How to Be Underwriting Assistant - Job Description, Skills, and Interview Questions

Feb 5, 2022 / 5 Minutes Read / By Albert

How to Become

Professional Organizations

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Steps How to Become

Obtain a high school diploma or equivalent. Most employers prefer to hire applicants who have a high school education.
Consider pursuing a college degree. Many employers look favorably on applicants who have a college degree, especially in business-related fields such as finance, economics, or accounting.
Obtain relevant work experience. Many employers will look favorably on applicants who have prior experience in customer service, sales, or banking.
Complete any required certification or licensing. Some states require underwriting assistants to obtain a license in order to practice in the field.
Apply for open positions. Many employers post job openings online, so be sure to check job sites such as Monster and Indeed regularly to find available positions.
Attend an interview. Be prepared to answer questions about your experience, qualifications, and your ability to work in a fast-paced environment.
Demonstrate your knowledge and skills. During your interview, be sure to show the employer how you can contribute to the company and how your skills can help them succeed.

Maintaining a high standard of underwriting is essential for successful financial operations and growth. Qualified Underwriting Assistants must possess a wide range of knowledge and skills to ensure that decisions are made accurately and efficiently. They should have a deep understanding of the insurance industry, strong analytical and problem solving abilities and excellent communication skills.

By taking the time to select only candidates who meet these qualifications, organizations can improve their underwriting processes, reduce costly errors, and increase profits. Furthermore, having an experienced and competent Underwriting Assistant on staff will help to ensure that all customer interactions are professional and that policies are efficiently issued.

You may want to check Insurance Analyst, Homeowners Insurance Agent, and Insurance Underwriter for alternative.

Job Description

Assist underwriters in evaluating risks associated with insurance policies.
Compile and analyze data to make underwriting decisions.
Research and verify policyholder data.
Keep up to date with industry trends and regulations.
Prepare detailed reports for underwriters to review.
Collaborate with other departments to ensure accurate and timely processing of applications.
Respond to inquiries from policyholders, agents, and other parties regarding underwriting decisions.
Identify and mitigate fraud, errors, and other risks related to underwriting policies.
Monitor and update policy information in internal databases.
Maintain accurate records of underwriting activities.

Skills and Competencies to Have

Knowledge of underwriting principles, practices, policies, and procedures.
Ability to assess risk and make sound decisions.
Proficiency in evaluating financial statements and other forms of documentation.
Excellent communication and interpersonal skills.
Excellent organizational and time management skills.
Ability to multi-task, prioritize, and meet deadlines.
Attention to detail and accuracy.
Knowledge of applicable insurance regulations and laws.
Proficiency with Microsoft Office Suite, databases, and other related software applications.
Ability to work independently as well as part of a team.

Being an Underwriting Assistant requires a variety of skills, but one of the most important is attention to detail. Poor attention to detail can lead to costly mistakes that could have been avoided. A great Underwriting Assistant must be able to thoroughly read and understand policy documents and evaluate risk accurately.

They must have strong numerical and analytical skills in order to calculate premium prices and review financial records. They must also possess excellent communication skills to be able to effectively explain policy details to clients. Furthermore, an Underwriting Assistant must have an in-depth knowledge of the insurance industry, as well as an understanding of the legal aspects of insurance contracts.

All these skills are essential for a successful Underwriting Assistant to ensure that policies are issued correctly and that customers receive the best possible service.

Underwriting Manager, Insurance Consultant, and Claims Processor are related jobs you may like.

Frequent Interview Questions

What experience do you have with underwriting insurance policies?
Describe a situation where you had to take initiative to resolve an underwriting issue.
What do you consider the most important skills for an Underwriting Assistant?
How would you go about assessing risk for a new policy?
What strategies do you employ when reviewing an applicants financial information?
Describe a difficult situation you encountered in an underwriting role and how you overcame it.
How do you stay up to date on changes in the insurance industry?
What strategies do you use to ensure accuracy when processing paperwork?
How do you handle challenging customer inquiries?
How do you manage competing priorities in a fast-paced underwriting environment?

Common Tools in Industry

Microsoft Word. Word processing software used to create, edit and format documents. (e. g. writing reports and letters, creating contracts and forms).
Microsoft Excel. Spreadsheet software used to organize, analyze, and store data. (e. g. creating charts and tables, performing financial calculations).
Microsoft Access. Database software used to store, analyze and manage large amounts of data. (e. g. tracking customer information, creating reports).
Adobe Acrobat. Software used to create, view and edit PDF files. (e. g. storing forms and documents electronically, signing contracts electronically).
Microsoft Outlook. Email and calendar software used to send and receive messages, schedule appointments and tasks. (e. g. staying organized and communicating with customers).
FileMaker Pro. Database software used to create custom databases for managing information. (e. g. tracking customer data, managing inventory).
QuickBooks. Accounting software used to track financial information. (e. g. preparing invoices and managing accounts receivable).
Internet Browsers. Software used to access the Internet and view websites. (e. g. researching underwriting information, downloading forms).

Professional Organizations to Know

Chartered Insurance Institute
American Risk and Insurance Association
National Association of Professional Surplus Lines Offices
Insurance Accounting & Systems Association
National Association of Independent Insurance Adjusters
Reinsurance Association of America
Professional Liability Underwriting Society
American Insurance Marketing & Sales Society
International Risk Management Institute
National Association of Professional Agents

We also have Property and Casualty Insurance Agent, Disability Insurance Agent, and Insurance Examiner jobs reports.

Common Important Terms

Premium. The amount of money paid by an insured person to the insurer in exchange for coverage.
Risk Assessment. The process of evaluating the likelihood of an event or loss occurring, or the severity of its consequences.
Underwriting. The process of assessing risk and determining the amount of premium to be charged for an insurance policy.
Claims. A request made to an insurance company for payment of a loss or damage covered by an insurance policy.
Policy. A legally binding document that outlines the terms and conditions of an insurance agreement between an insurer and insured party.
Deductible. An amount of money that must be paid out of pocket before the insurance company begins to pay for any covered losses or services.
Endorsement. An additional clause, rider or amendment added to an existing policy that changes the coverage provided by the policy.
Reinsurance. An agreement between two or more insurers whereby one insurer agrees to share some or all of its risk with another insurer.

Frequently Asked Questions

What are the main responsibilities of an Underwriting Assistant?

The main responsibilities of an Underwriting Assistant include gathering and analyzing data, preparing underwriting reports, and providing support to underwriters.

What qualifications are required to become an Underwriting Assistant?

To become an Underwriting Assistant, applicants typically need a high school diploma or equivalent, two to three years of experience in the insurance industry, strong organizational and communication skills, and knowledge of industry regulations and standards.

What is the typical salary range for an Underwriting Assistant?

The typical salary range for an Underwriting Assistant is between $30,000 and $45,000 annually.

What type of environment does an Underwriting Assistant typically work in?

An Underwriting Assistant typically works in an office environment with access to computers and other technology.

What type of training is typically provided to an Underwriting Assistant?

An Underwriting Assistant typically receives on-the-job training and may receive additional training on insurance products, processes, and regulations.