Underwriter
Job description, Salary, Resume, and Interview Questions
TABLE OF CONTENTS
WHAT DOES An Underwriter DO?
Underwriters play a crucial role in assessing risks and determining the terms and conditions of insurance policies. They evaluate applications, review financial information, and analyze data to assess the insurability of clients and decide on premium pricing. Underwriters ensure that policies are issued according to company guidelines and industry regulations.
Successful Underwriters possess strong attention to detail, analytical skills, and a deep understanding of risk assessment. They excel at evaluating complex information, making data-driven decisions, and managing multiple tasks efficiently. These professionals are reliable, strategic, and focused on minimizing risk while maintaining a balance between customer needs and company profitability.
AVERAGE SALARY FOR
Underwriters
Salaries can vary depending on factors such as geographical location, experience, educational background, and industry sector.
$81,335
Underwriter Job Descriptions
Below are four types of Underwriter job descriptions, detailing the range and expectations of the role:
Job Description:
We are seeking an Insurance Underwriter to evaluate and assess risk for a variety of insurance policies, including life, health, and property insurance. The ideal candidate will analyze applicants’ information and determine eligibility, premium pricing, and policy terms based on the risk profile.
Responsibilities:
- Evaluate insurance applications and determine risk level.
- Set appropriate premiums and policy terms based on the analysis.
- Assess applicants’ information, including health records, financial history, and property details.
- Work with agents and brokers to gather information for underwriting decisions.
- Ensure compliance with industry regulations and internal policies.
- Collaborate with claims departments to identify potential issues in underwriting decisions.
Qualifications:
- Bachelor’s degree in Business, Finance, or a related field.
- Proven experience as an underwriter, preferably in insurance.
- Strong knowledge of underwriting principles and risk assessment techniques.
- Familiarity with insurance software and tools.
- Excellent analytical skills and attention to detail.
Job Description:
We are seeking a Mortgage Underwriter to review loan applications for property purchases and refinances. The ideal candidate will assess the borrower’s creditworthiness, financial stability, and the value of the property to determine loan approval or denial.
Responsibilities:
- Review loan applications, credit reports, and financial documents.
- Assess the value of properties through appraisals and comparable market analysis.
- Ensure compliance with lending guidelines and regulations.
- Determine appropriate loan amounts, terms, and conditions.
- Work closely with loan officers and clients to resolve issues.
- Approve or deny loans based on risk analysis and company policies.
Qualifications:
- Bachelor’s degree in Finance, Business, or related field.
- Experience as a mortgage underwriter or in a similar financial role.
- Strong knowledge of lending regulations and loan processing.
- Proficiency in mortgage underwriting software.
- Excellent problem-solving and communication skills.
Job Description:
We are seeking a Commercial Underwriter to assess risks and evaluate coverage needs for businesses seeking insurance. The ideal candidate will determine the appropriate insurance solutions for businesses by analyzing financial stability, operations, and liabilities.
Responsibilities:
- Review business applications and analyze the company’s risk exposure.
- Set premiums and policy terms based on the risk profile of the business.
- Collaborate with brokers to gather necessary information for underwriting.
- Ensure compliance with regulatory guidelines and company standards.
- Maintain strong relationships with clients to discuss coverage and policy renewals.
- Evaluate claims history and help mitigate future risks.
Qualifications:
- Bachelor’s degree in Business, Risk Management, or related field.
- Proven experience as a commercial underwriter or in risk assessment.
- Strong analytical skills and knowledge of business insurance policies.
- Proficiency in underwriting software and systems.
- Ability to make decisions based on complex data and risk factors.
Job Description:
We are seeking a Medical Underwriter to evaluate health insurance applications. The ideal candidate will assess applicants’ health histories and related medical information to determine eligibility and pricing for health insurance policies.
Responsibilities:
- Analyze medical records and health questionnaires to assess risk levels.
- Determine eligibility and premiums for applicants based on health history.
- Collaborate with agents and clients to gather necessary medical information.
- Ensure compliance with healthcare regulations and underwriting standards.
- Review lab results and medical exams to evaluate underwriting risk.
- Communicate underwriting decisions to clients and agents.
Qualifications:
- Bachelor’s degree in Healthcare, Insurance, or related field.
- Proven experience as a medical underwriter or in the healthcare insurance industry.
- Strong knowledge of medical terminology and underwriting guidelines.
- Familiarity with health insurance software and systems.
- Excellent attention to detail and ability to assess complex medical data.
Candidate Certifications to Look For
Consider the following certifications and qualifications when evaluating candidates:
This certification demonstrates expertise in property and casualty insurance, focusing on risk management, insurance law, and financial analysis.
The CMU certification highlights proficiency in mortgage underwriting, covering the lending process, regulatory compliance, and credit risk evaluation.
This designation equips underwriters with specialized knowledge in commercial insurance, including risk assessment and policy underwriting practices.
HOW TO HIRE An Underwriter
Securing a skilled Underwriter requires a strategic approach to identifying professionals with a deep understanding of risk assessment, regulatory compliance, and analytical skills. Here are key strategies to help you hire top talent:
Comprehensive Job Descriptions: Clearly articulate the responsibilities, qualifications, and skills required for the role to attract candidates who meet the specific needs of your organization.
Underwriter Competency Assessments: Evaluate candidates by testing their ability to assess risk, analyze financial data, apply underwriting guidelines, determine policy terms, and ensure compliance with industry regulations.
Focus on Detail Orientation: During interviews, ask questions designed to gauge candidates’ attention to detail and their approach to minimizing errors in their work.
Highlight Opportunities for Growth: Emphasize any potential for career advancement or skill development within the organization to attract candidates who are looking for long-term opportunities.
Leverage Accounting-Specific Platforms: Post job listings on platforms that specialize in accounting roles, such as those focused on bookkeepers, staff accountants, and financial analysts, to access a broader pool of qualified accounting professionals.
Sample Interview Questions
- How do you ensure accuracy when assessing risk, analyzing financial data, and applying underwriting guidelines?
- Describe your experience with underwriting software like Guidewire, Duck Creek, or ISO. Which features or tools help you streamline underwriting tasks?
- What strategies do you use to manage competing priorities when handling tasks such as risk assessment, policy analysis, and documentation?
- Can you share an example of identifying and resolving a critical discrepancy in risk evaluation that impacted an insurance policy’s approval or pricing?
- How do you stay organized when managing multiple policy applications, meeting deadlines, and ensuring compliance with industry regulations?
- Describe a challenging underwriting project you worked on. What was your role, and how did your contributions impact the approval or pricing process?
- How do you ensure compliance with regulatory requirements and protect sensitive data when managing insurance policies and client information?
- What’s the most complex aspect of underwriting across different types of policies, and how do you address it to maintain accuracy and mitigate risk?
- How do you approach quality assurance in your work, particularly when reviewing policy terms, evaluating risk, and ensuring data consistency?
- What steps do you take to stay updated on the latest underwriting tools, regulatory changes, and industry best practices?
THREE EASY WAYS TO COMPLETE YOUR TEAM
TemPositions can assist you in finding the right fit for your team. Here are three ways to complete your team:
- Utilize TemPositions, a specialized staffing agency.
- Post your job on leading job boards.
- Leverage your professional network in the office sector. TemPositions offers access to a network of pre-screened and qualified professionals, saving time and ensuring you find the right fit for your team.
NEED HELP HIRING An Underwriter
Discover how TemPositions can elevate your hiring process with tailored staffing solutions. Contact us today to experience a partnership that transforms your recruitment strategy and connects you with top-tier talent.
