A senior underwriter decides if applicants are eligible for insurance policies.
Senior underwriters work in insurance companies approving insurance applications for vehicles, homes and personal health. The employee decides on the risk involved for insuring the applicant and uses this risk assessment to develop the appropriate premium. The senior underwriter has other responsibilities such as leadership and manager roles. Unlike other insurance underwriters, senior underwriters handle policy accounts on a larger amount scale, such as a $25 million policy.
Policy Handling
Senior underwriters handle assigned accounts in certain regions. The underwriter follows company policies in creating new premiums or renewing premiums for policies. The insurance employee also evaluates quality measures of policies, monitors renewal retention and calculates spread risk of accounts. By following company standards, the senior underwriter can produce proper insurance policies and decide on the right premiums that covers the policyholder's risk of loss and damage to vehicles and property.
Documentation
A senior underwriter manages all document files by company regulations so that all work is within the underwriter's level of expertise and can pass all internal and external auditing measures. The senior underwriter must hold personal accountability regarding the processing of insurance policies. Self-reviews regarding accounts with amounts of such large sizes are requirements that the senior underwriter must undergo on a regular basis. The senior underwriter must also have full understanding regarding all insurance policies, renewal applications and other services the insurance company offers to clients.
Market Research
Gathering market data is a requirement for many senior underwriters. By gathering market data, the senior underwriter remains up-to-date with the current pricing of services and the competitor's sales. Types of data the senior underwriter reviews includes new markets, products and production opportunities. The senior underwriter creates reports using the gathered information to develop team briefings and market updates for other underwriting personnel.
Training
The senior underwriter provides both formal and informal training of less experienced underwriting staff. Topics the senior underwriter might cover include competitor's pricing strategy, the fluctuating market condition and ways to develop the appropriate relationships with clients. Senior underwriters will conduct training in the office as well through training courses.
