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Become A Commercial Underwriter

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Working As A Commercial Underwriter

  • Getting Information
  • Making Decisions and Solving Problems
  • Analyzing Data or Information
  • Processing Information
  • Documenting/Recording Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • Stressful

  • $62,760

    Average Salary

What Does A Commercial Underwriter Do At Wells Fargo

* Negotiate terms and conditions for transactions and work with deal teams to ensure appropriate documentation is in place
* Manage existing commercial accounts, perform rigorous analysis of transactions, and resolve problem accounts in partnership with deal teams.
* Prepare risk assessments and present to senior management with a clear and consistent approach to mitigate risks
* Interface with customers to obtain needed information, resolve credit related issues, and minimize potential losses
* Monitor accounts (along with the account team) to ensure on-going compliance with loan agreements.
* Other projects and assignments as requested including, but not limited to, portfolio analysis to ensure compliance and portfolio reporting
* Team members support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company.
* They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following, and adhering to all applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions

What Does A Commercial Underwriter Do At Travelers

* Underwrites primarily moderately complex accounts and risks and considers different approaches toward risks to maximize profitability (e.g., pricing, retention, endorsements, limits, indemnity, security.) Uses good judgment in making decisions within own underwriting authority and makes recommendations on other accounts to meet business objectives.
* Initiates collaborative discussions.
* Distribution and Agency Management: Effectively manages assigned agents/brokers by developing and maintaining relationships to write and retain accounts consistent with business unit appetite.
* Frequently meets with agents/brokers and insureds in order to build and maintain business relationship.
* Sales: Uses consultative marketing / sales skills and successfully employs a consultative selling approach to market products to agents and brokers.
* Identifies and captures new business opportunities and effectively cross sells market segment and Travelers products/businesses.
* Develops agency sales/business plan and frequently partners with MD to develop region/group sales plan.
* Negotiation: Negotiates skillfully in difficult situations.
* Executes Strategy and Drives Results: Develops and executes on a plan to meet business objectives.
* Anticipates and identifies moderately complex underwriting/marketing problems, thoroughly analyzes available information and makes timely practical decisions.
* Business Planning and Collaboration: Fosters collaboration within the business unit and across the enterprise.
* Seeks enterprise-wide solutions to business problems.
* Assists less experienced employees when appropriate.
* Leading Others: In addition to leading self, may coach less experienced staff members.
* May participate in the training of less experienced Account Executives.
* Other duties as assigned.
* Job Opening ID:
* BR
* Environmental/Work Schedules/Other:
* Travel 10
* of time.
* Equal Employment Opportunity Statement:
* Travelers is an equal opportunity employer

What Does A Commercial Underwriter Do At Capital One

* Commercial Real Estate_
* Prepare routine to moderately complex property level pro forma cash flow statements and develop moderately complex property valuations to properly size loan requests._
* Obtain appropriate market information to support the proposed loan_
* Possess thorough knowledge of the fundamentals that drive cash flow and values for all commercial property types including office, retail, industrial and apartments._
* Partner with in-house appraisal and engineering staff in ordering and reviewing third party reports such as Appraisal, Environmental and Property Condition Assessments._
* Perform site due diligence, as applicable._
* Partner with Portfolio Management to proactively manage the loan portfolio to identify and address problems to produce timely loan modifications and risk rating changes, as appropriate._
* Additional Responsibilities: Middle Market Lending_
* Responsible for the Portfolio Management process which includes:_
* Completion of Annual/Periodic Review, interim financial analysis and associated due diligence._
* Obtaining all financial information necessary to properly monitor and assess the risk of the credit._
* Reviewing and reassessing Dual Risk Ratings._
* Preparing and assessing Borrowing Base tracking reports._
* Calculating and testing covenant compliance._
* Preparing the appropriate forms for the Watch and Criticized credit meetings._
* Resolving document/covenant issues, including documentation exceptions._
* Contacting Borrower for past due payments and overdue financial reporting/document requirements._
* Ordering and reviewing Field Examinations, Appraisals and Environmentals._
* Timely problem recognition and effectively communicating credit issues with Risk Management and Relationship Management._
* Identifying potential structural enhancements in order to improve the credit and reduce risk._
* Attending Bank meetings on Syndicated Credits._
*

