Commercial Underwriter Job Description
Also known as insurance underwriters, commercial underwriters perform risk analyses on loan and insurance applications to determine the insurance coverage's acceptance or rejection. Commercial underwriters also structure payment agreements and verify all the information presented on the application.
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Commercial Underwriter Job Description Template
We are looking for a commercial underwriter with great mathematical skills to analyze the information presented in insurance applications. The commercial underwriter’s responsibilities include determining the amount of coverage that should be granted and calculating payment agreements according to the risk evaluation.
To be successful as a commercial underwriter, you should think analytically and have a working knowledge of reinsurance. Ultimately, a top-notch commercial underwriter should have outstanding investigative skills and be a keen researcher.
Commercial Underwriter Responsibilities:
- Working closely with the sales and brokerage departments to obtain relevant documentation from clients.
- Screening and assessing new applications according to predetermined criteria.
- Ensuring that all relevant personal information on the client is captured accurately.
- Investigating a client’s medical and claim history before approving the application.
- Identifying potential risks that can cost the company money.
- Working closely with the actuarial department to design alternative insurance options for clients.
- Referring high-risk applications to reinsurance.
- Reporting to management on potential losses and excessive risks.
- Assisting brokers and sales staff with all underwriting-related queries.
- Providing specialized quotes to brokers.
Commercial Underwriter Requirements:
- Bachelor’s degree in business, finance, risk management, or a related field.
- Certified as a Chartered Property Casualty Underwriter or Associate in Commercial Underwriter.
- A working knowledge of insurance services regulations, including the Investment Adviser's Act.
- Outstanding mathematical and analytical thinking skills.
- Excellent understanding of insurance structuring and reinsurance.
- Great analytical and comprehension skills.
- Good knowledge of financial analysis and document management software, such as Oracle and M-Files.
- Strong decision-making skills.
- Time management skills and ability to prioritize.
- Great communication skills.