Job Role Description

Insurance > Insurance Underwriter

Salary National Average

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58510.0000 72690.0000 94310.0000

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Short Description:

An Insurance Underwriter evaluates insurance applications to assess risks and determine coverage terms, premiums, and conditions. They analyze applicant information, such as financial data, health records, and property details, to decide whether to accept or reject applications. The role involves balancing risk management with company profitability while maintaining compliance with industry regulations. Insurance Underwriters work closely with agents, brokers, and clients to clarify coverage details and negotiate terms. Strong analytical, decision-making, and communication skills are vital for success in this role.

Duties / Responsibilities:

  • Decrease policy's value when risk is substandard and specify applicable endorsements or apply the rating to ensure safe, profitable distribution of risks, using reference materials.
  • Decline excessive risks.
  • Write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies.
  • Review company records to determine the amount of insurance in force on a single risk or group of closely related risks.
  • Examine documents to determine the degree of risk from such factors as the applicant's financial standing and the value and condition of the property.
  • Authorize reinsurance of policy when risk is high.
  • Evaluate the possibility of losses due to catastrophe or excessive insurance.

Skills / Requirements / Qualifications

  • Active Listening: Giving full attention to what other people are saying, taking time to understand the points made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Judgment and Decision Making: Considering the costs and benefits of potential actions to choose the most appropriate one.
  • Reading Comprehension: Understanding written sentences and paragraphs in work-related documents.
  • Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
  • Speaking: Talking to others to convey information effectively.
  • Writing: Communicating effectively in writing as appropriate for the audience's needs.
  • Complex Problem Solving: Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Time Management: Managing one's own time and the time of others.
  • Social Perceptiveness: Being aware of others' reactions and understanding why they react as they do.
  • Active Learning: Understanding new information's implications for current and future problem-solving and decision-making.

Job Zones

  • Education: Most of these occupations require a four-year bachelor's degree, but some do not.
  • Related Experience: A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to qualify.
  • Job Training: Employees in these occupations usually need several years of work-related experience, on-the-job training, or vocational training.
  • Job Zone Examples: Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, database administrators, teachers, chemists, environmental engineers, criminal investigators, and special agents.
  • Specific Vocational Preparation in years: 2-4 years of preparation (7.0 to < 8.0)

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