What Does A Commercial Underwriter Do At Metlife

* evaluates the business by qualifying accounts; identifying, selecting and assessing risks; determining the premium, policy terms and conditions; obtaining approvals; creating/presenting the proposal to the agent/broker and successfully negotiating deals
* Agent/Broker Relationships: Develops and maintains successful relationships with Agents and Brokers by providing stewardship with service partners.
* Portfolio Management: Manages a book of business by analyzing the portfolio, identifying areas of opportunity for improved growth, profit and diversification, and executing marketing plans to increase market share with preferred brokers.
* Documenting the Deal: Documents files in a way that reflects a solid thought process and decision making through comprehensive account reviews, sign-offs and referrals

What Does A Commercial Underwriter Do At Utica National Insurance Group

* Underwrite new school business opportunities and/or an existing book of Educational Institution Business
* Review, reject or approve applications and/or endorsement requests concerning complex risks
* Communicate by telephone and through written correspondence with producers and marketing representatives
* Visit producers in their offices, working with them on accounts assigned by supervising underwriter or in relating to specific underwriting problems
* Assist in providing guidance to other underwriters for whom the supervising underwriter is responsible
* Work directly with Home Office Commercial Lines, as needed
* Assist in gathering Market Intelligence from competitors
* Perform other tasks as assigned.
* Education/ Experience
* year college degree or equivalent underwriting experience preferred

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How To Become A Commercial Underwriter

Employers prefer to hire candidates who have a bachelor’s degree. However, insurance-related work experience and strong computer skills may be enough. Certification is generally necessary for advancement to senior underwriter and underwriter manager positions.

Education

Most firms prefer to hire applicants who have a bachelor’s degree. Courses in business, finance, economics, and mathematics are particularly helpful.

Training

Beginning underwriters usually work as trainees under the supervision of senior underwriters. Trainees work on basic applications and learn the most common risk factors. As they gain experience, they become responsible for more complex applications and work independently.

Licenses, Certifications, and Registrations

Employers often expect underwriters to become certified through coursework. Courses are important for keeping current with new insurance policies and for adjusting to new technology and changes in state and federal regulations. Certification is often necessary for advancement to senior underwriter and underwriter management positions. Many certification options are available.

For underwriters with at least 3 years of insurance experience, The Institutes offer the Chartered Property and Casualty Underwriter (CPCU) designation. For beginning underwriters, The Institutes offer a training program.

The Institutes also offer two special designations: Associate in Commercial Underwriting (AU) and Associate in Personal Insurance (API). To earn either the AU or API designation, underwriters complete a series of courses and exams that generally take 1 to 2 years.

The National Association of Insurance and Financial Advisors offers an introductory course in basic insurance concepts: the Life Underwriter Training Council Fellow (LUTCF). The American College of Financial Services offers the Chartered Life Underwriter (CLU) certification.

Important Qualities

Analytical skills. Underwriters must be able to evaluate information from a variety of sources and solve complex problems.

Decisionmaking skills. Underwriters must consider the costs and benefits of various decisions and choose the appropriate one.

Detail oriented. Underwriters must pay attention to detail, because each individual item on an insurance application can affect the coverage decision.

Interpersonal skills. Underwriters need good communication and interpersonal skills because much of their work involves dealing with other people, such as insurance agents.

Math skills. Determining the probability of losses on an insurance policy and calculating appropriate premiums require mathematical ability.

