Insurance Underwriter Job Description [Updated for 2025]

In the modern business world, the role of insurance underwriters is more critical than ever.

As the landscape of risk continues to evolve, there is an increasing demand for skilled professionals who can meticulously assess, manage, and mitigate potential exposures for insurance companies.

But let’s delve deeper: What’s truly expected from an insurance underwriter?

Whether you are:

• An aspiring candidate trying to understand the nuances of this role,
• A hiring manager looking to define the perfect applicant,
• Or simply curious about the intricacies of insurance underwriting,

You’ve come to the right place.

Today, we present a customizable insurance underwriter job description template, perfectly tailored for easy posting on job boards or career websites.

Let’s dive right in.

Insurance Underwriter Duties and Responsibilities

Insurance Underwriters evaluate the risk and exposures of potential clients.

They determine how much coverage the client should receive, how much they should pay for it, or whether even to accept the risk and insure them.

Insurance Underwriters have the following duties and responsibilities:

• Review insurance applications for compliance and adherence to company policy
• Evaluate potential policy holder’s credit scores and accident history
• Assess clients’ background information and financial status
• Determine the risk involved in insuring a client
• Calculate possible risk and decide how much the policy holder should pay
• Consult with actuaries to assess a client’s risk profile
• Screen applicants on the basis of set criteria
• Write policies to cover risks
• Maintain records of decisions, underwritten policies and declined risks
• Ensure that the terms and conditions of policies are complied with

 

Insurance Underwriter Job Description Template

Job Brief

We are seeking a detail-oriented insurance underwriter to evaluate the risk and exposures of potential clients.

Responsibilities include assessing individual and group risk factors, analyzing detailed reports from risk investigators, deciding on appropriate premiums, and writing policies that cover these risks.

Our ideal candidates possess excellent judgment and decision-making skills, as well as a deep understanding of insurance policies and regulations.

Ultimately, the role of the insurance underwriter is to protect the company’s profitability while ensuring that clients’ needs are met.

 

Responsibilities

• Evaluate potential client’s background information and risk levels.
• Decide on the appropriate premiums and amounts of coverage.
• Review insurance applications for compliance and adherence.
• Assess clients’ background information and financial status.
• Liaise with specialists to gather information and opinions.
• Write policies that cover a range of risks.
• Negotiate and agree on the terms and conditions of insurance policies.
• Continually update job knowledge and learn about new types of insurance.

 

Qualifications

• Proven work experience as an insurance underwriter.
• Excellent knowledge of insurance policies and ability to understand and interpret complex information.
• Strong analytical skills and eye for detail.
• Good judgment and decision-making abilities.
• Sound negotiation and presentation skills.
• Proficiency in relevant software tools.
• Professional certification in underwriting (e.g. AU, CIC, CPCU) is a plus.
• BSc degree in Business Administration, Finance or relevant field.

 

Benefits

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

 

Additional Information

• Job Title: Insurance Underwriter
• Work Environment: Office setting with options for remote work. Some travel may be required for client consultations.
• Reporting Structure: Reports to the Lead Underwriter or Underwriting Manager.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $62,000 minimum to $101,000 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 an Insurance Underwriter Do?

Insurance Underwriters are crucial members of insurance companies who evaluate insurance applications to decide whether to provide the insurance or under what terms.

They review information on insurance applications and assess the risk factors to determine whether the applicant should be insured and on what terms.

This involves analyzing statistical data about the applicant, such as age, occupation, health, property value, business operations, or financial standing.

Insurance Underwriters may also consider outside factors such as geographical location, political climate, and historical trends to make accurate assessments of potential risks.

They might negotiate terms with policyholders or brokers, approve exceptions to coverage, and determine premiums based on their assessments of risk.

In addition, underwriters may write policies that cover financial loss due to legal liabilities, damage to property or machinery, or health and life risks.

They often specialize in one type of insurance, such as life, health, property, or liability, and may work with complex cases, such as insurance for ships or nuclear power plants.

Insurance Underwriters frequently collaborate with other professionals in the insurance field, including agents, claims adjusters, and risk analysts.

They might also work closely with professionals in other industries, like healthcare or real estate, depending on their area of expertise.

They play a critical role in maintaining the financial health of insurance companies, as they help to minimize losses by ensuring risks are accurately evaluated and priced.

 

Insurance Underwriter Qualifications and Skills

Insurance Underwriters require a mix of technical skills, industry knowledge, and certain personal attributes to evaluate insurance applications and determine coverage, including:

• Excellent analytical skills to examine insurance proposals, calculate risk and decide whether to offer insurance.
• Strong decision-making skills to determine coverage amounts and premiums that are both profitable for the company and competitive for clients.
• Knowledge of insurance law, regulation, and the current market to evaluate and interpret different types of insurance policies.
• Numeracy and statistical skills to analyze complex financial and personal data.
• Outstanding communication skills to explain complex policies and scenarios to brokers and clients, and to negotiate terms of coverage.
• Attention to detail and organizational skills to handle multiple applications simultaneously and to ensure all information is accurate and complete.
• Ability to work under pressure and meet tight deadlines while maintaining high-quality work.
• Computer skills for using underwriting software and databases.

