As underwriters, we could have done all this paperwork ourselves, but our time was more productive when we had reliable underwriting assistants. Many employers also prefer candidates with previous insurance or underwriting experience, though on-the-job training is commonly provided.
Being that this person holds this much responsibility with seemingly important details it makes me wonder how much a underwriting assistant makes a year Underwriting Assistant - Commercial Lines About the Author Neil Define underwriting assistant duties has been an active business, finance and education writer and content media website developer since Personally, I think some legal or finance background would give you an edge in this field.
I agree that if you were going into this field, you would need to pay close attention to details; a lot rides on your recommendation. Our assistants would make sure each of the files were current and up to date with all the correct paperwork before they made it to our desk. Sinbad Post 1 Although this job does not seem to entail much creative thinking in coming up with new and inventive ideas; it seems to entail much responsibility in the opposite realm of details.
They learn common insurance applications and various risk factors. Underwriting assistants also must have knowledge about rating systems and working with different types of insurances, such as auto and health.
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. Excellent computer skills and organizational abilities are commonly required because of the importance of this role in the define underwriting assistant duties.
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.
Underwriter assistants must be comfortable using computer software programs to determine whether to approve or deny an applicant for insurance coverage. Once the file got to me as an underwriter, all I had to do was review the application and medical records and make a decision according to the current standards and guidelines.
Since underwriter assistants work closely with underwriters and insurance agents, they should be comfortable working in a team environment.
Professional Skills In this field, good communication and technical skills are very important. They tend to work full-time hours in an office environment. 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.
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.
If you miss something important, you may wind up with a customer who defaults on a loan. Since I had a college education and had already been working in the field, I was hired on as an underwriter.
The assistant also prepares or pulls reports for underwriters for use in the review of insurance policies and insurance decisions. Working Environment Underwriter assistants work for a variety of employers including insurance companies, brokerage firms and businesses.
I found out that I enjoyed this type of work and when I read what a mortgage underwriter job description was, thought I would apply for the job. Ongoing Relationships The assistant also plays a key role in facilitating and managing relationships with customers.
So what it looked like from the descriptions of the different underwriting assistant jobs was that the more general job description the more you were apt to fall in the thirty something thousand a year range.
Renewals are important to the long-term success of the insurer. There is nothing quite like experience to teach you important lessons, and I learned many of these as an assistant, that helped me be a confident underwriter. 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.
Kokemuller has additional professional experience in marketing, retail and small business. Some underwriter assistants work in a fast-paced atmosphere, especially for large insurance companies.
The assistant typically monitors customer renewal dates, and sends out notices and invoices in a timely manner. In, people were employed in the U. The underwriter will make the final decision, of course, but the assistant will provide information that helps the underwriter make that determination.
So in the case of insurance, the determination of what your premium will be, how much you will be covered for, and even if you qualify will be based on the information provided by the assistant.
I think this was beneficial for me once I became an underwriter. When an application is initially submitted, the assistant usually reviews it and contacts the agent or broker if anything is missing.
The underwriting assistant supports underwriters in the process of receiving, reviewing, documenting and servicing insurance solutions. As underwriters, we had underwriting assistants who made our job much easier and more efficient.
Underwriter assistants also must be detail-oriented, especially when helping underwriters determine the risk for providing insurance to a client. The assistant may also help in gathering research and industry data for use in assessing premiums for new accounts or renewals.The underwriting assistant supports underwriters in the process of receiving, reviewing, documenting and servicing insurance solutions.
File Management A primary responsibility of an underwriter's assistant is to perform much of the upfront legwork in getting an insurance application file ready for review. Sep 10, · An underwriting assistant usually reports to an underwriter, but supervisory titles can vary from industry to industry.
Depending upon the size of the organization in which he works, an assistant may be responsible for duties ranging from customer service to clerical tasks to document control. The earnings for an underwriting assistant in ranged between $29, and $55, Entry-level underwriting assistants earned as much as $39, while those underwriting assistants who worked 20 years or more sometimes earned as little as $46, Underwriting Assistant: Also referred to as: Underwriting Operations Support Coordinator, Underwriting Team Support Assistant: Requirements and Responsibilities: Provides support and assistance to underwriting staff.
Performs administrative duties regarding new and renewal accounts, risk assessments, and loss runs and loss ratings.
To begin a career in underwriting it is most likely that you will start as a Box / Underwriting Assistant, and as you gain more experience and understanding of the market and your syndicate, you may be promoted to Assistant Underwriter. General duties may include: carrying out research to help identify assess and evaluate risks;.
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.Download