A life insurance underwriter is hired by insurance companies that sell life insurance, to assist decision makers in figuring out if an insurance coverage request rings true, and is eligible.
These individuals are required to be exceptionally talented in analyzing different situations and coming up with viable solutions, which means that not everyone can be an insurance underwriter.
Depending on the company that is hiring you, basic educational requirements to work as a life insurance underwriter is a high school diploma or a GED, or even a university degree in some cases.
Apart from educational background, it is important for life insurance underwriters to possess excellent verbal and written communication skills, along with a great ability to work in an environment that is challenging and fast-paced.
Typically, a life insurance underwriter spends most of his or her day examining insurance proposals and collecting background information. They are also tasked with writing quotes, and negotiating terms with both brokers and clients. In order to be truly successful at this work, one needs to possess exceptional skills in analyzing situations, and coming up with viable solutions and alternatives as they pertain to insurance policies and coverage issues.
One of the major tasks of a life insurance underwriter is to write policy documents, and make changes to them as and when required. Moreover, it is the work of a person hired at this position to make sure that premiums are properly determined. To see what duties a life insurance underwriter is expected to perform on a daily basis, have a look at the following list:
Life Insurance Underwriter Duties and Responsibilities
• Assess background information and perform background checks to determine client details.
• Study insurance proposals, and determine the risk associated with insuring individuals and groups.
• Provide management with assistance in deciding how much needs to be paid out to the requesting client.
• Handle risk assessments by creating and maintaining effective liaison with specialists and professionals in the field.
• Write policies in a detailed manner, and ensure that any required specific conditions are put into them.
• Make solid decisions to determine if risks should be shared with a re-insurer.
• Negotiate terms of policy documents with clients, brokers, and re-insurers, aiming to create a solution fit for all parties involved.
• Provide support in reviewing insurance applications for compliance and adherence purposes.
• Perform activities to weigh loss exposures and determine underwriting alternatives where absolutely necessary.
• Maintain specific records of underwritten policies, and decisions made in favor of clients and brokers.
• Work with underwriting technology, and assess the recommendations provided by underwriting software.
• Research client information such as medical histories and credit scores.