Each and every insurance company has their own policies and guidelines for awarding a claim, Candidate who is applying for this job must first know about the policies and underwriting guidelines on what basis the claim is awarded, these are the basic duties of an Insurance Underwriter.
- Must assess the risks about the claim and decide how much of claim can be given to the policy holder on what terms and also calculate and set an exact premium rate. Underwriters must have in-depth knowledge in underwriting guidelines laid down by each insurance company where they are working.
- Insurance underwriter must by all means collect background information of the policy holders, such as driving history, credit history, bank information and other important details before giving the policy
- Underwriter can design specific conditions on different policies. Like for example: When you buy a LCD tv, there is warranty, if you see in that warranty statement it will be said that ” if the product is damaged then there is no warranty”, likewise Underwriter can set pre defined conditions for the policy.
- Underwriters main duty is to calculate the claims accurately which results in savings for the company and Underwriter prime objective is not to Overpay any of the claims and design an insurance policy according to it.
- Inspection reports about the policy holder must be submitted to the insurance company. In order to verify that the policy holder is genuine.
These are some of the Insurance writer duties, each insurance company will have their own underwriting guidelines, experience candidate can easily accommodate to various insurance companies and start the work professionally.
Qualifications of an Insurance Underwriter Job
Most of the insurance companies need a Bachelor’s degree in Finance or in Business administration, additional professional courses related to Underwriting is always an advantage and the candidate must have good analytical and probability skills.