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Become An Underwriting Consultant

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Working As An Underwriting Consultant

  • 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 An Underwriting Consultant Do At Nationwide

* Conducts detailed research on all aspects of a product line or market segment to help make policy and practice decisions.
* Gathers information from multiple sources according to company guidelines, in order to perform underwriting analysis.
* May require gathering verbal information or data through reports or other electronic means.
* May research issues in support of unit objectives and participate on committees or special projects.
* Analyzes quality and quantity of risks underwritten and prepares reports accordingly.
* May review agency books of business as well as profit/growth results and trends to recommend and implement action plans.
* May perform portfolio analysis or additional underwriting analysis in support of unit objectives.
* Analyzes regional underwriting performance experience, identifies problems on a territory level and proposes action plan to address/rectify those situations.
* Manages larger, more complex work that requires working with and through others to meet overall project timelines and maximize workflow.
* Manages referral underwriting, which have been escalated from other underwriting staff, and provides suggested decision or approach.
* Ensures file handling quality and workflow efficiency.
* Assists in managing work inventories within the unit.
* Helps ensure appropriate workflow for unit and department by providing subject matter expertise to resolve issues.
* Underwrites new business, renewals and endorsements for middle market accounts.
* Decisions at this level may require review of additional variables, leveraging agency, sales and underwriting relationships, inspection reports and evaluation of exceptions.
* Reviews for acceptability and handles those within authority using company underwriting guidelines and standards.
* May assist manager in performing audits including corporate, underwriting, agency and self audits.
* Highest level underwriting authority and decision-making.
* Plans completion of assignments to meet agreed upon timelines and service level agreements.
* Provides input and feedback regarding operational business plan.
* Coordinates account service plans from loss control and claims.
* Proactively identifies and drives opportunities for business development and issues resolution through consulting with agents and internal partners.
* Understands organizational capabilities and opportunities to drive maximum value of relationships.
* Provides technical expertise to underwriting associates and agents.
* Advises on the underwriting of larger, more complex, and/or unusual business to determine acceptability, terms, conditions, pricing and sales techniques.
* Counsels commercial underwriting on the interpretation of issues regarding policy contracts, legislation, rules and standards.
* Provides industry trend observations to leadership.
* Communicates with agents and other internal and external business partners by requesting and providing requested information.
* Helps digest and communicate technical requirements.
* Consolidates and summarizes product and underwriting changes.
* Strengthens internal and external relationships through regular contact on underwriting matters, promoting profit and new business growth, renewal retention and service capabilities.
* May participate in the review and analysis of agency performance.
* May act in a consultant role for all large accounts and participate in agency/insured visits to discuss profitability initiatives in conjunction with Claims and Loss Control representatives.
* Oversees and facilitates appropriate customer service levels.
* Follows up on and ensures proper handling of escalated customer service requests.
* Educates internal and external partners on underwriting process, practice and tools.
* Helps train less experienced underwriting staff.
* Coordinates, participates and/or leads training development or delivery as a subject matter expert.
* Identifies and communicates training needs and opportunities.
* May develop and deliver training within the unit.
* Provides technical underwriting and/or mentoring as needed.
* Performs other related duties as assigned

What Does An Underwriting Consultant Do At Confidential

* 1. Reviews, monitors and reports on execution of underwriting protocols.
* Organizes Corporate Underwriting audits, assess the quality of the business unit underwriting review process including participation in business-unit led audits.
* Assimilates underwriting information across business units to discern trends, training opportunities and best practices.
* Undertakes underwriting due diligence on new business opportunities.
* Monitors results in order to detect trends and provides input on potential revisions in underwriting strategy.
* Review of large property and casualty exposures to ensure compliance with guidelines and assess exceptions as appropriate.
* Participate in developing and assessing the execution of OneBeacon catastrophe management strategies including both natural peril and terrorism risk management.
* Supports reinsurance placement and monitoring activities.
* Conducts and/or participates in special projects as

What Does An Underwriting Consultant Do At Unitedhealth Group

Review, improve and maintain the pricing model, produce financial reporting and modeling for budget calculation, forecasting, and other ongoing reviews that directly align with segment strategies Prepare renewals and request for proposals including utilization reporting Approve and review contracts for consistency of offering, pricing and operational delivery Conduct competitive analysis of all coverage lines and present financial and contractual findings

