Underwriting Specialist Job Description
Underwriting specialist
provides guidance to Agents and other departments regarding various underwriting information Effectively communicate underwriting decisions, appetite, and coverage to agents.
Underwriting Specialist Duties & Responsibilities
To write an effective underwriting specialist job description, begin by listing detailed duties, responsibilities and expectations. We have included underwriting specialist job description templates that you can modify and use.
Sample responsibilities for this position include:
Understand and fully explain rate development, pricing components and application of underwriting procedures and guidelines while not losing sight of financial objectives
Ability to explain policy provisions and procedures to customers, brokers and sales verbally and in writing
Conduct quality evaluations, both verbal and written, for all states, products and lines of business based upon current practices and procedures established within the Sales, Service and Back Office departments for new and existing employees
Attend and facilitate training classes, calibration sessions, and team meetings in order to stay abreast of current procedures and business needs
Partnering with sales representatives, account managers, brokers, clients and prospective clients regarding case issues and underwriting assessments, pricing and rating while including an increasing client focus
Perform preliminary review of applications
Input financial data into the Bank's financial analysis system(s) illustrating current financial condition (may be based on rolling quarter methodology) and projected financial condition, if applicable
Work closely with department Program Manager underwriting new and renewal business
Accountable for accurate data entry and account/case documentation on the system and image documents clear communications with the customer, broker, sales and service areas
Participates in carrier audits internal quality audits
Underwriting Specialist Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Underwriting Specialist
List any licenses or certifications required by the position: AFSB, CIP, VA, FHA, SAR, LAPP, DE
Education for Underwriting Specialist
Typically a job would require a certain level of education.
Employers hiring for the underwriting specialist job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Collage Degree in Business, Finance, Management, Education, Accounting, Engineering, Marketing, Economics, General Education, Technology
Skills for Underwriting Specialist
Desired skills for underwriting specialist include:
Strategies to ensure underwriting guidelines are followed
Coverages
CNA’s products and appetite while clearly communicating CNA’s position at the point of sale
Underwriting processes
Tools to gather and evaluate information in order to reach appropriate decisions on renewals and new business
Underwriting concepts
Commercial insurance coverages
Microsoft Office
Procedures
Forms
Desired experience for underwriting specialist includes:
Ability to identify process efficiencies and handle daily activities in a thorough fashion
Ability to learn multiple products quickly to support revenue growth for program business
Knowledge of Allied Healthcare programs (Firms) preferred
Professional Liability insurance product knowledge preferred
Underwriting background
Must be able to prioritize tasks demonstrating both time management skills and ability to achieve communicated deadlines
Underwriting Specialist Examples
1
Underwriting Specialist Job Description
Job Description Example
Our growing company is searching for experienced candidates for the position of underwriting specialist. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for underwriting specialist
- Assists the Ian H
- Work with Underwriting Manager & Underwriters to organize and prepare applications for underwriting
- Monitors website and on-line system
- Assists in the maintenance of Broker and Client Databases
- Works well with moderate guidance and supervision
- Timely and accurate review of applications and related documents including contracts, historical information, source systems, reference material, claims history gather all data necessary to assess risk against established underwriting guidelines and make sound decisions in determining coverage offerings and premium rating
- Directly accountable for producing expected underwriting results (premium rate and loss ratios) for carrier and Affinity's program's)
- Supports new business underwriting needs conserve existing business utilizing established methods to meet retention goals
- For risks or concerns outside of assigned underwriting authority, update the system and prepare necessary documentation for internal or carrier referrals and make appropriate recommendations
- Participate on calls with sales, brokers and/or customers in a professional manner
Qualifications for underwriting specialist
- Ontario LLQP (Life, Accident and Sickness insurance) licensed preferred but if not currently held, will consider post-hire acquisition of LLQP
- Strong customer service and oral and written communication skills
- Minimum of 2-3 years of real estate experience, preferably in underwriting multifamily real estate loans
- Goal-oriented with the ability to solve problems
- Previous underwriting experience is not required, but some experience is preferred
- Environmental industry experience preferred, but not required
2
Underwriting Specialist Job Description
Job Description Example
Our growing company is looking for an underwriting specialist. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for underwriting specialist
- Compile and outline for sales, broker or customer any additional information required to facilitate the application and underwriting process
- Learn multiple products to support revenue growth and cross-sell initiatives
- Developing, underwriting, and managing a portfolio of Contract Surety business
- Accurately and efficiently classify the mortality risk for proposed insured’s as above average (Preferred/Select Preferred), average(Standard), below average (varying Substandard risks) based on both medical and nonmedical information on cases with 2-Year TAAR (Total Amount At Risk-Dollar amount requiring underwriting) of up to and including $1,000,000 without an Attending Physician Statement
