What does an Underwriting Consultant do?
An underwriter works in insurance agencies utilizing data to determine the risks in creating insurance policies. They are found in insurance agencies of all kinds, from general to life insurance. An underwriter will analyze statistical data and decide who can be covered through the company and who is not eligible. They do this by assessing personal background information about the client and using risk assessment strategies.
Individuals employed as an underwriter require keen analytical and mathematical skills. Many have advanced education and hold bachelor's degrees in finance, statistics or other math fields. As the job deals with utilizing personal information to assess potential clients, personal integrity is essential. Additionally, underwriters who succeed in the field complete assignments within established time-frames and accurately forecast risk.
- Review insurance proposals and seek to improve terms
- Properly Assess and analyze client's background information
- Participate in continuing education courses to remain knowledgeable and competitive in the industry
- Use professional techniques and strategies to calculate the risk associated with client policies
- Review insurance claims and terms to determine the amount to be paid out by the company
- Designate and prepare insurance premiums based upon informed judgment and competitor pricing
- Organize meetings with specialists to help determine risk assessment in unique circumstances
- Layout and finalize insurance policies applying specific terms and conditions as agreed upon by the client
- Bachelor's degree in mathematics, statistics or related field
- Strong math and analytical skills are essential to complete job requirements successfully
- Professional listening and certification from intuitions such as Associate in Commercial Underwriting (AU) Chartered Life Underwriter certification (CLU) preferred
- Experience working with private and sensitive personal information
- Excellent negating skills and strategies
- Ability to multitask and work toward multiple deadlines simultaneously
- Interpersonal and customer service skills are required when meeting with and interviewing potential clients
- Strong computer skills and ability to use necessary software
- Confident in decision making and the ability to explain processes or choices as needed
Underwriting Consultant Career Path
Learn how to become an Underwriting Consultant, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Underwriting Consultant Insights
“The empowerment I feel everyday is amazing and helps me do my job to the best of my abilities”
“Great way to get your foot in the door and get started in the insurance industry”
“It’s a fun place to work and it’s the people that really make it great.”
“I was a sales intern at one of the offices and the teams i worked were great.”
“The software is among the best in the industry and the processing in my branch is excellent.”
“Management is not the best in sharing information and a lot of the day is spent answering phone calls.”
“Overall a great place to work and by far the best company I've worked for.”
“There was a good culture and I made lots of friends and felt well managed.”
Underwriting Consultant Interviews
Frequently asked questions about the role and responsibilities of an underwriter
A typical day of an underwriter in the financial industry generally involves determining the level of risk for lenders and evaluating and assuming another party's risk for payment. Underwriters are crucial to the mortgage and insurance industry and equity markets because of their ability to find out lending risks and analyze financial status.
Underwriting is a good career for problem-solvers and for those with analytical minds. However, if you are thinking about becoming an underwriter, keep in mind that technological advances may leave fewer underwriter positions available in the future due to automated solutions.
Working as an underwriter can be challenging at times, as there is a lot of data to be considered when assessing a contract. Because each situation and contract is different, underwriters must work diligently and pay attention to minor details to provide lenders with a clear and accurate risk assessment per contract.