Underwriter Job Description: Top Duties and Qualifications

An Underwriter, or Insurance Underwriter analyses applications for insurance cover and decides whether it’s viable to insure a company or an individual. Their duties include determining the risk of a proposal, deciding on the terms and conditions of acceptance and calculating the premiums of a policy.

 

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Underwriter duties and responsibilities

Although Underwriters work in many different areas of insurance, such as life assurance, car insurance or reinsurance, their core duties and responsibilities remain the same and include:

  • Meeting with potential clients or Brokers to gather information and negotiate terms
  • Utilising actuarial data and specialised software to determine the risk associated with an application
  • Liaising with experts like Doctors and Surveyors for more accurate risk assessments
  • Building good working relationships with Brokers and other insurers
  • Determining the wording and premiums of new policies
  • Deciding whether to consult other insurers
  • Maintaining detailed and accurate records of underwritten policies
  • Assisting in the design and implementation of product specifications and adhering to compliance and regulatory procedures

 

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Underwriter Job Description Examples:

 

Example 1

** Please apply with a covering letter** UK Property Finance are offering an underwriter role which will work in conjunction with our busy sales team and alongside other colleagues: * Preparing compliance paperwork for clients and submitted cases to lenders You will preferably have relevant underwriting and compliance experience and have some understanding in loan processing from application through to completion. *Standard duties for the position: * * Reviewing and assessing different types of mortgage applications, including standard residential, buy to let and self-build * Responsible for pipeline management, ensuring that mortgage applications are assessed in accordance with policy and criteria in a timely manner * Reviewing and approving releasing of funds for mortgage completion * Assessing Decision in Principle referrals * Providing feedback to the Lending Manager in relation to lending policy, criteria, processes and procedures * Preparing, checking and issuing mortgage offers * Preparing and presenting mortgage applications for review and approval * Assessment and approval of mortgage applications within mandate level on certain application types * Communicating with mortgage applicants, employers, accountants, advisors, brokers, surveyors etc. throughout the mortgage application process * Assessing and verifying supporting documentation: identification, credit reference agency searches, proof of income, bank statements, accounts, valuation reports etc. *You: * * Living within in a realistic travelling distance to our office premises * an extremely well organised and reliable working manner * a fully flexible, “down to earth” & positive attitude * business experience, preferably in finance * good IT knowledge * written English & Mathematics to an excellent standard * a hard-working, team player mentality & will never take NO for an answer * professionalism always and will be a “doer as well as a talker” * excellent & confident communication skills * strong creativity and an eye for detail * an action orientated approach * Deadline driven *About us: * We are a fast-growing, specialist, directly Financial Conduct Authority (FCA) authorised & regulated property finance brokerage. Additionally, we have a small lending fund of our own which is handled via our sister company UK Bridging Loans Our offices are based at a modern, rural, business park location in Kibworth, South Leicestershire, offering free parking and direct access off the A6. Although we can and do arrange all types of standard Mortgage products, we prefer to specialise in Bridging Finance, Secured 2nd Charge Mortgage Loans, Development Finance & Commercial Finance. We also have FCA permission to arrange Equity Release Mortgages which are only available for the over 55's. We are very much at the top of our game and have an excellent reputation with key industry lenders, suppliers & partners. Our company is both supportive & efficient & we pride ourselves on exceptional customer service. Job Types: Full-time, Permanent Salary: From £18,500.00 per year Additional pay: * Bonus scheme Benefits: * Company pension * On-site parking Schedule: * Monday to Friday Experience: * Underwriting: 1 year (preferred) Work remotely: * No

