Commercial Underwriter Job Description [Updated for 2025]

In the fast-paced world of commerce, the role of a Commercial Underwriter is more vital than ever.

As businesses continue to grow and risks evolve, there is a strong demand for skilled individuals who can analyze, manage, and mitigate the potential threats to a company’s financial health.

But what does a Commercial Underwriter really do?

Whether you are:

• A job seeker wanting to understand the core responsibilities of this role,
• A hiring manager looking to define the perfect candidate,
• Or simply curious about the intricacies of commercial underwriting,

You’ve come to the right place.

Today, we present a customizable Commercial Underwriter job description template, designed for easy posting on job boards or career sites.

Let’s delve right into it.

Commercial Underwriter Duties and Responsibilities

Commercial Underwriters play a crucial role in the insurance industry, assessing the eligibility of businesses and corporations for insurance coverage.

Their duties include conducting thorough research, analyzing potential risk, and making decisions about insurance policies.

The daily duties and responsibilities of a Commercial Underwriter may include:

• Evaluating and processing insurance applications for businesses
• Analyzing financial data including income, expenditure, assets, and liabilities
• Assessing the risk of insuring potential clients and calculating appropriate insurance premiums
• Reviewing the company’s past loss and claim history
• Conducting background checks and investigations on potential clients
• Interpreting complex information, such as legal documents, financial reports, and industry data
• Maintaining accurate and detailed records of underwriting decisions
• Collaborating with insurance agents, brokers, and other professionals
• Staying updated about current market conditions, insurance policies, and legislation

 

Commercial Underwriter Job Description Template

Job Brief

We are looking for a meticulous Commercial Underwriter to evaluate risk for insurance policies within the commercial sector.

The Commercial Underwriter’s responsibilities include assessing and evaluating potential risks, deciding on the appropriate pricing, and providing quotations.

Our ideal candidates are detail-oriented, have excellent decision-making skills and a solid understanding of risk management.

Ultimately, the role of the Commercial Underwriter is to protect the company’s profitability while ensuring customer satisfaction.

 

Responsibilities

• Evaluate potential risks and decide on the appropriate coverage and premiums.
• Provide quotations for commercial insurance policies.
• Work closely with brokers and agents to gather information and negotiate terms.
• Monitor insurance claims to ensure fair dealing and satisfaction.
• Develop and maintain positive relationships with clients and insurance brokers.
• Stay updated with insurance trends and regulations.
• Participate in review and quality control process.

 

Qualifications

• Proven work experience as a Commercial Underwriter or similar role
• Excellent decision-making and risk assessment skills
• Good understanding of insurance and underwriting procedures
• Strong negotiation and customer service skills
• Ability to maintain strong relationships with brokers and clients
• BSc degree in Finance, Business Administration or relevant field
• Certification in underwriting or insurance (e.g. Chartered Property Casualty Underwriter (CPCU)) is a plus

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

 

Additional Information

• Job Title: Commercial Underwriter
• Work Environment: Office setting with occasional travel for client meetings or industry events.
• Reporting Structure: Reports to the Underwriting Manager or Risk Management Director.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $60,000 minimum to $100,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What does a Commercial Underwriter do?

Commercial Underwriters primarily work in the insurance industry, often for insurance companies or related businesses.

Their role is key in determining the acceptance or rejection of insurance applications.

They evaluate and analyze the risk factors associated with potential clients or insurance policies.

This involves reviewing the client’s application, financial records, and other relevant documents to assess risk level.

The Commercial Underwriter’s job is to make sure that the risks posed by the potential client or policyholder are financially acceptable to the company.

They decide whether to provide insurance and under what terms.

They also establish premium rates and policy terms and conditions based on the assessed risk.

This requires a deep understanding of insurance principles, financial analysis, and risk management.

Furthermore, they often have to communicate their decisions to sales personnel or brokers and maintain a productive relationship with them.

Sometimes, they also review existing policies for accuracy and changes in risk.

They may also help in the claims resolution process, providing insights about the policy and its coverage.

 

Commercial Underwriter Qualifications and Skills

A proficient commercial underwriter should possess the skills and qualifications that align with the job role, including:

• Analytical skills to interpret complex data and evaluate risk factors.
• Technical knowledge of underwriting policies, procedures and regulations to accurately review and approve insurances.
• Attention to detail to ensure all information is considered when making underwriting decisions.
• Excellent numerical skills to accurately calculate risk, premiums, and other financial figures.
• Strong decision-making skills to determine which applications for insurance cover should be accepted.
• Interpersonal and communication skills to liaise with brokers and clients, negotiate coverage terms, and explain underwriting decisions.
• Organizational skills to manage a portfolio of clients and ensure all work is completed in a timely manner.
• Knowledge of insurance law and regulations, and the ability to stay updated with changes in the industry.

