Insurance underwriters perform analyses and evaluations to determine whether to provide coverage to applicants and what terms are necessary. They determine the risks of insuring clients by screening applicants, contacting field representatives and using computer software. Depending on what premiums and coverage are necessary, insurance underwriters accept or reject applications.
When creating your insurance underwriter job description, you’ll want to stress the importance of your ideal candidate having strong analytical and interpersonal communication skills. Insurance underwriters must collect and evaluate data from various sources to come to a final solution.
Insurance underwriters also regularly interact with other people, acting as the main point of contact between insurance agents and insurance executives. They should be able to communicate their findings and decisions efficiently and respectfully and contribute to a positive environment. Review the insurance underwriter job description below to get an idea of how to write your own.
Insurance Underwriter Job Summary
Do you believe in the power of data to improve the effectiveness and efficiency of insurance coverage? Here’s your opportunity to play a central role in this process, helping people get the appropriate coverage they require while allowing business to continue smoothly. As our insurance underwriter, you will utilize specific guidelines and criteria to assess a candidate’s risk and develop appropriate premiums. You will communicate with insurance agents, senior underwriters and executives to close files and accept cost-effective clients. Your responsibility to ensure financial targets are met is crucial to our organization, and you will gain extensive knowledge of the nuts and bolts of insurance.
- Alter policy value for clients with higher or substandard risk and ensure there is a profitable and safe distribution of risk
- Contact field representatives, landlords and medical personnel to gather more information, quote rates or explain underwriting policies
- Accept, reject or modify new and renewing clients to ensure profitability while determining risk factors such as value of property or applicants’ financial situation
- Manage and develop ongoing relationships with a team of agents by conducting outbound and inbound calls to discuss quality of submissions and market appetite, and achieve profitability and growth targets
- Provide recommendations to management when faced with large or complex accounts outside of authorization
- Review bank statements and credit reports when necessary to obtain averages
- Assist in creating, improving and maintaining underwriting techniques and methods, achieving integrity in a profitable manner
- Manage a book of business to monitor growth and profitability by reviewing loss ratios and agent growth and evaluating agency exceptions
Job Skills & Qualifications
- Bachelor’s degree or 1–3 years of related work experience
- Proven mathematical and analytical skills
- Proficiency in spreadsheet software
- Demonstrated multitasking and prioritization abilities
- Underwriting experience
- Intermediate knowledge of financial analysis software and ERP software
- Accounting, finance or business degree
- CPCU, AU or API designation; LUTCF course; CLU certification
A well-written job description will help you find an insurance underwriter who understands the coverage being offered, contributes to cost-effectiveness and reflects your organization’s values. In addition to writing the job description, you’ll want to post it where candidates will notice it. You should post it on your company’s website and professional social networks, and may request referrals from your current employees.
Posting your insurance underwriter job description in various places is the best way to access an expansive pool of candidates. While the above strategies are helpful, consider the benefits of posting your job on professional social media websites, free boards and paid boards. Some employers might be deterred from using job boards because it seems laborious to go to numerous boards individually, but you can save time and focus on the hiring process by using MightyRecruiter to post jobs for free to hundreds of job boards at once.
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