Main Responsibilities and Required Skills for Underwriter
An underwriter is a financial professional who assesses and assumes the risk of issuing securities or insurance policies. They implement underwriting policies, practices and procedures, evaluate the risk associated with the securities, and determine the price at which they can be sold to the public. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Underwriters.
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Main Responsibilities of Underwriter
The following list describes the typical responsibilities of an Underwriter:
Analyze
Analyze broker production reports.
Analyze trends and scenario plans from which portfolio strategies can be developed and implemented.
Answer
Answer incoming phone calls and communicate any relevant information with branch personnel.
Anticipate
Anticipate customer needs and resolves customer problems.
Assess
Assess significance of any security or conditions shortfalls, credit and fraud risks.
Assist in
Assist claim adjusters with underwriting issues on claims where required.
Assist in processes that maintain the integrity and quality of files.
Assist in shaping and developing AIG underwriting policies, practices and procedures.
Assist Insurance Agents with Flood quoting process as well as any other underwriting needs.
Assist sales staff with underwriting questions / inquiries.
Assist with rating, policy processing and booking of business on our systems as required.
Assist with training and guidance as assigned by Underwriting Manager.
Attend
Attend client / broker functions when required.
Attend internal educational programs, webinars and attendance to industry events / seminars.
Attend and participate in company meetings as required.
Balance
Balance between mass and homogeneity of risks to achieve predictability of future results.
Build
Build cooperative relationships with others.
Build quality relationships with agencies, advisors, the sales force and reinsurers.
Build relationships with existing and target Key Accounts / Clients and broker partners.
Capture
Capture, manipulate and monitor risk level data in the underwriting system.
Check
Check accuracy of all calculations and data integrity.
Check proposals for life and disability to ensure they conform to the original quotation.
Collect
Collect and review supporting documents.
Collect background information and assessments of risk.
Communicate
Communicate decisions and respond to requests in a prompt and professional manner.
Communicate decisions, and respond to requests in a prompt and professional manner.
Communicate directly with applicants and benefit administrators on underwriting decisions.
Communicate risk appetite and Value Proposition to brokers.
Communicate with impact, lead and develop skills and knowledge.
Complete
Complete a thorough analysis of loan files to determine compliance with investor and BECU guidelines.
Complete daily, monthly, and / or quarterly reporting as required.
Complete loss reports and post-claim underwriting reviews.
Complete objective reviews of enrollment applications.
Complete underwriting and ongoing monitoring reviews within the lending policies.
Conduct
Conduct Scheme underwriting in line with AIG Life Corporate guidelines and bases.
Consult
Consult with brokers to obtain further information, quote rates, or explain underwriting guidelines.
Contribute to
Contribute to high quality risk assessment and management within the work unit.
Contribute to operational efficiencies.
Contribute to the recording and measurement of insurance risks to ensure accuracy and good practice.
Contribute to the success of the UW team.
Coordinate
Coordinate and analyzes results of due diligence searches, audits, and background reports.
De-escalate
De-escalate difficult customers and bring situations to complete resolution.
Determine
Determine accuracy and completeness of files.
Determine accurate exposure classifications.
Determine client needs and ensures timely and accurate completion of transaction processing.
Determine whether to accept, modify, or decline risks.
Develop
Develop a good understanding of the SME digital business.
Develop and execute account and / or book of business plans to ensure attainment of goals.
Develop and maintain knowledge of multiple loan product guidelines for quick and accurate answers.
Develop and maintain relationships with brokers and clients.
Develop and maintains an awareness of claims and exposures.
Develop a thorough knowledge of the Bank's retail products, policies and procedures.
Develop or assist in creating and delivering relevant training content to underwriting team.
Develop or modify policy wording as appropriate.
Develop relationships with contracted brokers.
Document
Document underwriting files accordingly per authority statements and guidelines.
Elevate
Elevate problems when needed.
Engage
Engage with Commercial underwriters to promote the sale of Corporate Accident products.
Ensure
Ensure compliance with appropriate company and Agency / Investor / FHA / VA guidelines.
Ensure compliance with federal agencies including FNMA, FHLMC, HUD, and VA.
Ensure compliance with underwriter market standards.
Ensure consistent assessment across the underwriters and compliance with underwriting guidelines.
Ensure credit control procedures are maintained and followed to company standards.
Ensure discipline regarding data integrity.
Ensure quality control standards are met so company is able to sell loan.
Ensure that best practice is both shared and implemented within their operating company.
Ensure that obvious credit issues are addressed and explained.