 

Commercial Underwriter Experience Requirements

Commercial underwriters typically need a bachelor’s degree in finance, business, or economics to start in this field.

Entry-level commercial underwriters often have 1 to 2 years of experience in a finance or insurance role, where they develop a solid understanding of risk assessment and underwriting principles.

Candidates with 2 to 4 years of experience may have worked as Junior Underwriters or Assistant Underwriters, where they have gained substantial industry experience and honed their analytical skills.

They are typically proficient in analyzing financial data, managing risk, and making informed decisions about insurance policies.

Commercial underwriters with more than 5 years of experience usually have a comprehensive understanding of underwriting procedures, including the ability to interpret complex financial information and assess risk accurately.

They may also have additional certification such as the Chartered Property Casualty Underwriter (CPCU) designation.

Those with over 7 years of experience might have moved into senior or supervisory roles, overseeing the work of junior underwriters, handling more complex cases, and making strategic decisions about risk management and policy pricing.

 

Commercial Underwriter Education and Training Requirements

Commercial Underwriters typically require a bachelor’s degree in fields such as finance, business, economics, or a related field.

They should possess a strong background in financial analysis, risk assessment, and decision-making.

Knowledge of business management, marketing, economics, and law can also prove advantageous.

Some positions may require commercial underwriters to have advanced degrees, such as a master’s degree in business administration (MBA) or finance.

Many employers prefer candidates with professional certification such as Chartered Property Casualty Underwriter (CPCU) or Associate in Commercial Underwriting (AU), which demonstrates a high level of competence in underwriting principles and practices.

Continuing education is important in this field as regulations and industry standards often change.

Therefore, a commitment to ongoing learning and professional development is highly valued.

Work experience in insurance, banking, sales, or real estate can also be beneficial for commercial underwriters as it provides a practical understanding of the industry.

 

Commercial Underwriter Salary Expectations

A Commercial Underwriter can expect to earn an average of $71,907 (USD) per year.

The salary range typically starts from $49,000 (USD) and can go up to $102,000 (USD) depending on factors such as the individual’s level of experience, geographical location, and the specific industry in which they work.

 

Commercial Underwriter Job Description FAQs

What skills does a Commercial Underwriter need?

Commercial Underwriters should possess strong analytical skills to assess the risk profile of potential clients accurately.

They should have good knowledge of finance and insurance and have strong decision-making skills to decide if an insurance application should be approved or not.

Also, commercial underwriters need to have excellent communication skills to negotiate terms and conditions with brokers and to explain underwriting decisions.

 

Do Commercial Underwriters need a degree?

While some underwriters start their career with only a high school diploma, many employers prefer candidates with a bachelor’s degree in finance, business, economics, or a related field.

Some underwriters also choose to pursue further education such as the Chartered Property Casualty Underwriter (CPCU) or the Associate in Commercial Underwriting (AU) designation to enhance their job prospects.

 

What should you look for in a Commercial Underwriter resume?

A good Commercial Underwriter resume should highlight a candidate’s analytical skills, decision-making ability, and knowledge of insurance and finance.

The resume should also list any relevant certifications such as the CPCU or AU designation.

Experience in underwriting or a related field is also a plus.

Additionally, proficiency in underwriting software could be a significant advantage.

 

What qualities make a good Commercial Underwriter?

A good Commercial Underwriter is detail-oriented, with a keen eye for assessing risk and making sound decisions.

They are able to handle pressure, as they often have to make tough decisions that can impact the company’s financial status.

Good Commercial Underwriters have excellent negotiation skills, and they are able to explain complex insurance terms and conditions in an understandable manner.

 

Is it difficult to hire Commercial Underwriters?

Hiring Commercial Underwriters can be challenging due to the specific skill set required for the role.

Candidates not only need to have a strong understanding of insurance and finance, but they also need to have excellent analytical and decision-making skills.

However, offering competitive salaries and providing opportunities for professional development can help attract qualified candidates.

 

Conclusion

And there we have it.

Today, we’ve unraveled the intricacies of being a commercial underwriter.

Surprise, surprise?

It’s not just about analyzing risk.

It’s about shaping the financial landscape, one policy at a time.

With our top-tier commercial underwriter job description template and real-world examples, you’re well-equipped to make your move.

But why stop there?

Dive deeper with our job description generator. It’s your gateway to meticulously crafted listings or perfecting your resume to the nth degree.

Remember:

Every policy is a piece of the broader financial spectrum.

Let’s shape that future. Together.

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