What Do Insurance Underwriter Do?
Insurance Underwriter Example Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Insurance Underwriter Responsibilities
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
- Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
- Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe, profitable distribution of risks, using reference materials.
- Decline excessive risks.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
Insurance Underwriter Required Skills
When polled, Insurance Underwriters say the following skills are most frequently used in their jobs:
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Speaking: Talking to others to convey information effectively.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Other Insurance Underwriter Job Titles
- Automobile and Property Underwriter
- Commercial Lines Underwriter
- Underwriting Manager
- Property Underwriter
- Health Underwriter
What Kind of Insurance Underwriter Job Opportunities Are There?
In the United States, there were 104,100 jobs for Insurance Underwriter in 2016. There is little to no growth in job opportunities for Insurance Underwriter. Due to new job openings and attrition, there will be an average of 7,500 job openings in this field each year.
The states with the most job growth for Insurance Underwriter are Utah, Arizona, and Maryland. Watch out if you plan on working in Vermont, Maine, or Wyoming. These states have the worst job growth for this type of profession.
What is the Average Salary of an Insurance Underwriter
The average yearly salary of an Insurance Underwriter ranges between $42,260 and $122,840.
Insurance Underwriters who work in New Hampshire, District of Columbia, or New Jersey, make the highest salaries.
Below is a list of the median annual salaries for Insurance Underwriters in different U.S. states.
|State||Annual Mean Salary|
|District of Columbia||$87,010|
What Tools do Insurance Underwriters Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Insurance Underwriters:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Web browser software
- Word processing software
- Spreadsheet software
- Database software
- Delphi Technology
- Fannie Mae Desktop Underwriter
Becoming an Insurance Underwriter
Education needed to be an Insurance Underwriter:
How Long Does it Take to Become an Insurance Underwriter?
Where do Insurance Underwriters Work?
Insurance Underwriters work in the following industries:
More about our data sources and methodologies.
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