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Insurance Underwriter

POSITION SUMMARY

Insurance Underwriters evaluate the risk of issuing an insurance policy to determine if an insurance company would profit from issuing it. This includes deciding who will be given an insurance policy as well as negotiating what will be covered if it is issued.

Additionally, Insurance Underwriters determine the price of the insurance premium that will be charged to the customer. They must provide a competitive price to their customers while still maintaining a profit for the company. 

RESPONSIBILITY 

Insurance Underwriter responsibilities may include:

  • Analyze statistics to assess potential risks.
  • Periodically re-analyze an insurer’s risk.
  • Develop insurance plans that benefit the company and the insurer.
  • Assess medical profiles.
  • Input data into pricing algorithms.

 

SKILLS

Insurance Underwriters analyze the risk associated with insuring a person or asset. In order to make a well informed decision, a skilled Insurance Underwriter will:

  • Possess a keen eye for detail when going over insurer files.
  • Utilize critical thinking to develop effective insurance plans.
  • Effectively use computer software and data entry systems.
  • Utilize organizational skills to keep track of insurer files.
  • Possess a strong work ethic to go over data and statistics daily.


QUALIFICATIONS

To gain an entry level position, candidates are typically required to have a Bachelor’s Degree. A degree relevant to this field will be more favorable. In addition, candidates can enroll in training courses to acquire special certifications.

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INSURANCE UNDERWRITER SAMPLE QUESTIONS

  • What kind of experience do you have with insurance operations?

  • What is your preferred line of insurance to work with?

  • When have you used Data and Analytics to make an informed decision?

  • What are the elements of a decision support system?

  • What would you do if you’re expected to take one stance and an agent wants you to do the opposite?

  • How familiar are you with data aggregator services?

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