Underwriter - Insurance (P&C)

Insurance Underwriter

Job Overview

Responsible for assessing and evaluating insurance applications, determining risk levels, and making decisions regarding coverage and premiums. Work closely with brokers to ensure that policies align with underwriting guidelines and meet the needs of both the insured parties and IIS.

Responsibilities And Duties

Risk Assessment | Evaluate insurance applications to determine the level of risk involved. Analyse various information outlined in the insurance applications to assess the insurability and potential risk

Underwriting Guidelines | Apply established underwriting guidelines, company policies and regulatory requirements to determine the level of risk associated with each application. Determine whether to approve, deny or modify coverage based on the risk assessment and underwriting criteria.

Data analysis | Collect and analyse quantitative and qualitative data from various sources including application forms, reports, claims histories. Utilise underwriting tools and software to assist in risk analysis and decision-making.

Policy Pricing | Determine appropriate premium rates based on the risk assessment and underwriting guidelines and market conditions.

Communication | Collaborate with insurance brokers to gather additional information, clarify details, and request additional information. Provide clear and concise explanations of underwriting decisions, coverage terms and premium calculations to relevant parties.

Risk Mitigation | Identify potential risks and recommend risk mitigation strategies to minimise losses. Advise on risk control measures or suggest alternative coverage options when necessary.

Documentation and Review | Ensure accurate and complete documentation of all underwriting decisions including the rationale behind each decision. Maintain organised records of policy details, risk assessments and other relevant information.

Market Analysis | Stay updated about industry trends, market conditions and changes to underwriting standards. Monitor emerging risks, regulatory updates, and competitive landscape to adapt underwriting strategies accordingly.

Relationship Management | Build and maintain positive relationships with brokers and other stakeholders. Provide exceptional customer service by addressing inquiries, concerns or disputes related to underwriting decisions.

Skills Required

Risk Mitigation, Relationship Management, Data Analysis, Risk Assessment, Market Analysis