Explore the critical requirements, core duties, primary responsibilities, and key skills that should be included in a comprehensive Commercial Underwriter job description.
What does a Commercial Underwriter do?
A commercial underwriter, also known as an insurance underwriter, is responsible for evaluating risk and making decisions on insurance and loan applications. Their job is to determine whether or not to approve insurance coverage and create payment plans, while also verifying all the information provided on the application.
Job Description
We are seeking a commercial underwriter with strong math skills to analyze information on insurance applications. The main responsibilities of a commercial underwriter include deciding the appropriate amount of coverage and calculating payment plans based on risk assessment.
To be successful in this role, a candidate should have analytical thinking skills and knowledge of reinsurance. An ideal commercial underwriter should also possess excellent investigative skills and be a thorough researcher.
Job Duties and Responsibilities
- Collaborating with sales and brokerage teams to gather necessary documents from clients.
- Evaluating and reviewing new applications based on established criteria.
- Ensuring accurate capture of personal information from clients.
- Conducting research on a client's medical and claim history before making a decision on their application.
- Identifying potential risks that could result in financial losses for the company.
- Working with the actuarial department to create alternative insurance options for clients.
- Referring high-risk applications to reinsurance.
- Reporting potential losses and excessive risks to management.
- Assisting brokers and sales staff with any underwriting-related inquiries.
- Providing specialized quotes to brokers.
Requirements and Qualifications
- Bachelor's degree in business, finance, risk management, or a related field.
- Certification as a Chartered Property Casualty Underwriter or Associate in Commercial Underwriter.
- Familiarity with insurance regulations, including the Investment Adviser's Act.
- Strong mathematical and analytical skills.
- Thorough understanding of insurance structuring and reinsurance.
- Excellent research and analysis abilities.
- Proficiency in financial analysis and document management software, such as Oracle and M-Files.
- Effective decision-making skills.
- Time management skills and ability to prioritize tasks.
- Strong communication skills.
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