 

Insurance Underwriter Experience Requirements

Insurance Underwriters typically start their careers with a bachelor’s degree in a field such as business, finance, or economics.

No specific work experience is required for an entry-level position, but internships in insurance or finance can provide beneficial insights and experience.

Candidates with 1-2 years of experience may have gained exposure to underwriting through assistant roles or positions in related fields such as insurance sales or claim adjuster roles.

These roles provide practical understanding of risk assessment and policy formulation.

Insurance Underwriters with 3-5 years of experience usually have a solid understanding of underwriting principles, industry regulations, and possess strong analytical skills.

They may have also gained specialized knowledge in a specific type of insurance, such as life, property, health, or commercial insurance.

Professionals with over 5 years of experience may have additional certifications such as the Chartered Property Casualty Underwriter (CPCU) or Associate in Commercial Underwriting (AU).

These individuals are often seen as experts in assessing and mitigating risks and may be ready to take on senior or managerial roles.

These roles may involve overseeing a team of underwriters, making final decisions on policy approvals, and developing risk management strategies for the organization.

 

Insurance Underwriter Education and Training Requirements

Insurance Underwriters typically hold a bachelor’s degree in a field such as finance, business, or economics.

The coursework for these degrees usually includes subjects like mathematics, statistics, economics, and business ethics, all of which are relevant to the insurance industry.

Most Insurance Underwriters start their careers as trainees or assistant underwriters.

They learn the job by working alongside more experienced professionals and gradually take on more responsibility.

While not always required, many employers prefer candidates who have earned a designation as a Chartered Property and Casualty Underwriter (CPCU) or an Associate in Commercial Underwriting (AU).

These certifications are provided by The Institutes Risk and Insurance Knowledge Group and require passing exams on topics such as insurance law, underwriting principles, and risk management.

As the industry is continuously evolving, Insurance Underwriters are expected to keep their skills current.

This may involve ongoing professional development courses and seminars.

Advanced positions may require a master’s degree in business administration or finance.

Also, a strong understanding of new trends and developments in the insurance industry, such as digital underwriting or big data analysis, can prove beneficial.

 

Insurance Underwriter Salary Expectations

An Insurance Underwriter can expect to earn an average salary of $70,020 (USD) per year.

The actual earnings can vary depending on the underwriter’s level of experience, specialized knowledge, location, and the size of the employing insurance company.

 

Insurance Underwriter Job Description FAQs

What skills does an Insurance Underwriter need?

Insurance Underwriters need strong analytical skills to assess risks and determine the feasibility of offering insurance.

They should have good decision-making skills to approve or reject insurance applications based on their assessments.

Attention to detail is also critical when reviewing information and determining policy terms.

In addition, they need excellent interpersonal and communication skills to liaise effectively with agents and insurance brokers.

 

Do Insurance Underwriters need a degree?

Yes, most Insurance Underwriters require a bachelor’s degree, often in fields such as business, finance, economics, or mathematics.

While a degree is typically necessary, some insurance companies may accept substantial work experience in lieu of formal education.

Some underwriters also choose to earn professional designations or certifications to advance in their careers.

 

What should you look for in an Insurance Underwriter resume?

When reviewing an Insurance Underwriter’s resume, look for relevant education and experience in risk assessment or the insurance industry.

Certifications such as Chartered Property Casualty Underwriter (CPCU) or Associate in Commercial Underwriting (AU) can indicate a candidate’s commitment to the profession.

Strong mathematical, analytical, decision-making, and communication skills should also be evident in their past roles.

 

What qualities make a good Insurance Underwriter?

A good Insurance Underwriter must have a keen eye for detail to accurately assess risk and policy terms.

They should be decisive, able to make tough decisions under pressure.

An ability to communicate effectively with clients and insurance agents is also important.

Lastly, a good underwriter should demonstrate a strong sense of integrity and ethics, as they hold a significant responsibility in protecting both the company’s and clients’ interests.

 

Is it difficult to hire Insurance Underwriters?

Like any specialized role, hiring Insurance Underwriters can be challenging due to the specific skillset and experience required.

It can be particularly difficult to find candidates with the right blend of analytical skills, industry knowledge, and interpersonal skills.

To attract and retain top talent, many companies offer competitive salaries, opportunities for professional development, and comprehensive benefits packages.

 

Conclusion

And there you have it.

Today, we’ve delved deep into the intricate world of insurance underwriting.

Surprising, isn’t it?

It’s not just about crunching numbers.

It’s about shaping the future of risk management, one policy at a time.

With our comprehensive insurance underwriter job description template and real-life examples, you’re ready to embark on your journey.

But why halt your momentum now?

Go the extra mile with our job description generator. It’s your essential tool for creating precision-crafted job listings or refining your resume to achieve perfection.

Remember:

Every policy you underwrite helps create a safer and more secure future.

Let’s shape that future. Together.

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