Insurance Underwriter, Commercial Property Salary
The average salary for an Insurance Underwriter, Commercial Property is $56,062 per year. The skills that increase pay for this job the most are Risk Management / Risk Control and Microsoft Excel.
Job Description for Insurance Underwriter, Commercial Property
The essential function of a insurance underwriters for commercial properties is to determine risk factors and then write and present policies to agencies, using critical thinking skills to improve client retention. Generally, the underwriter holds a full-time position that requires a bachelor's degree in a relevant field. They need excellent knowledge of relevant laws and statutes pertaining to the insurance offerings. Many companies have a set of standards in place related to underwriting that must be strictly followed. For this reason, insurance underwriters for commercial properties must be detail-oriented and need to document all information and processes.Read More...
Insurance underwriters for commercial properties evaluate levels of risk and profitability for commercial properties to determine pricing, options, and the categorization of risk while matching exposure to price. Knowledge of commercial businesses and solid communication skills are required. The underwriter manages risk based upon a multitude of factors, as well as makes adjustments related to renewals and customer retention. The insurance underwriter is also required to gather information about competitors to evaluate customer options.
The underwriter must be proficient in basic computer programs to present relevant underwriting information to supervisors and colleagues. This position may require travel and the ability to carry up to 40 pounds of presentation equipment. The underwriter needs a strong understanding of all areas of contracts, contract language, and risk management to communicate them in understandable language to agencies. Problem-solving and math skills, along with critical thinking skills, are also needed.
Insurance Underwriter, Commercial Property Tasks
- Underwrite, submit, approve or pend loans, and present decisions to management.
- Monitor existing policies for compliance with company guidelines.
- Manage underwriting territory and select new business based on analysis of their profitability.
- Analyze new and renewal business, data, claim history, loss experience, and outcome of liability decisions.
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