What does an Underwriter do?
An underwriter is responsible for evaluating and assessing the risk of insuring a person or entity. They work in the insurance industry and use their expertise to determine whether to accept or reject insurance applications, set premiums, and establish the terms and conditions for insurance policies. Underwriters analyze and weigh factors such as a client’s medical history, age, job, and lifestyle to determine the likelihood of an insurance claim being made. They also work closely with insurance brokers and agents to provide advice on insurance coverage and communicate insurance policies to clients. Overall, the underwriter plays a crucial role in ensuring that insurance companies are able to manage their risks effectively while providing adequate coverage to clients.
Our Underwriter job description includes the Underwriter responsibilities, duties, skills, education, qualifications, and experience.
Underwriter Example
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If you need an example job description for an Underwriter download the one below, alternatively we have many other Banking and Insurance job description samples and a job description library with over 3000 job descriptions templates that you can download for free.
What does an Underwriter do?
An Underwriter is responsible for assessing and determining the risk of providing insurance coverage for individuals and businesses. They review applications, financial statements and other documents to determine the acceptability of insurance applicants and the terms of coverage, based on the company's risk assessment criteria. Underwriters also make sure that insurance policies are in compliance with state and federal regulations. They assess potential risks and analyze the financial stability of insurance applicants before approving coverage. Underwriters work closely with agents, brokers and other departments to ensure that all requirements are met.
Underwriter Role Purpose
The purpose of an Underwriter is to assess and evaluate the risk associated with a particular insurance policy, and to establish the most suitable terms and conditions for the policy. They are responsible for determining the premium to be charged for a specific policy, as well as the duration and other key features of the policy. An Underwriter must be knowledgeable about the laws and regulations that govern the insurance industry as well as the various types of policies and risks they are assessing. They must also be able to determine the most suitable policy option for each customer, based on their individual circumstances.
Underwriter Role
An Underwriter is responsible for assessing risk and evaluating insurance applications to determine whether or not cover should be provided. They must ensure that any risks posed are accurately priced and are in line with the organisation's risk tolerance. They must also ensure that all procedures and policies are adhered to in order to protect the company's interests.
Underwriter Duties
- Checking applications to assess the risk of providing insurance cover
- Assessing the financial viability of clients
- Negotiating terms and conditions of cover with clients
- Calculating premiums and setting discount rates
- Making decisions on behalf of insurance companies
- Monitoring insurance claims and providing advice and guidance
Underwriter Requirements
- A good understanding of financial services and the insurance industry
- Strong analytical and communication skills
- The ability to work independently and as part of a team
- Experience in sales and marketing
- Good problem solving skills
- The ability to manage and develop relationships with clients
Underwriter Skills
- Analytical skills
- Ability to work under pressure
- Attention to detail
- Risk assessment
- Financial analysis
Underwriter Personal Traits
- Excellent communication and interpersonal skills
- High level of numeracy and analytical ability
- Strong attention to detail
- Ability to make informed decisions
How to write an Underwriter Job Advert
Use our job advert template to write a job advert for posting on job sites and job boards. Our job advertising templates are carefully created to help you reach your audience and beat the competition to the best talent.
A job description informs the reader about a job, whereas a job advert’s main objective is to sell the job opportunity to attract as many suitable applicants possible. A job advert maybe the first touch-point a candidate has with your company so it is important to create a great impression.
Job Advertisements should enticing, so considering using short, exciting language which get the reader’s attention.
How to write an Underwriter Job Description
To write a job description, we recommend starting with a job description template from our job description library, which contains examples for 800+ positions and professions. Our job description examples include a job summary with duties and responsibilities and skills and requirements, which can be personalised for your job vacancy.
Job Description Advice - Guidance on How to Personalise an Underwriter Job Specification
The hiring process and recruiting new employees to fill your key roles requires a degree of personalisation if you are to attract the best employees in a competitive employment market. The right person for a crucial role or more senior roles will likely have other employers targeting them. As your job description will be the first point of contact, you need to nail your pitch and provide the best possible service.
Job Description Tips - Help on formatting an Underwriter Job Specification
When creating your bespoke description and advert, you should cover and promote these points:
Job title: This should accurately reflect the role and include keywords that top talent might be using to search for jobs.
Job duties: The day to day duties, such as administrative tasks, which vary depending on the company and inform the candidate if they can complete the role.
Technical skills: These are the hard skills required through training, such as proficiency with Microsoft Office.
Soft skills: These include the interpersonal skills and general abilities the right candidates will possess. For example, the competency to prioritise multiple tasks, handle customer queries and customer complaints, work alone, or build a good relationship with coworkers.
The company's culture: Highlighting your company culture and values ensures employees thrive and find outstanding job satisfaction. Candidates that are not the right fit won’t waste their time completing the application process, meaning you can focus on qualified individuals and hire in a more timely manner.
Career progression: Including the career path will entice candidates looking for career growth.
Training and development programs: Smaller companies may need employees with previous experience or provide educational assistance over internal training offered by larger organisations with more significant resources.
Employee benefits: Compensation and benefits often fail to appear in job ads and while you may want to hold your cards close to your chest, failing to include them is a mistake. Consider answering common questions, such as working hours and paid leave. Researching the average salary for the role in these early stages will ensure you don’t waste your interviewer’s and the candidate’s time.
Skill gaps: Your company may need to bring in new skills beyond those required to complete the key role and duties. Thinking on an organisational level can be beneficial when contemplating skills diversity.
Legal requirements: Ensure your job advert and description does not ask for inappropriate or discriminatory personal details, such as age, marital status, or religion.
How to Hire an Underwriter
Once you have selected your Job Description download it or convert it to a Job Advert. From here you can post/advertise your job across our network of job boards. If you wish to use the job description for a CV Template click through for advice and Convert to a CV
