines and take appropriate action
- Identify opportunities to improve system, policies and procedures and recommend changes
- Use the objective setting and performance evaluation process and ongoing case reviews to ensure employees understand expectations, receive regular feedback, and are appropriately rewarded
- Establish strong relationships with Regional Vice Presidents to support profitable new business
- Advise Mid-Market Underwriting Manager of important technical and managerial issues
- Based on staff needs, works closely with Underwriting Management and Training Manager in the development of training programs, tools, systems, processes and procedures
- Issues policies and endorsements with conformance to carrier rules and broker specifications
- Knowledge/understanding of Broker software house systems
- Demonstrated experience in project work, or in User Acceptance Testing (UAT)
- Demonstrated experience of working successfully with colleagues in other business areas
- Proven ability to work well with external direct or broker customers
- Understands the principles of Motor Underwriting, work routines and procedures within a professional environment
- Proficiency with relevant systems
Insurance Underwriter Job Description
- Monitor risk exposure
- Proven Insurance experience and can pro-actively evidence both industry and market knowledge
- Have demonstrable knowledge of legal and regulatory issues that impact our industry
- A good understanding of claims
- Min Dip CII or actively studying towards agreed qualification
- Evaluates new and renewal business in accordance with established underwriting guidelines in order to achieve goals of profit, rate and growth
- Manages preparation of program renewal specifications and distribution to markets
- Participates in all appropriate committees as recognized in managed programs
- Works with program’s insurance/reinsurance markets to formalize and implement annual business plan
- Manages renewal expiration lists and creates timelines for renewals
- Strong initiative and eagerness to learn new things
- Problem solving skills necessary to adapt to a rapidly changing environment
- Prior flood insurance preferred, any insurance experience and knowledge of terminology a plus
- Bachelor’s degree or equivalent related professional work experience
- 5-6 years of progressively responsible underwriting experience
- Demonstrated ability to communicate with internal/external customers
Insurance Underwriter Job Description
- Write reports (for renewal, tender or financial reconciliation) providing analysis and recommendations
- Prepare pricing for plan design changes and illustrate the financial implications to the client
- Reviews policies and endorsements to identify errors or omissions to ensure agreement with binding order
- Orders necessary reports such as credit, location, motor vehicle, and/or inspection reports, building cost estimates
- Coordinates the preparation and distribution of management reports
- Manages and delegates work to underwriters, assistant underwriters and administrative staff
- Maintains files, historical data and client suspense
- Manages client renewal lists
- Maintains files and historical data on all programs
- Co-ordinate reviews business planning relationship with brokers as appropriate
- Operates in a test and learn environment
- Bachelor's Degree with a minimum 5-7 years underwriting experience or equivalent experience
- Extensive knowledge of underwriting rules, guidelines and coverage, particularly as they apply to disability and life products
- Ability to achieve good business outcomes through others
- Ability to handle high pressure negotiations
- Specific experience with procuring, broking or negotiating representations and warranties insurance or other transactional risk insurance on behalf of deal clients is a strong plus
Insurance Underwriter Job Description
- Actively participate in continuous improvement by fully engaging in daily huddles, generating suggestions, following appropriate procedures and continuous process improvement work principles, participating in problem solving activities, and utilizing continuous improvement tools to support the work of the team
- Evaluate, conduct and document referrals from underwriters on accounts or coverage with higher hazards, highest complexity, higher limits, or larger premium for the property line of business
- Facilitate ongoing and frequent interaction with assigned offices and underwriters outside of required referral activities building underwriter confidence and expertise
- Visit field offices during key/busy periods to conduct referrals in person, participate in field underwriting audits or conduct training sessions
- Act as a subject matter expert for Training, Systems Development, Product Management and other functions
- Perform high-level quality control review for proper policy structure and other quality reviews
- Serve in a lead capacity and acts as a resource to less experienced, promote best practices within the property referral group, and lead/influence by example
- Maintain collaborative relationships with colleagues in Head Office, Risk Control, Claims
- Actuarial, and as needed, any other parts of the organization
- Maintain a collaborative relationship with Head Office colleagues
- Demonstrate consistency in performance over a sustained period of time
- Thoroughly and independently researches all problems and risk related issues
- Makes appropriate decisions to ensure growth, profitability and customer retention objectives are met
- 4+ years of proven data fact gathering and data analysis experience preferred
- 5+ years of property/casualty insurance experience
- College degree desirable, but not required
Insurance Underwriter Job Description
- Lead on group insurance renewals, including analyzing the insurer’s proposed position and presenting initial position for negotiations
- Support the tender process, including preparing specifications, responding to the market’s queries, summarizing and comparing all quotes received
- Calculate projected renewal ratings and write correspondence outlining the results for clients’ budgeting purposes
- Analyze and interpret information, adapt the analysis models, explain gaps and make recommendations
- Monitor and stay current on changing government regulations, legislation and benefits trends
- Support the Benefits and Planning team with renewal meetings, including developing presentations
- Provide underwriter ideology leadership to other members of the Group Benefits team
- Establish and maintain collaborative relationships with colleagues in Head Office, Risk Control, Claims, Actuarial, and as needed, any other parts of the organization
- May act as a Regional or resident industry expert
- Reviews applications for insurance to evaluate degree of risk involved and determine whether to accept applications following established company policies
- 2+ years of experience underwriting personal auto insurance
- Superior verbal and written communications skills are required to effectively deal with management, underwriters, agents and insureds
- Experience working with automated systems is mandatory
- Should have working knowledge with databases and spreadsheets
- Experience working with Business Intelligence programs, , Cognos, QlikView, or similar
- Detail oriented and objective with the ability to provide insight into regional/departmental trends