Insurance Underwriter job description
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What does a Insurance Underwriter do?
The Insurance Underwriter plays a crucial role in evaluating and analyzing the risks involved in insuring potential clients. This position is vital for maintaining the financial stability of the company by ensuring that policies are issued to suitable candidates, thereby minimizing risk exposure.
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What are the Key Responsibilities of Insurance Underwriter
- Assess applications for insurance coverage and determine eligibility.
- Analyze statistical data to evaluate risk levels.
- Collaborate with actuaries and other professionals to gather information.
- Decide on appropriate premiums based on risk assessment findings.
- Review existing policies for renewal or modification decisions.
- Communicate underwriting decisions to agents and brokers clearly.
- Ensure compliance with industry regulations and standards.
What are the Skills and Requirements for a Insurance Underwriter?
- Strong analytical skills for assessing complex data sets.
- Attention to detail in reviewing applications and policy documents.
- Excellent decision-making abilities under pressure.
- Proficient in using underwriting software tools like Guidewire or Duck Creek.
What are the KPIs to track for Insurance Underwriter?
The performance of an Insurance Underwriter is evaluated through accurate risk assessments, timely processing of applications, maintaining loss ratios within acceptable limits, and effective communication with stakeholders regarding underwriting decisions.
Risk Assessment Accuracy
Maintain high accuracy rates in evaluating client risks.
Application Processing Time
Reduce time taken from application receipt to decision-making.
Loss Ratio Management
Keep loss ratios within targeted thresholds
Reports to
Underwriting Manager
Collaborates with
Actuarial Team, Claims Department
Leads
Are any specific tools or software required for the Insurance Underwriter role?
- Guidewire Software
- Duck Creek Technologies
What is the qualification of Insurance Underwriter?
Bachelor's degree in Finance, Business Administration or related field; 3-5 years experience as an underwriter preferred.
