What does an Underwriter do?

An underwriter works in insurance agencies utilizing data to determine the risks in creating insurance policies. They are found in insurance agencies of all kinds, from general to life insurance. An underwriter will analyze statistical data and decide who can be covered through the company and who is not eligible. They do this by assessing personal background information about the client and using risk assessment strategies.

Individuals employed as an underwriter require keen analytical and mathematical skills. Many have advanced education and hold bachelor's degrees in finance, statistics or other math fields. As the job deals with utilizing personal information to assess potential clients, personal integrity is essential. Additionally, underwriters who succeed in the field complete assignments within established time-frames and accurately forecast risk.

  • Review insurance proposals and seek to improve terms
  • Properly Assess and analyze client's background information
  • Participate in continuing education courses to remain knowledgeable and competitive in the industry
  • Use professional techniques and strategies to calculate the risk associated with client policies
  • Review insurance claims and terms to determine the amount to be paid out by the company
  • Designate and prepare insurance premiums based upon informed judgment and competitor pricing
  • Organize meetings with specialists to help determine risk assessment in unique circumstances
  • Layout and finalize insurance policies applying specific terms and conditions as agreed upon by the client
  • Bachelor's degree in mathematics, statistics or related field
  • Strong math and analytical skills are essential to complete job requirements successfully
  • Professional listening and certification from intuitions such as Associate in Commercial Underwriting (AU) Chartered Life Underwriter certification (CLU) preferred
  • Experience working with private and sensitive personal information
  • Excellent negating skills and strategies
  • Ability to multitask and work toward multiple deadlines simultaneously
  • Interpersonal and customer service skills are required when meeting with and interviewing potential clients
  • Strong computer skills and ability to use necessary software
  • Confident in decision making and the ability to explain processes or choices as needed

Average Years of Experience

0 - 1
21%
2 - 4
54%
5 - 7
13%
8+
12%

Common Skill Sets

Microsoft Office Suite
Written Communication
Renewal
Negotiation
Excellent Organizational
Excellent Communication
Property Underwriting
Needs Analysis

Underwriter Seniority Levels

L2
Underwriter
$63,653/yr
L3
L4
Underwriter Iv
$89,473/yr
Loan Officer
18% made the transition
Loan Processor
13% made the transition
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Underwriter Salaries

Average Base Pay

$64,233 /yr
Same as national average
Not including cash compensation
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$42K
Median: $64K
$98K
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Glassdoor Estimated Salary

Underwriter Jobs