Insurance Underwriter Job Description Template

Use this Insurance Underwriter job description template to advertise the open roles for free using Longlist.io. You can use this template as a starting point, modify the requirements according the needs of your organization or the client you are hiring for.
Insurance Underwriter Job Description Template

Job Brief

We are looking for a thorough Insurance Underwriter to determine potential clients’ risk factors and to establish the terms of coverage. The successful candidate must be able to set up rules which will result in securing an average proportion of good risks in order to keep average claims cost low and to enable the company to offer insurance at a lower net cost.

Responsibilities

  • Review insurance applications for compliance and adherence
  • Assess clients’ background information and financial status
  • Liaise with specialists to gather information and opinions
  • Weight loss exposures and determine underwriting alternatives
  • Draw up a quotes for competitive insurance premiums
  • Negotiate and define the specific terms of insurance policies with brokers or policyholders
  • Keep detailed records of policies underwritten and decisions made
  • Balance between mass and homogeneity of risks to achieve predictability of future results
  • Develop and maintain a profitable book of business for the insurer
  • Follow applicable insurance laws

Requirements

  • Proven insurance underwriting experience
  • Hands-on experience with “smart systems”, analytical tools and statistical packages (spreadsheets,SPSS, databases etc)
  • Sensible judgement and attention to detail
  • Confident decision making skills
  • Excellent knowledge of insurance policies and ability to relate policy provisions to the loss exposures
  • Proven numeracy and statistical skills
  • Insurance diploma or certification
  • BS in Business Administration, Finance or related field

What does Insurance Underwriter do?

A insurance underwriter evaluates insurance applications and determines the risks associated with insuring individuals or assets. On a day-to-day basis, they typically:

  1. Review applications: Underwriters assess insurance applications submitted by individuals or organizations and review the information provided, such as medical records, financial statements, or property details.

  2. Analyze risk: Underwriters analyze the risks involved in insuring the applicant and evaluate factors such as age, health condition, driving records, credit history, or property location. They use this information to determine the likelihood of claims and calculate premiums accordingly.

  3. Conduct research: Underwriters may conduct research to gather additional information about the applicant or the risks involved. This could involve examining relevant industry trends, legal regulations, or market conditions.

  4. Request additional information: If necessary, underwriters may need to request additional information from applicants or their agents to complete their evaluation. This could include medical reports, inspection reports, or financial statements.

  5. Collaborate with agents and underwriting teams: Underwriters often collaborate with insurance agents or brokers to clarify application details or obtain missing information. They may also work closely with other underwriters or managers to discuss complex cases or policy changes.

  6. Make decisions: Based on their analysis and evaluation, underwriters make decisions regarding insurance coverage. They determine whether to accept, deny, or modify an application, and calculate premiums based on the level of risk.

  7. Maintain records and documentation: Underwriters maintain accurate and detailed records of their evaluations, decisions, and calculations. This documentation is crucial for audit purposes, and it helps with future reference or policy adjustments.

  8. Stay updated on industry trends: Underwriters need to stay up-to-date on industry trends, changes in regulations, and emerging risks. This involves reading industry publications, attending seminars or workshops, and completing continuing education courses.

  9. Analyze existing policies: Underwriters periodically review existing policies to ensure that they continue to be in line with underwriting guidelines and risk tolerances. They may recommend policy adjustments or reductions in coverage if the risk profile changes.

  10. Provide support and guidance: Underwriters often assist insurance agents, brokers, or customers by explaining underwriting decisions, answering questions, or providing guidance on the insurance process.

It's important to note that the exact responsibilities of insurance underwriters may vary depending on the type of insurance they specialize in, such as life insurance, property and casualty insurance, or health insurance.