Insurance Underwriter Responsibilities
- Study insurance proposals
- Analyse statistical information using specialist programmes
- Review insurance applications and supporting documentation, such as medical records or financial statements, to determine eligibility for coverage.
- Calculate possible risk and decide on the premium - how much individuals or organisations should pay for insurance
- Decide whether the risk should be shared with a reinsurer
- Visit brokers or potential customers and prepare quotes
- Liaise with specialists and develop good working relationships with brokers
- Negotiate and define precise insurance policy conditions with brokers or policyholders.
- Issue policies and data entry and issue invoices
- Customer service and sales and maintain customer profiles and timely correspondences
- Ensure that premiums are competitive and that accounts remain profitable
- Communicate with clients to explain coverage options, premiums, and other relevant information related to their policies.
- Specify conditions to be imposed on different types of policies, for example, asking that a property owner install a security alarm
- Write policies and help with policy wording
- Keep detailed and accurate records of policies underwritten and decisions made.
- Stay current with industry trends and regulatory changes to ensure compliance with laws and regulations
Insurance Underwriter Requirements
- Bachelor's degree in mathematics, statistics or related field
- Strong math and analytical skills are essential to complete job requirements successfully
- Professional listening and certification from intuitions such as Associate in Commercial Underwriting (AU) Chartered Life Underwriter certification (CLU) preferred
- Experience working with private and sensitive personal information
- Ability to multitask and work toward multiple deadlines simultaneously
- Interpersonal and customer service skills are required when meeting with and interviewing potential clients
- Strong computer skills and ability to use necessary software
- Confident in decision making and the ability to explain processes or choices as needed