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Become A Property Underwriter

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Working As A Property Underwriter

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

  • Make Decisions

  • Repetitive

  • Stressful

  • $65,040

    Average Salary

What Does A Property Underwriter Do At Metlife

* Exercises independent, sound and reasoned financial underwriting judgment based on file documentation.
* Administers, monitors, and communicated underwriting guidelines and philosophies.
* Manages assigned market to meet business plan objectives.
* Analyzes the quality of assigned market and identified unprofitable trends as well as growth opportunities and communicated results of analysis to impact business partners.
* Prepares regular reports identifying key drivers.
* Develops, recommends, implements and monitors effective action plans for improvement.
* Provides timely and appropriate service to external and internal customers.
* Provides remote and sometimes off-site training and support to agents.
* Stays abreast of and complies with state regulations and laws for assigned state or region.
* Performs and may lead special projects as assigned or required

What Does A Property 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 Property Underwriter Do At The Hartford

* Sales & Underwriting
* Underwrites and produces profitable new and renewal large property related business
* Adheres to underwriting procedures and guidelines, while developing strong producer elationships and managing the relationships of some of The Hartford’s largest producers in the Central Region
* Establishes and maintains account pipeline, and supports the sales process, including planning, operating routines and monitoring for the large property line of business.
* Manages cross-sell and up-sell opportunities across team and with other business units;
* generates cross-sell opportunities and actively sources opportunities for other team members
* Knows The Hartford’s value proposition to best position the team for success; is professionally demanding and understands accountability for results.
* Analyzes individual book on quarter-to-quarter basis and recommends potential actions
* Applies all applicable line of business underwriting guidelines when making decisions and
* adheres to high standards of quality.
* Typically manages high volume of total written premium and adheres to territorial production goals.
* Has thorough knowledge of applicable laws, regulations and governance.
* Agency Management
* Creates, drives and executes on strategies for new and/or renewal accounts (prospective book management, executing on territorial and agency sales plans, etc.).
* Effectively provides excellent account management service of assigned territory through strategic planning and operational excellence.
* Ensures the consistent delivery and execution of service process; tailoring a service plan for each client based on needs.
* Positively impacts and influences final account pricing and terms, successfully selling the proposal
* Consults and provides solutions.
* Responsible for, or influences retention.
* Serves as a trusted advisor to agency, managing the book of business and taking the lead in
* communicating strategy and decisions.
* Service
* Consults with agents/brokers to answer questions regarding coverage, explain processes and directs agents to appropriate resources within The Hartford based on their unique needs
* Directs and coordinates identified service issues.
* Is highly familiar with how service operates

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How To Become A Property 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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Property Underwriter jobs

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Property Underwriter Demographics

Gender

  • Female

    50.8%
  • Male

    46.6%
  • Unknown

    2.7%

Ethnicity

  • White

    80.4%
  • Asian

    9.0%
  • Hispanic or Latino

    8.0%
  • Unknown

    2.2%
  • Black or African American

    0.4%
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Languages Spoken

  • German

    17.6%
  • Spanish

    17.6%
  • French

    11.8%
  • Carrier

    11.8%
  • Chinese

    5.9%
  • Romanian

    5.9%
  • Cantonese

    5.9%
  • Dakota

    5.9%
  • Mandarin

    5.9%
  • Arabic

    5.9%
  • Russian

    5.9%
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Property Underwriter

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Property Underwriter Education

Property Underwriter

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Real Property Underwriter Salaries

Job Title Company Location Start Date Salary
Vice President, Senior Property Underwriter Swiss Re America Holding Corporation New York, NY Sep 01, 2012 $149,937
Senior Property Underwriter Westport Insurance Corporation Miami, FL Jul 13, 2016 $142,000 -
$145,000
Property Certificate Underwriter Munich Reinsurance America, Inc. Chicago, IL Jul 19, 2016 $140,000
Products Senior Property Underwriter Westport Insurance Corporation Miami, FL Sep 09, 2015 $140,000 -
$150,000
Vice President, Senior Property Underwriter Swiss Reinsurance America Corporation New York, NY Sep 09, 2010 $138,000
Products Senior Property Underwriter Westport Insurance Corporation Miami, FL Aug 22, 2014 $130,000 -
$150,000
Senior Property Underwriter Swiss Re America Holding Corporation Miami, FL Nov 30, 2011 $130,000
Property Underwriter Aspen Insurance Us Services, Inc. Miami, FL Feb 18, 2014 $125,500
SR. Property Products Underwriter Americas Westport Insurance Corporation Armonk, NY Mar 16, 2015 $120,000 -
$150,000
Property Underwriter-Latin America Aspen Insurance Us Services, Inc. Miami, FL Aug 12, 2012 $110,000
Senior Property Underwriter Lexington Insurance Company Boston, MA Sep 08, 2016 $100,000
Property Underwriter-Latin America Aspen Insurance Us Services, Inc. Rocky Hill, CT Dec 14, 2009 $100,000 -
$110,000
Property Underwriter-Latin America Aspen Insurance Us Services, Inc. Miami, FL May 31, 2010 $100,000
Senior Property Underwriter Zurich American Insurance Company New York, NY Sep 19, 2010 $90,000
Property Underwriter Lexington Insurance Company Boston, MA Sep 13, 2014 $85,000

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Top Skills for A Property Underwriter

PolicyChangesLossRatioUnderwritingGuidelinesGeneralLiabilityFacultativeReinsuranceAutoPersonalLinesCustomerServiceInsuranceCompanyUnderwritingPropertyAdditionalInsuranceApplicationsInsurancePoliciesRenewalRetentionSurplusLinesLossControlCompanyGuidelinesInspectionReportsWorkersCompensationBusinessDevelopment

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Top Property Underwriter Skills

  1. Policy Changes
  2. Loss Ratio
  3. Underwriting Guidelines
You can check out examples of real life uses of top skills on resumes here:
  • Maintained accuracy rate of 98%+ in review and processing of complex policy changes, meeting quality standards.
  • Manage Renewal Ratio, Loss Ratio, and Receivables as budgeted.
  • Analyzed claim data to make modifications to internal underwriting guidelines to ensure growth and profitability in new and maturing markets.
  • Designated territory/coverages: Property/General Liability for the Southwest region (Chicago, Dallas/Houston, Texas).
  • Developed Reinsurance contacts for placing of facultative reinsurance on risks underwritten.

Top Property Underwriter Employers