Agency Underwriter
An agency underwriter reviews insurance applications to evaluate and rate the risk of specific businesses, individuals, or groups. Agency underwriters can accept or reject applications, classify risk ratings, and must comply with standard underwriting principles. These professionals collect all necessary information, and examine corresponding documentation (such as credit reports, application forms, insurance risk maps, medical reports, and inspection reports) to provide the best coverage to the client, while working to keep the risk to their company at the lowest possible level.
In addition to reviewing this information, risk assessment must be determined by the underwriter by properly evaluating age, financial standing, occupation, credit rating, accident occurrences, property values, and property conditions.
The underwriter has the job of declining excessive risk candidates, authorizing policies, implementing policy changes for high-risk candidates, and setting specific coverage criteria. Creating policy restrictions and endorsements as well as establishing policy values are included amongst typical duties as well.
Agency underwriters must analyze data using reports, rate books, tables, code-books, computer records, and policy standards. These professionals usually specialize in one area, or one specific type of insurance (such as business insurance, liability coverage, worker’s compensation, marine insurance, property insurance, flood insurance, fire insurance, or automotive insurance); however, some agency underwriters may be responsible for guaranteeing the purchase of stocks or bonds in addition to insurance policies.
To become an agency underwriter, two years of on the job training, or workplace experience is required.
The typical average salary of an experienced agency underwriter is about $53,000 per year. Starting salaries pay an average of about $37,700 per year.
