What is an Insurance Underwriter?
I saw this graph on Facebook the other day and it made me think of how many times my friends and family members ask me this question when I tell them my title is Underwriter . Did you hear your independent insurance agent say, "subject to underwriting approval, we can determine how much your premium will be, or if we can include your new purchase (equipment, etc.) on your policy" when talking your business, auto or home coverage? Have you ever wondered what it means?
Underwriters assess, analyze and evaluate insurance risks to determine if coverage will be provided and, if so, what the premium will be. most insurers have a bachelor's degree, usually in finance, business management or administration, insurance and risk management, or actuarial science. I am a Commercial Lines Underwriter so I work with blankets and policies to protect businesses Here are the steps I take each day do my job. ..
- the request consideration received from the agent
- Validate and research the information received
- If necessary, send a service to inspect the property.
- Identify and calculate the costs of each requested coverage.
- review past information and the history of your account, such as the frequency and severity of loss incidents.
- Request additional information necessary to help make a correct analysis and the decision to provide coverage.
Then I work closely with your agent to help meet your coverage needs, offer alternatives if necessary, and make recommendations to ensure your business is protected if lost. I'm not a superhero and I do not lie on the beach all day, but I do like to help fulfill the promise to provide security, protection and peace of mind!
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