September 20, Thinking about selling your title company? Or are you on the flip side and curious about expanding by buying a title agency?
When an agent or broker receives an application from a prospective individual, group or business customer, he submits it to the underwriting department where risks are assessed and insurance product is created.
The underwriting assistant supports underwriters in the process of receiving, reviewing, documenting and servicing insurance solutions.
When an application is initially submitted, the assistant usually reviews it and contacts the agent or broker if anything is missing. Once all items are in place, the assistant enters application information and other documents into a computer system for analysis or review by the underwriter.
Ongoing Relationships The assistant also plays a key role in facilitating and managing relationships with customers.
Renewals are important to the long-term success of the insurer. The assistant typically monitors customer renewal dates, and sends out notices and invoices in a timely manner.
In some cases, the insurer must cancel a policy. The assistant is usually responsible for sending out cancellation notices to customers as well. The assistant may also help in gathering research and industry data for use in assessing premiums for new accounts or renewals.
Assistants typically respond to basic inquiries from brokers, agents and customers about policies, terms, application statuses and billing.
The assistant also prepares or pulls reports for underwriters for use in the review of insurance policies and insurance decisions.
Excellent computer skills and organizational abilities are commonly required because of the importance of this role in the job.
Background Requirements Typically, a two or four-year degree in business, finance or a related field gives the assistant an advantage. Many employers also prefer candidates with previous insurance or underwriting experience, though on-the-job training is commonly provided.
Underwriting Assistant - Commercial Lines About the Author Neil Kokemuller has been an active business, finance and education writer and content media website developer since He has been a college marketing professor since Kokemuller has additional professional experience in marketing, retail and small business.Adrian is a well-rounded individual.
Since starting his insurance career at Lloyd’s of London in , he has covered virtually every facet of the business, including underwriting, claims management, reinsurance, marketing and product development. Sheet17 SIC Link Alternate Title Green Skills Green Occupations Trades Notes Tasks Descriptors Specialisations Occupations Unit Groups Minor Groups Sub Major Groups.
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You are looking for your dream job and need a cover letter? My Perfect Cover Letter is your solution and takes the hassle out of cover letter writing. Insurance underwriters analyse risk in insurance proposals, determine policy terms and calculate premiums on the basis of actuarial, statistical and background information.