Job Summary
As a Property Underwriter, you will be responsible for evaluating and underwriting commercial and residential property insurance applications. You will assess risk, determine appropriate pricing, and develop tailored insurance coverage for clients. You will collaborate with agents, brokers, and internal teams to ensure that all policies are in compliance with company guidelines, industry regulations, and best practices.
Key Responsibilities
- Risk Assessment: Analyze and evaluate property risks for new and renewal business, including residential, commercial, and industrial properties. Consider factors such as building structure, location, construction type, fire protection, flood risk, and overall market conditions.
- Underwriting Decisions: Determine the acceptability of risks and the appropriate coverage, limits, and pricing for policies. Make recommendations for policy terms and conditions based on underwriting guidelines.
- Pricing & Policy Terms: Use underwriting models and tools to calculate premiums and ensure profitability while remaining competitive in the marketplace. Adjust premiums and policy terms as needed based on risk factors.
- Policy Issuance: Issue and prepare property insurance policies and endorsements, ensuring accuracy and compliance with underwriting standards.
- Collaboration with Brokers and Agents: Work closely with brokers and agents to gather necessary information, clarify underwriting requirements, and provide expert guidance on property risks. Build and maintain strong relationships with distribution channels.
- Loss Control and Risk Mitigation: Provide feedback to brokers, agents, and clients on risk management strategies and loss control techniques to minimize potential claims and improve risk profiles.
- Market Research: Stay informed about market trends, emerging risks, and regulatory changes in property insurance. Continuously assess the competitiveness of the company's offerings and adjust underwriting strategies accordingly.
- Compliance and Documentation: Ensure all underwriting activities comply with regulatory requirements, company policies, and industry standards. Maintain accurate records of underwriting decisions and client interactions.
- Claims Collaboration: Partner with claims teams to assess trends and patterns that may impact underwriting decisions. Assist in identifying potential areas of concern for high-risk accounts.
- Continuous Improvement: Contribute to the development and enhancement of underwriting guidelines, workflows, and tools. Participate in training and professional development to stay current on industry practices and technologies.
Qualifications
- A bachelor's degree in business, finance, risk management, insurance, or a related field is preferred.
- Minimum of 2 years of experience in property underwriting or a similar insurance role.
- Familiarity with both commercial and residential property insurance underwriting is a plus.
- Knowledge of risk assessment and pricing methodologies.
- Strong analytical and problem-solving abilities to assess risks and determine appropriate coverage.
- Ability to work independently while managing a large volume of accounts.
- Detail-oriented with excellent organizational and time-management skills.
- Effective communication skills to interact with internal teams, brokers, and clients.
- Proficiency with underwriting software, Microsoft Office Suite, and other relevant tools
- Solid understanding of property insurance products, coverage forms, and exclusions.
- Familiarity with industry regulations and best practices.
