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.
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Underwriter Trainee•Environmental
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locations
Short Hills, NJ
New York, NY
time type
Full time
posted on
Posted 2 Days Ago
job requisition id
REQ06652
This is your opportunity to join AXIS Capital•a trusted global provider of specialty lines insurance and reinsurance. We stand apart for our outstanding client service, intelligent risk taking and superior risk adjusted returns for our shareholders. We also proudly maintain an entrepreneurial, disciplined and ethical corporate culture. As a member of AXIS, you join a team that is among the best in the industry. At AXIS, we believe that we are only as strong as our people. We strive to create an inclusive and welcoming culture where employees of all backgrounds and from all walks of life feel comfortable and empowered to be themselves. This means that we bring our whole selves to work. All qualified applicants will receive consideration for employment without regard to any protected characteristic, including age, color, disability, ethnicity, gender identity, marital status, national origin, pregnancy, race, religion, sex, sexual orientation, veteran status, or any basis prohibited by the laws that govern its operations. Underwriter Trainee•Environmental The Underwriter Trainee position is central to an effort designed to provide the company with successfully trained underwriters, with relevant experience to assume future underwriting positions. Trainees are expected to develop critical underwriting skills, through independent and on-the-job training. Trainees will be expected to observe and work with underwriters, actuaries, and claim representatives to become familiar with the functions of these positions and how they interact and work with each other. The candidates will be required to establish, support, and maintain effective relationships with peers, customers, and brokers. It is anticipated that the Underwriter Trainee will progress through the 3 levels of the Trainee program, culminating in eligibility for an underwriter position.
Key Duties & Responsibilities:
Responsibilities will include analyses of potential and existing customers by gathering and reviewing information on the companies' financial condition, loss and exposure history, and other relevant information to determine underwriting acceptability. Duties will also entail assessing economic or climatic trends and geographic acceptability of the risks and other important criteria that may affect the type of insurance coverage provided and premiums ultimately charged. Under moderate supervision, Trainees will assess risk, and sets rates & coverage levels. To be eligible for an underwriter role, the Trainee will have demonstrated the following: Level I Understand Axis' financial strength rating and its standing among its peer group
Fully understand the assigned business unit risk appetite including the type of risks targeted and segments of business that are desirable and those that are not.
Accurately assign AICS codes to submissions through the study of the unit's underwriting rules and guidelines.
Develop a working knowledge of the unit's minimum premiums, attachment points and commission levels.
Review and develop a working knowledge of the unit's forms and basic endorsements.
Understand how insurance rates are developed and how loss and combined ratios are determined.
Understand the impact of rate changes on loss ratios.
Develop a working knowledge of the underwriting process from initial submission through the life cycle of the customer interaction.
Understand how information is utilized in underwriting decisions.
Participate in the unit's Peer Reviews
Complete rotational assignment (1 to 2 weeks) into one adjoining UW group and 1 support unit (Claims and Actuarial)
Complete 1 CPCU (or other manager approved) classes/exams. Level II Review new and renewal submissions for acceptability of risk, opportunity for Axis and completeness of information
Gather additional information via the internet or other sources as needed or request additional information from brokers or claims department.
Pull AXIS loss runs and review external loss runs for acceptability
Fully complete underwriting analysis worksheets (operations, exposures, financial history, loss history etc.)
Perform the appropriate rating (if needed) to support the pricing of the risk.
Determine the appropriate price and attachment point of the risk.
Prepare and present risk for Peer Review
Update account information and analysis worksheet based on recommendations from peer review process
Present draft quote to underwriter for acceptability and formal quote.
Prepare binder and provide to underwriter for approval and issuance
Accompany underwriters and participate in broker meetings
Review endorsement requests for acceptability and provide written recommendation or rejection of the request to underwriter for approval
Review loss control reports and recommendations and detail the appropriate areas of concern for final review by underwriters
Review policies for accuracy and approval or advise discrepancies.
Complete rotational assignments (1-2 weeks) into 2 support units
Complete 1 CPCU (or other manager approved) classes/exams. Level III Prepare detailed analysis of risks for Peer Review
May contact broker to obtain additional required information
Sets appropriate premium rates and coverage
Present risks to appropriate individual or team for Peer Review
Issue Quotes to brokers on new and renewal business per underwriter direction
Review and approve endorsement requests and calculate any associated premiums.
Review audit worksheets and calculate final premium audits.
Participate in marketing (with underwriters) the company's products and services through Axis' approved broker network.
