They hire underwriting assistants to help them analyze information on insurance applications, screen clients based on company criteria, and evaluate recommendations with underwriting computer software. These professionals usually work for insurance and benefits companies, or local government agencies. Many companies prefer hiring underwriting assistants with bachelor's degrees in business, insurance or economics, and at least one year of experience in property, casualty or health insurance.
Although a high school diploma is required for most positions, a bachelor's degree in business, finance or a related field can be an asset.
Main Responsibilities Underwriter assistants provide support to underwriters and independent agents. They may answer questions concerning a policy status or billing error on behalf of an underwriter or agent. Under the guidance of underwriters and supervisors, they may analyze applications and screen applicants based on certain criteria.
Depending on the size of the company, underwriter assistants may ensure that policy transactions such as renewals or quotes are issued and changes are recorded correctly. Work Experience Many underwriter assistants get their feet wet through training programs offered through companies and insurance associations, such as the Insurance Institute of America.
They learn common insurance applications and various risk factors. However, you can stand out from the crowd by getting experience working in the insurance and underwriting field. Underwriting assistants also must have knowledge about rating systems and working with different types of insurances, such as auto and health.
Professional Skills In this field, good communication and technical skills are very important. Underwriter assistants must be comfortable using computer software programs to determine whether to approve or deny an applicant for insurance coverage.
They need analytical skills to solve complex problems and evaluate clients' information. Underwriter assistants also must be detail-oriented, especially when helping underwriters determine the risk for providing insurance to a client. Since underwriter assistants work closely with underwriters and insurance agents, they should be comfortable working in a team environment.
Working Environment Underwriter assistants work for a variety of employers including insurance companies, brokerage firms and businesses. They tend to work full-time hours in an office environment. However, they may work overtime, especially to assist underwriters with analyzing a large number of insurance applications.
Some underwriter assistants work in a fast-paced atmosphere, especially for large insurance companies. Depending on the size of the company, some underwriter assistants may work in an office focusing on particular types of insurance, such as commercial or life insurance.
Bureau of Labor Statistics. In, people were employed in the U.An underwriter can become involved whenever there's a change in insurance conditions or a material change in the risk. The underwriter will review the situation to determine if the company is willing to continue the policy on .
Underwriting services are provided by some large specialist financial institutions, such as banks, insurance or investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee.
Detail-oriented and articulate Underwriting Assistant with 8 years career experience in administrative and insurance underwriting environments. Highly adept in production and loss analysis product and service promotion and cold calling and lead generation. If you are looking for a position in the insurance field, consider becoming an underwriter assistant.
According to plombier-nemours.com, underwriters begin their careers as underwriter assistants performing a variety of tasks, such as collecting information on clients seeking insurance. An underwriter is any party that evaluates and assumes another party's risk for a fee, such as a commission, premium, spread or interest.
Underwriting is the process of selecting risks for insurance and determining in what amounts and on what terms the insurance company will accept the risk.
Underwriting is the acceptance of insurance business by an underwriter.