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Become An Underwriting Specialist

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Working As An Underwriting Specialist

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $63,430

    Average Salary

What Does An Underwriting Specialist Do At Nationwide

* 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.
* Reviews individual risks for acceptability and handles those within authority based on company underwriting guidelines and standards.
* 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.
* 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.
* Underwrites new business, renewals and endorsements.
* 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.
* Plans completion of assignments to meet agreed upon timelines and service level agreements.
* Provides input and feedback regarding operational business plan.
* 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.
* Communicates with agents and other internal and external business partners by requesting and providing requested information.
* 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.
* Responds to requests from agents and underwriting staff with resolution within established time and service standards in order to facilitate and expedite service needs.
* Handles escalated underwriting issues from unit.
* 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.
* Performs other related duties as assigned

What Does An Underwriting Specialist Do At Amerisure

* Market, evaluate and price products and services within Amerisure target classes of business
* Develop and implement business plans for achieving established operational plan targets for written premium, loss ratio, product retention, pricing and coordination of service.
* Conduct agency visits and facilitate communication between producer, support staff and Amerisure service team, to ensure achievement of quality and service objectives
* Lead service team to support and advance the PFS strategy, ensuring adherence to the service model and promoting a strong customer service focus
* Manage the development of the agency through PFS levels, including procuring new business or expanding existing business, relationship building, etc
* Apply knowledge of environmental factors and trends and agency performance metrics to recommend and take appropriate action to achieve profitability goals
* Identify and capitalize on account opportunities, leveraging agency relationships and Amerisure's product and service features and benefits to expand portfolio of business

What Does An Underwriting Specialist Do At Liberty Mutual

* evaluates or assesses the business applying for insurance 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: Demonstrates a high level of responsiveness and focus on supporting Agents and Brokers objectives through successful negotiations.
* Develops and maintains the relationship through responsive service, site visits, in person renewal meetings or enhanced knowledge of their customers businesses.
* 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 An Underwriting Specialist Do At Aon Corporation

* Adheres to program’s underwriting guidelines.
* Examines insurance applications and all collateral material to determine whether to accept, modify or decline risks.
* Calculates standard rates and premium charges from approved underwriting guidelines.
* Decreases value of policy when risk is substandard and specifies applicable endorsements or rates to ensure a profitable distribution of risk to the program.
* Corresponds in writing to insureds, brokers and or insurance company for additional information, explanation of coverage, presentation of terms, etc.
* Effectively manages territory by maintaining designated minimum retention rates.
* Meets established deadlines for quoting, binding & off-risk notifications.
* Handles all standard customer-servicing calls on same or next business day.
* You Bring Knowledge and Expertise

What Does An Underwriting Specialist Do At Aon Corporation

* Answer client phone calls that are received within the division and effectively communicate program guidelines to the client as well as answering any questions related to the specific programs.
* Review, evaluate and approve insurance applications and related documents
* Follow up with client or agent on pending information needed for a complete submission following the specific guidelines for the cash with application program
* Prepare files for renewal solicitation.
* Verify accounts are still within the parameters of underwriting guidelines.
* Order loss runs and send non-renewals as needed
* Communicate with policy operations on the execution of tasks needed to bind an account or complete a client’s request
* Develop and maintain positive and constructive working relationships with underwriters, marketing professionals, brokers, and policy operations associates to provide high quality service to clients
* Assist in review and assignments of e-mails in unit shared e-mail boxes, including e-commerce websites (transaction confirmations)
* You Bring Knowledge and Expertise

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How To Become An Underwriting Specialist

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Underwriting Specialist jobs

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Real Underwriting Specialist Salaries

Job Title Company Location Start Date Salary
Senior Underwriting Specialist General Reinsurance Corp. Boston, MA Jan 01, 2012 $150,200
Senior Underwriter Specialist General Reinsurance Corp. Atlanta, GA Apr 01, 2011 $121,575
Facilities Underwriter and NAT Cat Specialist Swiss Re America Holding Corporation New York, NY Jan 12, 2015 $116,355 -
$127,000
Underwriter Specialist Chartis Property Casualty Company Boston, MA Nov 23, 2009 $92,500
Underwriting Specialist-Commercial Lines-Speci National Union Fire Insurance Company of Pittsburg Boston, MA Jan 25, 2010 $92,500
Senior Underwriting Specialist Staff Factory Mutual Insurance Company Johnston, RI Sep 06, 2015 $76,294 -
$122,263
Senior Underwriting Specialist Factory Mutual Insurance Company Johnston, RI Aug 14, 2014 $75,234 -
$115,343
Senior Underwriting Specialist Factory Mutual Insurance Company Johnston, RI Jan 01, 2014 $75,234 -
$238,676
Underwriting Specialist-Property/Casualty Continental Casualty Company Lombard, IL Aug 18, 2009 $68,675

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Top Skills for An Underwriting Specialist

InsurancePoliciesUnderwritingGuidelinesEnsureComplianceFinancialStatementsNewBusinessApplicationsLossControlCustomerServiceAppraisalsFannieMAELiabilityFHACreditReportsAuditAutoFreddieMacMortgageLoansLifeInsuranceLoanApplicationsRealEstateAgentsFnma

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Top Underwriting Specialist Skills

  1. Insurance Policies
  2. Underwriting Guidelines
  3. Ensure Compliance
You can check out examples of real life uses of top skills on resumes here:
  • Understand and apply complex National Flood Insurance Program rules and regulations to individual flood insurance policies.
  • Revised underwriting guidelines and applications for Accountants Professional Liability.
  • Reviewed policies and inspections to ensure compliance with company underwriting guidelines.
  • Analyzed and organized many various financial statements through strategic input in databases.
  • Underwrite and approve traditional property & casualty new business applications, underwrite excess liability applications for limits of up to 5,000,000.

Top Underwriting Specialist Employers

Underwriting Specialist Videos

Career Advice on becoming a Risk Manager by Martyn R (Full Version)

Insurance Underwriter Job Description

Career Advice on becoming a Syndicate Finance Manager by Peter B (Full Version)

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