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Title
Text copied to clipboard!Underwriter
Description
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We are looking for an experienced and detail-oriented Underwriter to join our dynamic team. In this role, you will be responsible for assessing and analyzing the risks involved in insuring people and assets. You will gather and review background information to evaluate the degree of risk involved in policy applications, including financial documents, health records, or property assessments, to make informed decisions on policy approvals, coverage levels, and pricing. The ideal candidate will have a keen eye for detail, excellent analytical skills, and a solid understanding of risk management principles. You will work closely with agents, brokers, and clients to ensure a smooth underwriting process, providing guidance and support throughout. This role requires staying updated on industry regulations, trends, and underwriting criteria to effectively manage risks and make decisions that balance profitability with customer needs. Your contributions will directly impact our company's success by ensuring we maintain a healthy portfolio of policies while providing excellent service to our clients.
Responsibilities
Text copied to clipboard!- Evaluate insurance applications and determine coverage amounts and premiums.
- Analyze data including financial statements, health records, and property details to assess risk.
- Consult with experts to get additional insight when necessary.
- Decide on accepting or rejecting insurance applications based on company policies and risk assessment.
- Negotiate terms and conditions with brokers or clients.
- Maintain records of decisions, correspondences, and transactions.
- Stay informed about industry changes, regulations, and best practices.
- Develop and maintain professional relationships with agents, brokers, and clients.
- Provide support and advice on risk management.
- Review existing policies for renewal or adjustments.
- Collaborate with claims adjusters to assess and manage risks.
- Participate in training and professional development opportunities.
- Ensure compliance with legal and regulatory requirements.
- Use underwriting software and statistical analysis to aid in decision-making.
- Monitor and manage the portfolio to ensure profitability.
- Assess the need for reinsurance for high-risk policies.
- Prepare reports and presentations for management.
- Contribute to policy and criteria development for underwriting.
- Handle customer inquiries and explain underwriting decisions.
- Participate in industry events and forums to stay connected.
Requirements
Text copied to clipboard!- Bachelor's degree in finance, economics, or related field.
- Proven experience as an underwriter in the insurance industry.
- Strong analytical and mathematical skills.
- Excellent decision-making and problem-solving abilities.
- Knowledge of underwriting policies, standards, and procedures.
- Familiarity with industry regulations and guidelines.
- Proficiency in underwriting software and MS Office.
- Ability to handle confidential and sensitive information.
- Strong communication and negotiation skills.
- Detail-oriented with the ability to multitask.
- Certification in underwriting or risk management preferred.
- Ability to work independently and as part of a team.
- Adaptability to changing priorities and deadlines.
- Commitment to ongoing professional development.
- Experience in analyzing financial statements.
- Understanding of risk assessment methodologies.
- Good judgment and discretion.
- Customer service orientation.
- Time management skills.
- Ability to stay updated on market trends and new regulations.
Potential interview questions
Text copied to clipboard!- Can you describe your experience with underwriting software?
- How do you stay informed about changes in underwriting regulations and standards?
- Can you give an example of a particularly challenging risk assessment you've handled?
- How do you balance risk with profitability in your underwriting decisions?
- What strategies do you use to negotiate terms with brokers or clients?
- Describe a time when you had to reject an application. How did you handle the communication?
- How do you prioritize your tasks when under tight deadlines?
- Can you explain a complex underwriting decision you made and the rationale behind it?
- What do you think are the biggest challenges facing the insurance industry today?
- How do you approach professional development in the field of underwriting?