What does an Underwriting Manager do?
Published 3 min read
An underwriting manager is responsible for the underwriting department of an insurance company. They oversee the underwriters and make sure that they are properly trained and follow company guidelines. The underwriting manager also reviews policies and makes sure that they are accurate and meet the needs of the customer.
Underwriting Manager job duties include:
- Review and evaluate information on insurance applications to determine degree of risk involved and determine if the company should provide coverage
- Select appropriate insurance policy forms and endorsements to be used in each case
- Determine premium rates for individual risks based on analysis of loss experience, claim costs, trends, etc.
- Develop new business proposals and marketing strategies to expand the company’s customer base
- Train and mentor junior underwriters in underwriting techniques and risk assessment
- Monitor industry trends and developments to ensure that the company is keeping up with changes in the marketplace
- Attend industry conferences and seminars to network with other underwriting professionals
- Serve as a liaison between the company and agents/brokers to resolve issues and ensure smooth transactions
- Prepare reports on underwriting activity for senior management
Underwriting Manager Job Requirements
An Underwriting Manager typically needs a bachelor's degree in business, finance, or a related field. Many employers also require certification from the American Academy of Financial Management (AAFM) or the Institute of Certified Financial Managers (ICFM). Several years of experience working in underwriting or a related field is also usually required. Strong analytical, math, and communication skills are essential for this job, as is the ability to work well under pressure and meet deadlines.
Underwriting Manager Skills
- Analytical skills
- Profit and loss analysis
- Financial analysis
- Asset management
- Real estate
- Mortgage-backed securities
- Bond market
- Financial modeling
- Risk management
- Insurance
- Claims processing
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How to become an Underwriting Manager
An underwriting manager is responsible for the financial wellbeing of an insurance company. They oversee the underwriting process and make sure that the company is making a profit. In order to become an underwriting manager, you will need to have a strong background in finance and insurance. You will also need to be able to work well under pressure and be able to make quick decisions.
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