What Do Insurance Underwriters Do: Job Description, Responsibilities and Duties

Stanley TanLeave a Comment



daily life of an Insurance Underwriter
are Insurance Underwriters happy with their job

Insurance Underwriters

Other names for this job might include Account Underwriter, Automobile and Property Underwriter, Bond Underwriter, Commercial Lines Underwriter, Commercial Underwriter, Customer Service Representative, Health Underwriter, Insurance Analyst, Insurance Underwriter, Insurance Writer


  • $72650
    Salary
  • 70%
    Job satisfaction
  • Quite Hard
    Becoming one
  • Bad
    Job growth
OwlGuru Rank

B



Being An Insurance Underwriter: What You Really Do


In this job description guide, you will find out what do Insurance Underwriters do and what is their typical work day like.

After reading this, you will have a much better idea on whether you will like working as an Insurance Underwriter or not.



Job summary

Insurance Underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

We asked Insurance Underwriters how satisfied they are with their job. Here is what they said.

Job satisfaction

70%

How meaningful is this job

37%


70% of them said they were satisfied with their job and 37% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical day

On a daily basis, Insurance Underwriters Examine documents to determine degree of risk from such factors as applicant financial standing and value and condition of property. They Decline excessive risks.

1 of the main responsibilities as An Insurance Underwriter is to Write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies.

Some may also Evaluate possibility of losses due to catastrophe or excessive insurance.

In a normal work day, another thing that Insurance Underwriters do is they 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.

In addition to that, they Review company records to determine amount of insurance in force on single risk or group of closely related risks..

A typical day for An Insurance Underwriter look like this:

Assess financial status of clients.
Authorize financial actions.
Explain regulations, policies, or procedures.

We asked some Insurance Underwriters a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job?100% said yes
Do you have to use email everyday in this job?100% said yes
How important is it to work in a team in this job?31% said very important
Do you have group discussions everyday in this job?69% said yes
Do you have to meet strict deadlines everyday in this job?58% said yes
Do you talk or work with customers everyday in this job?31% said yes
Do you have to deal with angry customers everyday in this job?15% said yes
Do you have to make decisions everyday in this job?85% said yes



Other responsibilities

Besides the “typical day” things that Insurance Underwriters do, they Authorize reinsurance of policy when risk is high.

A typical week or month for them might include:

Authorize financial actions.



Working life

Working hours

40 hours per week

Working schedule

Regular (Set schedule and routine)


In a typical work week as An Insurance Underwriter, you can expect to work 40 hours per week.

Do Insurance Underwriters work in an office-style work environment?

Everyday
73.08%

Once a week
0%

Once a month
3.85%

Once a year
0%

Never
23.08%

Do Insurance Underwriters work in a warehouse-style work environment?

Everyday
0%

Once a week
0%

Once a month
0%

Once a year
0%

Never
100%

Do Insurance Underwriters work outdoors?

Everyday
0%

Once a week
0%

Once a month
0%

Once a year
7.69%

Never
92.31%



Is this right for me

Best personality for this career

The Organizers and The Persuaders


You can read more about these career personality types here.

You will like this career if you are someone who likes following set procedures and routines. They like working with data and details more than with ideas.

You also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.



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Rank: B+
Salary: $75970

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Career type

Business and Finance
Insurance Services

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Related to Insurance Underwriters Job Description

Insurance Underwriters job description, what do Insurance Underwriters do, typical day for Insurance Underwriters, what is it like to work as an Insurance Underwriter, how many hours do Insurance Underwriters work, day to day work of an Insurance Underwriter

Additional resources

http://www.bls.gov/OOH/business-and-financial/insurance-underwriters.htm
http://www.iii.org/
http://www.theamericancollege.edu/
http://www.naifa.org/

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Insurance Underwriters
Written by: Stanley Tan
Insurance Underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
4 / 5 stars

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