Ensure the productions of appropriate accurate and timely management reports.
Ensure timely review and follow-up steps in order to meet and exceed customer's expectations.
Evaluate
Evaluate all documents and conditions loan accordingly.
Evaluate real estate and associated risks in a volatile market.
Execute
Execute standard processes / guidelines / transactions through set parameters.
Explain
Explain underwriting course of action to department manager.
Foster
Foster strong business relationships with external and internal business partners.
Foster teamwork, underwriting and other business units.
Generate
Generate new producer relationships.
Grow
Grow targeted business and maintain profitability.
Help
Help design the periodic reporting packs that will provide insight to the Risk Management Committee.
Identify
Identify and develop new business to ensure growth targets are met.
Identify any unusual financial reporting patterns and raise to Sr. Underwriters.
Identify problems or concerns and work towards a resolution.
Identify, record and resolve complaints in a timely manner and in accordance with regulation.
Identify sources and uses associated with transactions.
Implement
Implement underwriting policies, practices and procedures.
Interact with
Interact with borrowers directly, where applicable, to complete mortgage lending decisions.
Keep
Keep abreast of risk-related changes that may impact assigned work functions and processes.
Keep up to date on regulation changes.
Lead
Lead the execution and adherence to underwriting best practices and guidelines in country.
Maintain
Maintain accurate communication log.
Maintain accurate information and detailed notes on applications.
Maintain accurate records of decisions made and maintain completeness of policy data.
Maintain compliance with established corporate guidelines and delegated authority parameters.
Maintain customer confidence by keeping application information confidential.
Maintain knowledge of all applicable policies and procedures.
Maintain knowledge of industry trends, developments, and regulatory changes.
Maintain loan files with complete and sufficient documentation.
Maintain program retention levels > 90% and support / reach given budgets, growth and / or targets.
Maintain service standards and contributing to the efficiency of the team.
Maintain underwriting activity logs and monthly reports.
Maintain up-to-date knowledge and compliance with internal policies and procedures.
Maintain up-to-date knowledge of all policies & procedures within Commercial Lending.
Make
Make the right underwriting decisions, reflecting our strategy and the customer / broker value.
Manage
Manage and Controls the section's internal process to achieve standards.
Manage assigned underwriting territory, including management of agents and travel to agent offices.
Manage claims process at agency and underwriter level.
Manage existing and develop new producer and client relationships throughout the assigned territory.
Manage regular and irregular reporting as reasonably required.
Manage the self-audit process within the Zone.
Manage the underwriting process in consultation with outside advisers.
Manage within delegated underwriting authority.
Meet
Meet or exceed production targets for new business, rate chage and policy retention.
Meet the budgeted team retention targets for the London Financial Institutions Team.
Mentor
Mentor and train less experienced underwriters and support staff.
Monitor
Monitor and maintain records in regards to new, renewal and cancelled insurance policies.
Monitor approved deals for over conditioning and make recommendations to the Underwriting Manager.
Negotiate
Negotiate applications or marginal deals.
Negotiate, communicate decisions and respond to requests in a prompt and professional manner.
Negotiate policy terms and coverages so that coverage terms align with the company directives.
Negotiate price, terms and conditions.
Negotiate pricing, terms & conditions, and deal structure with brokers and clients.
Negotiate, structure and evaluate mortgage applications according to internal policies.
Participate in
Participate in periodic work reviews for quality assurance purposes.
Participate in special underwriting projects as needed.
Participate with RM or CO's to negotiate Credit Agreements & loan documents, as needed.
Perform
Perform ad hoc duties as required.
Perform appraisal reviews and release for delivery in accordance with Reg Z requirements.
Perform a pre-underwriting of each submitted file.
Perform data evaluation on information retrieved from loan applications.
Perform other duties and special projects as assigned by management.
Perform other duties as assigned.
Perform other projects or duties as assigned.
Prepare
Prepare all forms of approval and declination that are sent to members.
Prepare and maintain periodic reports pertinent to the ongoing operation.
Prepare policy and T&C documents and manage translation into local language.
Prepare quotation submissions, including responses to questionnaires.
Prioritize
Prioritize and manage own daily workload to meet SLA requirements for service and productivity.
Prioritize the underwriting caseload to meet various deadlines.
Prioritize work queue to ensure service level agreements are met.
Process
Process account documentation in accordance with company's procedures.
Process closed case business for Life, Disability, Health and Dental.
Process insurance submissions and distribute to the Underwriting staff.
Process Partner and Borrower requests while providing a superior level of customer service.
Process requests and cancellations.
