Underwriter job description template
If you are hiring for this role, start here. This free template is our detailed definition of the position, with everything you need to find and hire the right person. Copy it, add your own requirements, and post it.
What is an Underwriter?
Underwriters are financial professionals who work in the banking industry and various insurance companies.
They are responsible for determining whether a client qualifies for a loan or an insurance policy.
They evaluate and review clients’ credit history, assets, income statements, and criminal records before deciding whether to approve or decline the application.
Underwriters also perform risk assessments and determine which applications could bring a high risk of financial losses.
The top Underwriter skills.
Five things separate a strong hire from a résumé that reads well. Use these as your scorecard criteria.
The job description, ready to post.
Copy it as written, or edit it until it sounds like your company. Both work.
Our company is looking for a qualified and analytical Underwriter to join our team. Our new team member should be an expert in risk assessment. In this position, you will be responsible for collecting and reviewing loan applications and insurance proposals and determining if they are eligible. You will approve or reject applications and requests after the previous meticulous risk analysis and assessment of clients’ background information.
In order to be successful as an Underwriter, you need to possess a strong work ethic and a thorough understanding of legal guidelines, regulations, and laws regarding the industry.
Furthermore, our ideal candidate should have amazing analytical, organization, computer, math, and communication skills, as well as attention to detail.
Duties and responsibilities
- Collect, review, and verify loan applications and insurance policies
- Define the terms, conditions, and details of the insurance coverage
- Identify and report signs of fraudulent activities
- Determine loan eligibility
- Approve or reject applications and proposals
- Thoroughly assess and analyze clients’ background information
- Calculate and determine the risk levels associated with clients’ requests and applications
- Assist in determining premium costs
- Finalize approved loans and policies by applying specific terms and conditions agreed upon by the client
- Evaluate policies according to the company’s underwriting standards
- Ensure adherence with all legal guidelines, laws, and regulations
Requirements
- Bachelor’s degree in finance, economics, statistics, business, or a related field
- Prior working experience as an Underwriter or a similar role
- Valid certification from AU or CLU
- Strong knowledge of underwriting processes, loan products, and insurance coverage
- Strong computer and math skills
- Analytical mind and detail-oriented
- Organization skills and the ability to meet tight deadlines
- Strong work ethic
Take the template with you
Copy it straight into your job board or ATS, or have it emailed to you with the interview questions for this role.
Degree first, then the certification.
Educational requirements for Underwriters include at least a Bachelor’s degree in finance, economics, mathematics, business, or a related field.
Some companies and employers require a certification from institutions like Associate in Commercial Underwriting (AU) or Chartered Life Underwriter certification (CLU).
Chartered Life Underwriter
Indicates expertise in life insurance and financial planning.
The American College of Financial ServicesSample interview questions for an Underwriter.
Once you have gathered the applications, work through these in order. Twelve questions across four areas, enough to tell your shortlist apart.
- Could you describe your childhood in a few sentences?
- Is being an Underwriter your dream job?
- What makes you happy?
- Why did you apply to this company in particular?
- Could you briefly tell us about your previous working experience in the industry?
- What was your major in college?
- How do you stay concentrated when doing repetitive work?
- Has your ethics ever been tested in the workplace?
- How do you ensure meeting important deadlines?
- How do you ensure complete accuracy when working with large collections of data and information?
- What two things would make you reject the loan application immediately?
- What do you do if you suspect insurance fraud?
How much to pay when hiring.
Annual pay by percentile. Where you land depends on the size of the cycle they will own, and the 25th percentile is usually where a first analyst hire sits.
Hourly equivalents run from $11 at the 10th percentile to $44 at the 90th.
Candidates may apply under a different name.
Post the title your industry uses and keep the rest of the description. These three roles overlap enough that the same posting usually reaches all of them.
Three titles, one description.
Search behavior varies by industry, so the same job is advertised under several names. If you are unsure which one your candidates search for, run two titles and see which fills.
Insurance Underwriter
Frequently asked questions.
What are several types of Underwriters?
Underwriters can be
- Insurance Underwriters
- Mortgage Underwriters
- Debt Security Underwriters
- Equities Underwriters, etc.
What is the difference between an Underwriter and an Actuary?
Both Underwriters and Actuaries deal with risk assessment.
However, Underwriters handle and process individual applications and requests and make personalized decisions on whether to approve or reject.
On the other hand, Actuaries research and review general business liabilities and risks and make recommendations on how to lower risk factors.
What are the educational requirements for Underwriters?
Underwriters must obtain a Bachelor’s degree in economics, finance, mathematics, business, or a similar field.
How much do Underwriters earn annually?
Underwriters typically earn between $23,000 and $92,500 per year.
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