They learn common insurance applications and various risk factors. Additionally, they must be well organized, pay close attention to detail, skilled at multitasking, and efficient. Assist in the development and monitoring of premium rates.
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. Working Environment Underwriter assistants work for a variety of employers including insurance companies, brokerage firms and businesses.
Assistant underwriters should have extensive knowledge in the financial and credit industries, as well as regulations and laws related to banking, investment, and insurance.
Assist business development of new business opportunities with sales and marketing efforts. However, you can stand out from the crowd by getting experience working in the insurance and underwriting field. 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.
They may work in a variety of fields, such as bank underwriting, insurance underwriting, and real estate underwriting. Under the guidance of underwriters and supervisors, they may analyze applications and screen applicants based on certain criteria.
Some underwriter assistants work in a fast-paced atmosphere, especially for large insurance companies. Since underwriter assistants work closely with underwriters and insurance agents, they should be comfortable working in a team environment.
Employers typically prefer at least five years of relevant experience for this position; many also prefer knowledge of the particular type of underwriting performed at the hiring organization. Professional Skills In this field, good communication and technical skills are very important. 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.
In, people were employed in the U. Underwriter assistants also must be detail-oriented, especially when helping underwriters determine the risk for providing insurance to a client. Bureau of Labor Statistics. They tend to work full-time hours in an office environment.
Underwriter assistants must be comfortable using computer software programs to determine whether to approve or deny an applicant for insurance coverage.
In all fields, assistant underwriters must cultivate good relationships with clients and be able to obtain client information quickly and accurately.
They may answer questions concerning a policy status or billing error on behalf of an underwriter or agent.
Underwriting assistants also must have knowledge about rating systems and working with different types of insurances, such as auto and health. Enter, review and maintain accurate records of new policies and renewals.
Assistant underwriters typically work as a subordinate to an underwriter and work in an office environment during regular business hours, although travel may occasionally be required for risk assessment.
However, they may work overtime, especially to assist underwriters with analyzing a large number of insurance applications. Main Responsibilities Underwriter assistants provide support to underwriters and independent agents.The average salary for the role of Underwriting Assistant is in United States is $45, This salary is based on salaries submitted by LinkedIn members who have the title “Underwriting.
The average annual pay for an Insurance Underwriter Assistant Across the U.S. is $55, a year. An Insurance Underwriter Assistant annual salary ranges from $21, to $, nationally.
The national average salary for a Underwriting Assistant is $46, in United States. Filter by location to see Underwriting Assistant salaries in your area. Salary estimates are based on 1, salaries submitted anonymously to Glassdoor by. Underwriting Assistant average salary is $66, median salary is $- with a salary range from $51, to $82, Underwriting Assistant salaries are collected from government agencies and companies.
Each salary is associated with a real job position. Underwriting Assistant salary statistics is not exclusive and is for reference only. Sep 17, · An entry-level Underwriting Assistant with less than 5 years of experience can expect to earn an average total compensation of $39, based on salaries provided by anonymous users.
Average total compensation includes. The average salary for "underwriting assistant" ranges from approximately $ per hour for Administrative Assistant to $ per hour for Underwriter.Download