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Commercial Underwriter jobs

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Commercial Underwriter Career Paths

Commercial Underwriter
Account Executive Sales Manager Office Manager
Accounting Manager
7 Yearsyrs
Underwriting Manager Operations Manager Branch Manager
Assistant Vice President
7 Yearsyrs
Assistant Vice President Vice President President
Chief Operating Officer
11 Yearsyrs
Project Manager Sales Consultant Territory Sales Manager
Commercial Account Manager
8 Yearsyrs
Account Executive Office Manager Accountant
Controller
9 Yearsyrs
Office Manager Accountant Controller
Corporate Controller
12 Yearsyrs
Office Manager Accounts Payable Clerk Credit Analyst
Credit Manager
5 Yearsyrs
Business Analyst Business Developer Vice President & General Manager
Executive Vice President
11 Yearsyrs
Commercial Account Manager Business Development Manager President Of Operations
Executive Vice President Of Operations
10 Yearsyrs
Underwriting Manager Assistant Vice President Office Manager
Finance Manager
7 Yearsyrs
Finance Analyst Account Manager Underwriter
Lending Services Manager
7 Yearsyrs
Commercial Lines Underwriter Underwriter Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Business Analyst Senior Consultant
Manager, Strategy
8 Yearsyrs
Assistant Vice President Human Resources Coordinator Senior Manager
Managing Director
11 Yearsyrs
Portfolio Manager Managing Director Chief Operating Officer
President & Chief Operating Officer
13 Yearsyrs
Commercial Account Manager Account Executive Assistant Vice President
Risk Manager
8 Yearsyrs
Portfolio Manager Senior Project Manager President Of Operations
Senior Vice President-Operations
13 Yearsyrs
Commercial Lines Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Senior Underwriter Assistant Vice President
Vice President And Manager
10 Yearsyrs
Senior Underwriter Account Executive Business Developer
Vice President, Business Development
13 Yearsyrs
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Commercial Underwriter Demographics

Gender

  • Female

    50.3%
  • Male

    47.6%
  • Unknown

    2.1%

Ethnicity

  • White

    82.1%
  • Hispanic or Latino

    8.4%
  • Asian

    6.9%
  • Unknown

    1.6%
  • Black or African American

    0.9%
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Languages Spoken

  • Spanish

    53.1%
  • Carrier

    18.8%
  • Korean

    6.3%
  • Chinese

    3.1%
  • German

    3.1%
  • Dakota

    3.1%
  • French

    3.1%
  • Russian

    3.1%
  • Cantonese

    3.1%
  • Mandarin

    3.1%
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Commercial Underwriter

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Commercial Underwriter Education

Commercial Underwriter

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Real Commercial Underwriter Salaries

Job Title Company Location Start Date Salary
Commercial Loan Underwriter 1 Apple Federal Credit Union Fairfax, VA Apr 27, 2012 $68,000
Commercial Underwriter Americanwest Bank San Diego, CA Sep 22, 2015 $62,000
Commercial Underwriter Lyons Mortgage Services, Inc. NY Sep 13, 2013 $59,800 -
$60,000
Commercial Underwriter Solomon Agency Corp. NY Oct 01, 2015 $58,561
Commercial Loan Underwriter 1 Apple Federal Credit Union Fairfax, VA May 03, 2012 $58,365 -
$68,000
Commercial Underwriter Trainee Farmers Group, Inc. Los Angeles, CA Oct 01, 2015 $55,000
Commercial Underwriter Choice Agency Corp. NY Sep 01, 2013 $54,262
Commercial Underwriter Solomon Agency Corp. NY Oct 01, 2012 $53,490

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Top Skills for A Commercial Underwriter

PersonalFinancialStatementsInsurancePoliciesLossControlReportsTerritoryGeneralLiabilityAutoUnderwritingGuidelinesRealEstateCustomerServiceTaxReturnsLossRatioPackageInsuranceCompanyRiskManagementCompanyGuidelinesInspectionReportsFinancialAnalysisCreditReportsRenewalRetentionNewBusinessAccounts

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Top Commercial Underwriter Skills

  1. Personal Financial Statements
  2. Insurance Policies
  3. Loss Control Reports
You can check out examples of real life uses of top skills on resumes here:
  • Provide guidance to and interpret insurance materials for agents to help ensure their understanding of operational requirements regarding new insurance policies.
  • Examined and evaluated Loss Control reports and implemented loss prevention within 60 days of inception.
  • Exceeded yearly goal in 2007 by 210% and maintained the profitability of my territory by making sound underwriting decisions.
  • Perform commercial general liability audits manually.
  • Analyzed all new business auto quotes, offering and declining quotes as required.

Top Commercial Underwriter Employers

Commercial Underwriter Videos

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