Personal Lines Insurance Underwriter

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Personal Lines Insurance Underwriter


Job Description: Personal Lines Insurance Underwriter
Position Overview:
The Personal Lines Insurance Underwriter is responsible for evaluating and assessing insurance applications for personal lines coverage, such as homeowners, motor, and personal property insurance. The role involves determining the risk associated with insuring individuals, setting appropriate terms and premiums, and ensuring compliance with underwriting guidelines and company policies.
 
Key Responsibilities:
Risk Assessment:
    • Analyze insurance applications, supporting documents, and risk information to evaluate eligibility for coverage.
    • Assess the potential risk associated with insuring individuals based on factors like claims history, credit scores, and property details.
    • Conduct inspections or request further documentation when necessary to clarify or verify risks.
 
Policy Underwriting:
    • Good understanding of policy terms, coverage limits, and premiums based on risk assessment and underwriting guidelines.
    • Appropriate comprehension of endorsements, exclusions, or conditions to tailor policies and to specific risks.
    • Ensure compliance with regulatory requirements and company standards.
 
Decision-Making:
    • Escalate complex or high-risk cases to senior underwriters or management as needed.
 
Client and Broker Support:
    • Communicate with insurers, consultants, service providers, and customers
    • Provide guidance on coverage options and underwriting requirements.
    • Address inquiries and resolve issues related to policies and claims.
 
Documentation and Record-Keeping:
    • Maintain accurate and comprehensive records of underwriting decisions and related correspondence.
    • Update policy details and underwriting notes in the company’s systems.
 
Risk Mitigation:
Monitor and evaluate client risk exposure and recommend changes to mitigate the exposure
 
Training and Development:
    • Stay updated on industry developments, market trends, and regulatory changes.
    • Participate in training sessions and share knowledge with team members to enhance underwriting expertise.
    • Maintain CPD requirements as well as any other FAIS related requirements.
 
Key Skills and Qualifications:
Education:
    • Relevant insurance certifications (e.g., FAIS accreditation, IIISA qualifications).
 
Experience:
    • Proven experience in underwriting personal lines insurance products.
    • Familiarity with local  insurance markets and regulations.
 
Skills:
    • Strong analytical and decision-making skills.
    • Excellent attention to detail and organizational abilities.
    • Proficient in using underwriting, policy management systems, and Microsoft Office Suite.
    • Effective verbal and written communication skills.
 
Personal Attributes:
    • Ability to work independently and as part of a team.
    • A client centric approach with the ability to build relationships with insurers and clients.
    • High ethical standards and integrity
    • Strong time management skills by consistently adhering to deadlines, prioritizing tasks effectively, and maintaining punctuality in all commitments.
 
Reporting Line:
The Personal Lines Insurance Underwriter will report to the Operations Manager.