Insurance underwriter Job Description

March 20, 20120 Comments

Insurance underwriter Job Description

Insurance underwriter Job Profile and Description

An insurance underwriter is responsible for reviewing individual applications of customers for insurance policies, especially for health, car, house etc, whereby he examines the degree of risk involved and suggests recommendations or rejection of the applications.

Duties and Responsibilities

  • The insurance underwriter has to analyze different financial, medical and other necessary documents to determine the degree of risk from factors like the financial condition of the applicant and the value and condition of his property
  • He has to decline excessive risks
  • After examining the documents he has to write to field representatives, medical personnel, and other experts to get additional information, quote rates, and explain the company’s underwriting rules
  • He has to evaluate the possibility of losses due to catastrophe or excessive insurance
  • In case the risk is substandard, he can decrease the value of policy, give rating to ensure safe profitable distribution of risks
  • He needs to review company records to analyze the amount of insurance in force on single risk or group of closely related risks
  • He is also responsible for authorizing reinsurance of policy when risk is high

Skills and Specifications

  • The insurance underwriter must see if the customer needs assessment and meet quality standards for services
  • He must have command over the language and should have good written and verbal communication skills
  • He must be aware of the various administrative and clerical procedures like word processing, managing files and records, transcription, designing forms, and other office procedures and terminology
  • Knowledge of math and their applications is required in this field

Education and Qualifications

Those interested in this field can opt for a degree in finance or business administration. However, a bachelor’s degree in commerce with courses in accounting and business law provides a sufficient general background but master degree will give an added advantage. He must have interest and good knowledge of computers.

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