Example 2

: Responsible for the operational support related to insurance and supporting the underwriting areas. May handle policy registration, quoting and rating processes, policy issuance, regulatory compliance. Gathers and analyzes information and develops underwriting recommendations for the underwriter to use to determine if insurance can be provided to an individual or organization. May be responsible for renewal preparation, endorsement activity and risk report support. Completes documents and may handle individual risk inquiries from brokers/agents. Qualifications:
  • Serves as lead of a support team; may spend portion of time performing the work overseen Integrity. Client focus. Respect. Excellence. Teamwork Our core values dictate how we live and work. We’re an ethical and honest company that’s wholly committed to its clients. A business that’s engaged in mutual trust and respect for its employees and partners. A place where colleagues perform at the highest levels. And a working environment that’s collaborative and supportive. Diversity & Inclusion At Chubb we consider our people our chief competitive advantage and as such we treat colleagues, candidates, clients, and business partners with equality, fairness and respect, regardless of their age, disability, race, religion or belief, gender, sexual orientation, marital status or family circumstances.
  • Example 3

    *Who are we?* Since launching in May 2011, Policy Expert has become the UK’s No.1 rated home insurer, as rated by over 20,000 customers on [website] Our best in class service levels, aligned with our proprietary technology and passionate team of people, have also resulted in us being one of the UK’s fastest growing home insurers. Building on our success in home insurance, we are now expanding into motor insurance. Our London office is where our Underwriting and Pricing, Tech, Analytics and other central functions are based. it is a dynamic and collaborative environment full of with inquisitive and experienced professionals. Our busy contact centres based in Milton Keynes and Motherwell, and our claims centre in Tonbridge are full of skilled, dedicated, positive people who enjoy an environment focussed on teamwork and doing the right thing for the customer. *Who are you?* You’ll have 5+ years’ experience in personal motor technical underwriting. You will have a proven track record of delivery, will be the central point of contact for your work area, and will be an effective team player, communicator and influencer. *What you will be doing: * Developing, owning and managing the technical underwriting function for our motor and motor ancillary products. You will provide expert knowledge and insight to the wider Underwriting team and the Policy Expert business as a whole. Key accountabilities - · Technical guidance to operational underwriting team (Motherwell/MK) and support to claim teams. · Input of technical developments and trends (eg vehicle technology, new models) into pricing and underwriting strategy and processes. · Case level decision making and escalated referrals (misrepresentations, large claims etc) · Input to and implementation of all aspects of underwriting strategy. · Implementation of underwriting governance and compliance framework. * Work closely with Pricing team to optimise our acceptance rules and technical pricing. · Work closely with Pricing team to identify and investigate emerging issues relating to UW and loss ratio performance providing insight into future claims trends. * Work closely with Counter Fraud team to identify customer behaviour impact on underwriting processes and rules. * Development of technical product wordings with Product team based on your knowledge of emerging risk, market best practice, legal and regulatory developments. · Involvement in audit activity. · Produce documentation and commentary for both internal and external audiences. *Technical* · Experienced technical motor underwriter. · Analytical mindset and data skills. · ACII or progress towards, analytical degree at 2:1 or above. · In depth knowledge of car models, their risk attributes and technical developments. · Experienced user of Excel. · Other software skills desirable (SQL etc). · Commercial acumen/analytical ability. *What we can offer* · Exciting working environment where personal performance counts. · Highly competitive package with ongoing reward linked to personal delivery. · Comprehensive range of employee benefits eg PMI, pension, holiday etc. · Great career development prospects. *Location* City of London (nr Liverpool Street / Aldgate) Job Types: Full-time, Permanent Salary: per year Benefits: * Casual dress * Company events * Employee discount * Referral programme * Store discounts * Wellness programmes Schedule: * 8 hour shift * Monday to Friday Work remotely: * No