What Does An Underwriting Consultant Do At Liberty Mutual

* Meets with agents and brokers from assigned customer base/territory to solicit business/submissions via marketing efforts and educate agency representative(s) on Liberty Mutual Surety policies, procedures, appetite, and requirements.
* Act in a consultative capacity and discuss/review agency accounts and performance.
* Underwrites new and existing contractor account submissions utilizing underwriting authority granted by Chief Underwriting Officer.
* Makes thorough evaluations and assessments of a contractor's financial, technical, organizational, and management capacities, past experience, desired work objectives as well as a subjective judgment of character, normally based upon data/insights.
* In many cases, will meet with client to facilitate above assessments.
* Performs analytical evaluations of financial statements on both a static and trend basis.
* Determines the present and historical financial position of the account and monitors financial position of risk through analysis of quarterly statements and work in progress data as appropriate
* Develop/maintain strong relationships with agents/brokers and oversee a book of contract Surety business within defined territory.
* Meets production, marketing, and profitability goals as set by manager and assist in developing marketing plan.
* Stay abreast of Liberty Mutual Surety product lines and identify cross-selling opportunities with agent, engaging/referring appropriate parties as necessary.
* Responsible for investigation, analyzing, and managing all necessary underwriting/accounting/work flow issues, within framework of Surety policies and procedures.
* Monitor an existing book of business from an underwriting standpoint.
* Continuously evaluates the qualitative characteristics of the business (new and existing) as assigned.
* Examples include utilization of self-audit programs, financial ratio analysis report.
* Makes recommendations to Manager for proper lines of authority to be submitted to Home Office.
* Monitors and controls utilization of such lines to ensure compliance with guidelines.
* May assess and identify changes in all aspects of the business including, but not limited to, work program to financial strength criteria, nature of work performed (inherent risk), accuracy and timeliness of data flow, and exposure analyses.
* Coordinate and surface issues to more Home Office staff and Bond Managers
* Assists in the evaluation of business continuity arrangements and funding mechanisms (such as adequacy of life insurance) to preclude financial drain of customer in the event of the demise of (an) owner or other insurable loss.
* In connection with credit recommendations which tend to fall outside of normal underwriting standards, applies sound reason and business logic to reach decision as authorized.
* Effectively documents such logic in file and communicates to more senior Home Office and Field underwriting staff, as necessary.
* Provide direction for topics to be addressed in meetings with agents, contractors and others, as necessary.
* Prepare and implement instructions for administering work flows and accounting/billing issues to service unique situations.
* Performs special projects and other duties as assigned

What Does An Underwriting Consultant Do At Nationwide

* Reviews individual risks or programs within assigned territory from agents, brokers or program managers and either declines or accepts business based upon information necessary to make the decision
* The underwriter analyzes, with the highest level of technical expertise and accuracy, exposures to loss, develops an adequate premium charge for the exposure, determines appropriate endorsements and exclusions to address loss exposures for the insurance contract
* Within department guidelines places reinsurance, if any, for the account
* Achieves individual production and loss ratio goals within assigned territory through sound territory management and marketing.
* Works with the most complex issues concerning coverage, programs, agents, brokers and program managers.
* The underwriter continually analyzes premium and loss results in their territory by agency, state, major class of business and by program.
* Performs audits of agents, individual risks and programs for compliance with company guidelines, state regulations and reinsurance conditions.
* Development and implementation of specific action plans may be required
* Handles policy maintenance items and other mid-term requests.
* Reviews endorsement requests and processes necessary changes to the policy.
* Reviews loss control reports and makes recommendations to the agent and/or changes to the policy.
* Follows up on outstanding information as required.
* Reviews claim activity and takes appropriate action
* Fosters positive business relationships with agents and brokers, through daily contact with assigned agents by developing and maintaining good rapport, and resolving agency conflicts.
* Travels to agency offices as required for audits, training or marketing visits.
* Entertains agents visiting the Company as required.
* Assists with development of marketing ideas and strategies for Underwriting Seminars and other marketing campaigns
* Demonstrates a thorough understanding of facultative reinsurance and places reinsurance per department guidelines based upon the appropriate use of all reinsurance facilities used by the department, including various treaty, semiautomatic and facultative reinsurance.
* Maintains good working relationship with reinsurers.
* Assists with the development of treaty proposals
* Researches and develops new programs as directed.
* Accesses market viability, creates forms & endorsements, and develops rates with actuarial support.
* Programs may include risk purchasing groups, captives or other alternative risk transfer mechanisms
* Responsible for the resolution of technical questions of the highest complexity
* Performs other duties as assigned

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How To Become An Underwriting Consultant

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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Underwriting Consultant jobs

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Top Skills for An Underwriting Consultant

AccurateFinancialAnalysisUnderwritingGuidelinesNewBusinessSalesComplianceProductionGoalsMortgageLoansStopLossRiskAssessmentDisabilityCustomerServiceFannieMAELiabilityInsuranceApplicationsSalesRepresentativesMedicalRecordsTerritoryUnderwritingPoliciesApprovalAuthorityExternalCustomersRiskAnalysis

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Top Underwriting Consultant Skills

  1. Accurate Financial Analysis
  2. Underwriting Guidelines
  3. New Business Sales
You can check out examples of real life uses of top skills on resumes here:
  • Reviewed potential applications for brokerage offices and assisted in the development of underwriting guidelines.
  • Work directly with Sales partners in a high volume teamwork environment to succeed in renewals and new business sales.
  • Review all selected audit files for underwriting compliance, accuracy, documentation, and eligibility.
  • Demonstrated strong medical knowledge and effectively surpassed production goals.
  • Serve as a consultant and underwriter for wholesale mortgage loans.

Top Underwriting Consultant Employers

Underwriting Consultant Videos

Gillian an Underwriting Consultant in Swiss Re

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