Underwriter Sample Job Descriptions

The underwriter is to issue credit decisions based on the documented borrower profile within the guidelines of the program and client requirements. [Your Company Name] is searching for an experienced underwriter. They will be responsible for meeting the minimum daily production goals while clearing conditions and performing within department audit standards. Our ideal candidate will have expert knowledge in risk assessment, meticulous attention to detail, good negotiating skills, and proven work experience in a fast-paced environment with tight deadlines.

Typical duties and responsibilities

• Review, analyze, and verify loan applications and supporting documentation
• Analyze loan risk and request additional information to determine coverage needs
• Define the terms and conditions of the insurance coverage and premium
• Review loan documentation and vendor reports while identifying possible fraudulent activity
• Approve, request a modification to, or reject loan applications based on findings
• Follow up with loan officers and management on potential clients
• Reassess risk when policies come up for renewal
• Help agents determine premium costs
• Evaluate insurance claims for accuracy and the coverage amount
• Prepare reports that detail risk assessment findings that contribute to the final decision

Education and experience

• Bachelor’s degree in finance, business, economics, mathematics, or a related field
• 3-5 years of underwriting or credit and risk analysis experience

Required skills and qualifications

• Good analytical skills
• Reasonable and sound judgment
• Excellent problem-solving and decision-making skills
• Working knowledge of databases and tracking systems
• Solid organizational skills
• Detail-oriented
• Proven ability to work under pressure and meet strict deadlines
• Strong interpersonal and negotiation skills
• In-depth knowledge of underwriting regulations

Preferred qualifications

• Experience working in customer service
• Experience training new hires
• Excellent math skills
• Knowledge of Microsoft Office, spreadsheets, and other software programs
• Experience analyzing financial documents

We are the vital link bringing together these groups with underwriting companies. For our customers, we are an advocate, providing driven products and easily accessible, world-class customer service. For the underwriting company, we provide the marketing and administrative expertise vital to improving their policy sales.

Job responsibilities

• Review and evaluate insurance applications and related documents, including inspection reports, financial statements, loss data, MVRs, and other information needed to accurately evaluate and classify the degree of risk in relation to proposed coverage limits
• Obtain all relevant information not included with the initial submission to ensure a detailed evaluation of the risk
• Review and evaluate renewal business and recommend appropriate actions to attain premium rate and loss ratio objectives
• Prepare own or review other quotations/proposals for presentation to potential clients
• Approve the coverages requested within specified underwriting authority, either as submitted or on a modified basis, or decline the risk in its entirety; refer to recommended action if risk exceeds underwriting authority
• Develop and maintain positive and constructive working relationships with the company’s marketing professionals and the sources of their production in order to attract and retain clients
• Review policy forms used in specific programs to ensure consistency and keep producers informed regarding coverage issues
• Responsible for a renewal book of approx. $1,500,000 premium and new business book of approx. $500,000 premium
• Complete a variety of underwriting assignments at the direction of the Division Sr. Vice President or Underwriting Manager/Director

Preferred experience

• Active Property and Casualty Indiana Insurance license
• Minimum 3 -5 years working in a commercial Property and Casualty insurance operation
• Understanding of Property and Casualty insurance coverages
• Working knowledge of Microsoft Office Suite, specifically Excel and Word

Required experience

• Good verbal and written communication skills
• Outstanding organizational skills and time management capabilities
• Can work cohesively in a team environment and follow directions well
• Computer skills to include Microsoft Word and Excel, Outlook, and other company-proprietary computer programs

The Underwriter will join a growing team charged to review and evaluate case data to present fair and sound stop-loss pricing. In this role, the Underwriter will report directly to the Assistant Vice President of Underwriting.

Key responsibilities

• Evaluate fully insured, level-funded, and self-funded submission documentation, including new business proposals, renewals, and claims documents
• Maintain and support a positive working relationship with Regional Vice Presidents, Sales Associates, the Sales Management Team, and carrier partners
• Learn and be able to reiterate captive products, including the various cost-containment programs available to members
• Identify and suggest creative underwriting solutions through knowledge of various TPA programs, Reference Based Pricing vendors, and cost-containment initiatives
• Evaluate formal quotes from carriers for accuracy and fairness
• Prepare and release marketing pieces, proposals, and liability models according to guidelines and operating procedures
• Evaluate and respond to broker partner requests in a timely and constructive manner

Skills and experience

• 2+ years of underwriting stop loss experience required
• Knowledge of self-insurance space and cost-containment programs
• Demonstrated consultative approach to underwriting or toward the UW process
• Must demonstrate attention to detail and strong analytical skills
• Bachelor’s degree required
• Highly proficient in Excel
• Must possess strong skills multitasking capability, and a desire to work as a part of a team

Utilize underwriting tools to determine accurate classifications, rates, and premium charges. Understand state laws, including cancellation and non-renewal, within the assigned territory to properly transact business within each state. Knowledgeable in coverage forms and policy language; appropriate utilization of forms and exclusions. Assist with resolving premium audit disputes within assigned agents/brokers.

Key duties and responsibilities

• Participate in prospecting through the identification of new business targets and opportunities, work closely with producer/agent to ensure the department receives the opportunity to offer proposal
• Make strategic recommendations to the supervisor
• Manage a personal book of business
• Review, analyze, accept, and decline casualty risks
• Underwrite and select new businesses that will produce an underwriting profit
• Manage the existing renewal book and implement corrective measures, as needed, to meet profitability expectations
• Communicate with regional managers and national casualty product line leaders on individual accounts, current and proposed producers, and make recommendations concerning operations, systems, and procedures when appropriate
• Perform the required number of broker marketing calls. Solicit new accounts, gather market intelligence, and deliver up-to-date department information relating to products and services. Manage select agency relationships to ensure objectives are achieved
• Participate in audits and/or underwriting meetings as required
• Build and maintain quality relationships with key producers while simultaneously monitoring the entire appointed producer base for profitability and production
• Review forms and pricing of competitors and be able to effectively market the product within the competitive landscape
• Provide training or technical assistance to department underwriting staff

Qualifications

• 2-5 years plus years in wholesale Primary Casualty underwriting or broking
• Strong presentation and interpersonal skills
• Established E&S broker relationships within the region and the ability to build relationships in new markets
• Excellent oral and written communication skills
• Microsoft Office skills including MS Word and MS Excel
• Strong analytical and organizational skills
• Must be a team player that enjoys a flexible and spontaneous business environment with a desire to succeed
• Up to 25% travel (when appropriate)