    Example 4

    Key Responsibilities Carry out credit searches and make recommendations for approvals based on customer profile and company profitability Compile daily reporting information for management to track against funder targets Be fully conversant with all funder criteria, products, and targets Provide information to sales staff regarding deal maximisation/best placement Ensure application quality, funder targets and efficiencies are met Other ad hoc duties as and when required could change or just include SOME of the above Skills & Expertise Excellent communications skills Efficient working style Previous underwriting experience not essential Logical and methodical thought process Can work well under pressure and to timeframes Benefits 30 days annual leave (including Bank Holidays) Access to Perk Box: Cinema, gym and shop discounts, access to a mental and physical wellbeing platform, and much more Great staff rates on car finance Regular staff socials Birthday off after two years and a £100 meal voucher Company pension scheme About Us Hippo Motor Group sells, on average, 800 vehicles every month, supplying a wide vehicle range from small city cars right through to high-end luxury vehicles. We specialise in offering tailor-made finance options to suit our customers’ needs. Continual business growth provides opportunities for our employees to develop and exceed within each role. At Hippo, we pride ourselves in providing excellent customer service which means our loyal customer base return to us year on year.

    What does an Underwriter do?

    An Underwriter’s job is to strike a balance between writing new business and declining proposals that may not be financially viable. If there’s a high risk attached to an application for insurance cover, an Underwriter may decide to decline the proposal. Conversely, they may opt to accept high-risk applications, subject to steep premiums and added terms and conditions. They could, for instance, opt to insure a house in a high-crime area only if the owner agrees on installing a comprehensive alarm system. 

     

    Underwriter skills and qualifications

    Despite the fact that a large part of an Underwriter’s job concerns working with data and statistics, they also interact with people constantly. They need to deal with new and existing clients and build trusting relationships with other stakeholders, such as Brokers and Insurance Agents, they therefore need solid interpersonal skills. A successful Underwriter candidate will have various prerequisite skills and qualifications, these typically include:

    • Excellent analytical skills to evaluate information from many different sources and arrive at an accurate conclusion
    • Sound judgement to determine the risk involved in underwriting an insurance policy
    • Solid IT skills and knowledge of relevant software packages, such as spreadsheet applications
    • Meticulous attention to detail, as determining risk involves considering all details included in an application
    • Strong mathematical skills to determine the probability of loss and calculate appropriate premiums
    • Solid decision-making skills, as they need to make important decisions regarding new business and possible risks

     

    Underwriter experience requirements

    Underwriters typically need previous insurance underwriting experience. Candidates must have several years of experience writing new business and must show industry knowledge of insurance market principles and practice. An awareness of best practices in client service and compliance systems and processes will be advantageous. Candidates must also have experience using relevant statistical packages and analytical tools.

     

    Underwriter education and training requirements

    Although there are no fixed education and training requirements for this position, Underwriters often hold a bachelor’s degree in business studies, finance, economics, maths, law or management. To enhance their skills and knowledge in insurance underwriting, candidates can obtain professional qualifications through a professional body. The Chartered Insurance Institute (CII), for instance, offers qualifications like a Level 4 Diploma in Underwriting Practice or a Level 6 Advanced Diploma in Strategic Underwriting. Candidates can also gain entry into the profession through an insurance professional higher apprenticeship.

     

    Underwriter salary expectations

    According to Indeed Salaries, the average salary of an Underwriter in the UK is £43,751 per year. Salaries will differ depending on variables like the location of the job, the candidate’s level of experience and the specific employer.

     

    Job description samples for similar positions

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    Underwriter job description FAQs

     

    What are the hours of an Underwriter?

    An Underwriter typically has a normal Monday to Friday, 40-hour workweek. These professionals rarely need to work evenings, over weekends or on bank holidays.

     

    What's the difference between a Broker and an Underwriter?

    Brokers serve as a point of contact between clients and insurance companies and they may represent one or multiple insurers. They work directly with clients to help them choose the best insurance policy for their needs. Underwriters work for one insurance company and decide whether to approve insurance applications. They also stipulate the terms and premiums of policies.

     

    How can you make your Underwriter job description sample stand out?

    To make your Underwriter job description stand out, include only the necessary requirements. Keep the document concise and clear so that prospective applicants can gauge at a glance whether to apply or not. You may also mention few perks or benefits that accompany the job to make your job description more attractive to suitable candidates. 

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