- Maintain a strong working knowledge of our administrative systems, product rules, and Underwriting Guidelines
- Author messages to Agents and General Office staff regarding application status, additional requirements needed, input errors and required corrections, Reinsurance offer details and requirements, the final underwriting decision and associated reason(s)
- Listen to Underwriter call clips
- Evaluate call quality using a detailed scorecard
- Maintain detailed call notes
- Relay scoring to direct leaders for coaching opportunities
Qualifications for underwriting specialist
- Post secondary education or equivalent combination of education & experience KNOWLEDGE, EXPERIENCE AND SKILLS
- Minimum five or more years of group underwriting knowledge and/or related group insurance experience
- Proficient in MS Office ( Word, PowerPoint, Excel, and Outlook)
- Ability to develop strong relationships with sales and broker networks, carrier partners internal team members and customers
- Strong planning, math/analytical, and organizational skills
- Strong knowledge of Microsoft Windows applications
3
Underwriting Specialist Job Description
Job Description Example
Our growing company is looking to fill the role of underwriting specialist. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for underwriting specialist
- Assist UW Class with Role Playing Calls and objections
- Functions as a highly independent and experienced underwriter able to manage large complex cases, but is not yet expected to handle all levels of complexity
- Fosters continuous learning for themselves and others
- Use discretion to identify underwriting and behavioral opportunities that impact performance of the individuals being evaluated
- Review and evaluates Independent Agent performance as it pertains to retaining file documents
- Identify, track, and communicate quality review results to departmental managers and senior leadership
- Monitors trends in performance to identify training needs
- Work with management and/or Learning and Development Department to develop training plans
- Provide leadership, guidance, and training to peers, internal, and field customers
- Provide assistance to Policy Operations and/or Direct Sales teams in an effort to reinforce skills
Qualifications for underwriting specialist
- Experience in the insurance industry or a related field (3-5 years)
- Bachelor’s degree (or working toward one) in a business related field business with an emphasis in management, accounting, finance, or a related field preferred
- Must have 9 hours in Accounting and/or Finance
- Previous underwriting experience is not required for Underwriting Specialist I, but some experience is preferred
- Four year college degree and three to five years of commercial underwriting or equivalent experience
- Candidates must have 9 hours in Accounting and/or Finance
4
Underwriting Specialist Job Description
Job Description Example
Our growing company is searching for experienced candidates for the position of underwriting specialist. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for underwriting specialist
- Maintain a database for both renewals and prospective accounts that monitors premium increases, persistency, closing ratios, and profitability
- Maintain expertise regarding the retrieval of claims, premium, enrollment, and other data from the BCBST’s systems used in the development of group rates
- Liaison with other departments and divisions interacting with the underwriting and rating processes
- Develop, monitor, and maintain prospective and renewal rating formulas and tools for the commercial group segment
- Works with business users to understand requirements and translate them into technical specifications
- Provides technical leadership on assigned projects and discovery efforts
- Data entry working on various computer systems from correspondence
- Obtain information needed for underwriting decisions including deciding what needs to be referred back to the underwriter
- Write or call agents for additional or missing information
- Assist underwriters with information gathering and written correspondence
Qualifications for underwriting specialist
- 1-3 years working and underwriting Property & Casualty insurance
- Community Association knowledge a plus
- Strong written and verbal communication skills necessary to communicate in a professional manner with clients and the marketplace
- P& C Licensepreferred
- P & C license preferred - required within 6 months of hire
- P&C License preferred - required to obtain within six months of hire date
5
Underwriting Specialist Job Description
Job Description Example
Our innovative and growing company is looking for an underwriting specialist. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for underwriting specialist
- Review incoming tasks and either complete them or forward to appropriate team member
- Assist with general questions from team and coworkers
- Possess strong analytical and math skills
- Proven to have accurate keyboard/calculator and professional phone skills
- Formulates decisions related to credit and collateral
- Trains on additional loan products and designations as directed by management
- Entry of statistical information and computing of premiums is required for all commercial lines of business using Company Rating systems to generate a legal contract for the insured
- Decide which files to refer back to the underwriter to review
- Handle overflow of incoming calls and assist when possible
- The primary goal is to produce quality technical assistance to insureds, agents and coworkers and to meet service standards
Qualifications for underwriting specialist
- Detailed understanding of credit underwriting systems Equifax, Experian, Call Credit, Transact SM
- Insurance qualifications is an advantage
- Underwriting and/or working experience in hospital is an advantage
- For office requirements
- High School Diploma or Equivalent and No prior experience required in the Clerical Support or Data Entry area
- Previous experience working within the Insurance Industry