Medical Insurance Underwriter

Insurance Underwriter Responsibilities

• Study insurance proposals
• Analyse statistical information using specialist programmes
• Review insurance applications and supporting documentation, such as medical records or financial statements, to determine eligibility for coverage.
• Calculate possible risk and decide on the premium - how much individuals or organisations should pay for insurance
• Decide whether the risk should be shared with a reinsurer
• Visit brokers or potential customers and prepare quotes
• Liaise with specialists and develop good working relationships with brokers
• Negotiate and define precise insurance policy conditions with brokers or policyholders.
• Issue policies and data entry and issue invoices
• Customer service and sales and maintain customer profiles and timely correspondences
• Ensure that premiums are competitive and that accounts remain profitable
• Communicate with clients to explain coverage options, premiums, and other relevant information related to their policies.
• Specify conditions to be imposed on different types of policies, for example, asking that a property owner install a security alarm
• Write policies and help with policy wording
• Keep detailed and accurate records of policies underwritten and decisions made.
• Stay current with industry trends and regulatory changes to ensure compliance with laws and regulations

Insurance Underwriter Requirements

• 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
• 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