Produce
Produce accurate and timely management information for senior management.
Produce cancellation and non-renewal notices according to statutory and contractual requirements.
Provide
Provide accurate estimates and reports as required.
Provide administrative support to management and other staff.
Provide coaching, support and advice to CS Team Leaders and Underwriters.
Provide credit and loan underwriting expertise to sales team on Government guaranteed loans.
Provide direction and guidance to processing staff for documentation and processing quality.
Provide excellent service to all partners and end users.
Provide input (Loss Ratios, rate level changes, etc) to the planning process.
Provide insight on market conditions and analysis.
Provide pricing on all mortgage renewals to ensure profitability and consistency.
Provide proactive guidance and encourage adoption of new product releases.
Provide quality control reviews on files for other team members.
Provide support to broker by attending client meetings or providing client presentations as required.
Provide support to UK Personal Accident Head of Portfolio.
Provide technical support to Aviva branches.
Provide trading support by prospecting and pre-vetting new opportunities.
Recommend
Recommend areas of improvement to staff and loan officers.
Reconcile
Reconcile debt / expense amounts and ratios.
Represent
Represent prudent underwriting and are consistent with FHA insured / MAP / 232 Program requirements.
Respond to
Respond to agent inquiries via phone and online chat support.
Respond to all questions / deficiencies raised by HUD in the application package.
Respond to post closing, insuring and audit reviews.
Review
Review all group rate and coverage revisions.
Review, analysis and development of insurance conditions and portfolio performance.
Review and assess the underlying risk by performing tax research.
Review and comply with Firm Policies applicable to your business activities.
Review conditions within posted turn times.
Review files to ensure adequacy of return for risk.
Review insurance applications for compliance and adherence.
Review legal documentation received in the Claims department for validity and completeness.
Review new and renewal business submissions, evaluate account performance and risk factors.
Review new and renewal business submissions, evaluating account performance and risk.
Sign
Sign policies and authorize transmittal of documents to brokers and markets as required.
Solicit
Solicit and review new and renewal account information required to evaluate a risk.
Solve
Solve the basic insurance needs of our customer groups.
Stay abreast of
Stay abreast of current regulations and industry trends that affect compliance and decision-making.
Support
Support in mentoring with our Operations partners.
Support maintenance of a compliant environment in relation to filed rates and rules.
Support other Underwriters and help develop networking opportunities as they arise.
Support the collections and recovery team with impaired case management.
Support the development and implementation of business change.
Support the development of new products and / or product enhancements.
Support the FL team in reaching out to brokers and chasing submissions.
Support the identification and development of best practices, work flows and procedures.
Take
Take ideas different from own seriously.
Travel
Travel to agencies providing field underwriting and quoting as needed.
Travel to meet with agents, insureds, and the underwriting team as needed.
Undertake
Undertake annual Scheme reviews to determine.
Underwrite
Underwrite and handle PI and Cyber clients - both new business and renewals.
Underwrite and negotiate renewal accounts for profitability.
Underwrite assigned risks handling a mix of accounts within and beyond their underwriting authority.
Underwrite Loan files that meet investor, Agency and government loan guidelines.
Underwrite renewal business with minimal supervision of an underwriter.
Underwrite, analyze and service complex commercial Surety accounts.
Underwrite both new business and renewals.
Use
Use expertise to answer questions and resolve escalated issues from junior-level teammates.
Use hazard tools for decision making.
Utilize
Utilize underwriter authority in accordance with the published underwriting guidelines.
Validate
Validate AUS Findings against documents in the file and underwriting calculations.
Verify
Verify income per established policy.
Verify / validate all required mortgage / client information relative to a ‘full service' .
Verify we have all documentation supporting what is being used to qualify our clients.
Work with
Work alongside marketing department to effectively cross-sell the company's offerings.
Work closely with concierge team managing distributor expectations.
Work under general supervision.
Work with other underwriters on individual cases where support is required.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Underwriter:
MS Outlook
Microsoft Office Suite
Mortgage Underwriting
Marketing
Portfolio Management
Insurance
Property
Computer
Business
Property and Casualty Industry Designation
Credit
Risk Management
Financial Analysis
Business Administration
Most In-demand Soft Skills
The following list describes the most required soft skills of an Underwriter:
Written and oral communication skills
Analytical ability
Organizational capacity
Interpersonal skills
Attention to detail
Problem-solving attitude
Time-management
Negotiation
Decision-making
Multi-task
Detail-oriented
Work independently with little direction
Provide justification
Leadership
Presentation
Judgment
Decision-making skills
