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Underwriter
Career Insights for Insurance Underwriter (General)
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Scorecard
Based on California data
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What they do
An Insurance Underwriter evaluates and measures risk and advises businesses in insurance, banking and securities. Recommends customers to be approved for insurance coverage, and develops policies and premium levels. Reviews loan applications, evaluates credit-worthiness of loan applicants and analyzes the investment risk of a loan for the bank. Evaluates risk in different types of securities and advises clients on investments that will yield highest profits.
$80,745 / year median in California
-10% projected decline
Job Description
Position Summary :
We are seeking a detail-oriented and strategic Commercial Underwriter responsible for evaluating insurance applications and underwriting new and renewal business from an assigned group of agencies. This role requires timely, accurate decision-making and a commitment to fostering strong agency partnerships.Primary Responsibilities:
Decide whether to accept, decline, or modify applications or requests to sell an insurance policy and once sold, recognize and evaluate exposure changes as they occur during a policy period Evaluate, quote, and negotiate prices on applications from new and renewal customers and requests for changes in policies which requires an understanding of statutory requirements, ISO, company and NCCI coverage forms and endorsements and commercial line reference materials, including Best's Underwriting Guide Manage a group of agencies, including prospecting for new agencies, agency appointment, growth and development, maximization of agency profit sharing opportunities and credit management; evaluating agency factors, including agency personnel, line diversification, loss ratio, agency book of business, volume and profit potential and which agencies to appoint or terminate Solicit new business and retain renewal business through effective presentations to agency and customer audiences Manage and develop business in an assigned territory, including achieving profitable underwriting results, sales development and customer service functions Formulate, plan and achieve sales budgets, with objectives to support business planning, for assigned accounts and territory, including setting and achieving premium and loss ratio goals, agency and prospecting calls and business forecasting Working with a structured referral process, maintain, promote and increase profitable sales from current and prospective customer accounts through, among other activities, regular agency visits, developing agency relationships and agency reviews Make decisions within stated levels of authority and company guidelines, seek exceptions to guidelines as needed when supported by appropriate data Identify and take appropriate action on changes in customer operations or financial conditions Maintain and promote profitable business relationships with current and prospective customer accounts, through effective marketing, sales and service efforts Coordinate, promote and market claims, risk control and premium audit service plans to current and prospective customers Maintain knowledge of corporate, regulatory, and competitive changes in lines of business written Other duties assignedQualifications:
The qualified candidate will have experience with the following: Field Underwriting- 2-5 years of P&C Underwriting experience required in one or more of the following areas: Construction, Oil and Gas, or Forest Products Underwriting New & Renewal Business
- determine pricing and understanding commercial lines policy forms and coverages Analyzing & Managing Exposures
- Develop action plans to manage risks and changes during a policy period Agency Management
- Growth and development; prospecting; appointment; and maximization of opportunities and responsibilities External Sales
- Cultivate new business while demonstrating retention of current customers through presentations to agencies and customers Valid Driver's License with acceptable
Motor Vehicle Report Salary Range:
$100,000.00- 155,000.