Insurance Underwriters is a key position in the insurance department of an organization which involves analyzing and scrutinizing insurance applications for risk factors and determining whether they should be accepted for insurance or rejected.
They play a key role in the insurance industry especially in the general insurance, car insurance, life insurance and reinsurance categories. They need to ensure that all risk factors have been carefully understood and appropriate financial information attached to them which matches the company needs as well.
Insurance Underwriter Job Duties:
- Examine application for insurance of different categories
- Gather all necessary background information on the application and related to the applicant and ask for any remaining documents
- Collaborate with other people like doctors, surveyors, bankers to assess risk and value properly
- Negotiate with policyholders and prepare all necessary documentation
- Maintain communication with all key stakeholders throughout the process
Alternative names: Insurance Underwriter Specialist, Insurance analyst, Insurance consultant, Insurance underwriter Support
Job projections: Excellent
Insurance Underwriter Skills and Qualifications:
- Effective analytical, numerical and reporting skills
- Strong interpersonal and communication skills
- Strong negotiation and persuasion skills
- Ability to prioritize tasks as per business needs
The annual salary range of an Insurance Underwriter is between $50,320 -$82,500 with the median salary being $70681. The salary can vary widely depending on a variety of factors.
Education and Training:
Post-secondary degree or diploma in economics, finance, accounting, mathematics, statistics or equivalent is desired for this position. Individual skill set are also of critical importance as this is an individual and team role in companies who desire specific analysis or problem solving skills in candidates.