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Insurance Underwriter Job Description

Insurance Underwriter Job Description

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Insurance Underwriter Job Description:

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.

Insurance Underwriter Job Responsibility:

  • study insurance proposals

  • gather and assess background information, including reports and medical records from specialists where appropriate, in order to effectively assess the risk involved

  • analyse statistical information using specialist programmes

  • calculate possible risk and decide on the premium - how much individuals or organisations should pay for insurance

  • decide whether the risk should be shared with a reinsurer

  • visit brokers or potential customers and prepare quotes

  • liaise with specialists, such as surveyors or doctors, for risk assessment, and develop good working relationships with brokers

  • negotiate terms with policyholders or their brokers and draw up contracts

  • ensure that premiums are competitive and that accounts remain profitable

  • specify conditions to be imposed on different types of policies, for example, asking that a property owner install a security alarm

  • write policies and help with policy wording

  • keep detailed and accurate records of policies underwritten and decisions made.

Insurance Underwriter Job Requirements:

  • Bachelor's degree in mathematics, statistics or related field

  • Strong math and analytical skills are essential to complete job requirements successfully

  • Professional listening and certification from intuitions such as Associate in Commercial Underwriting (AU) Chartered Life Underwriter certification (CLU) preferred

  • Experience working with private and sensitive personal information

  • Excellent negating skills and strategies

  • Ability to multitask and work toward multiple deadlines simultaneously

  • Interpersonal and customer service skills are required when meeting with and interviewing potential clients

  • Strong computer skills and ability to use necessary software

  • Confident in decision making and the ability to explain processes or choices as needed