Explore the critical requirements, core duties, primary responsibilities, and key skills that should be included in a comprehensive Underwriter job description.
What does a Underwriter do?
An underwriter is a financial specialist who works in the banking, insurance, and stock market industries. They help evaluate and manage risks for clients in exchange for a fee, such as a commission, premium, or interest.
Job Description
We are seeking a skilled underwriter with expertise in risk assessment. As an underwriter, you will need to pay close attention to detail, have strong negotiation skills, and work well under tight deadlines in a fast-paced environment.
To be successful in this role, you should have excellent analytical and communication skills, as well as a strong ability to research and classify information. The ideal candidate will also have extensive knowledge of risk analysis and selection, exceptional decision-making abilities, and a deep understanding of retention and reinsurance.
Job Duties and Responsibilities
- Gather accurate and relevant information to assess potential clients and determine acceptable risk for policies.
- Review policy applications, taking into account previous loss records, age, medical reports, credit ratings, and driving records.
- Prepare reports that summarize risk assessment findings, which contribute to the final decision.
- Compare policies with similar risk levels and conduct actuarial studies to evaluate the company's loss records.
- Evaluate policies based on company underwriting standards.
- Make decisions on accepting, modifying, or rejecting insurance applications after careful scrutiny of all required documents and risk assessments.
- Analyze statistical data using specialized computer programs.
- Create quotes, determine premiums and coverage, and negotiate terms with brokers and clients.
- Carefully word policies and draft terms and conditions.
- Address inquiries from credit control departments, brokers, and clients.
Requirements and Qualifications
- Bachelor's degree in finance or business administration (required).
- At least 2 years of experience as an underwriter (required).
- Strong analytical skills and proficiency in research.
- Ability to make sound and reasonable judgments.
- Excellent problem-solving and decision-making abilities.
- Thorough understanding of databases and tracking systems.
- Highly organized and detail-oriented.
- Ability to work well under pressure and meet strict deadlines.
- Effective interpersonal and negotiation skills.
- Proficiency in IT, math, and statistics.
- In-depth knowledge of underwriting regulations.
- Ability to build positive relationships and partnerships with clients, brokers, and other key stakeholders.
Underwriter Salary
The earning potential of a Underwriter can vary significantly based on factors such as geographic location, industry, professional experience, educational background, and the specific employer. On average, the annual salary for an Underwriter in the United States is approximately $97015.