What does a Commercial Underwriter do?
A Commercial Underwriter helps minimize financial risks related to commercial insurance. They don’t sell insurance, they just assess the risks that a client may present. A Commercial Underwriter will thoroughly analyze insurance applications by investigating the client’s financial history and personal information.
After the investigation, Commercial Underwriters use their own knowledge and underwriting software to determine whether the client is too much of a risk. If they are, they must notify their supervisor, reject the application, and provide alternative options to the client. If the client isn’t too much of a risk, the Commercial Underwriter will decide the appropriate coverage amount and process the client’s insurance application, ensuring all information is correct.
Commercial Underwriter skills and qualifications
To do their job successfully, Commercial Underwriters should have strong analytical skills, allowing them to thoroughly and fairly decide whether an applicant is too much of a risk. Additionally, they should have prerequisite skills and qualifications including:
- Knowledge of common underwriting software, such as Applied Epic or Applied Rater
- Able to review client’s financial statements and history
- Strong customer service skills
- Knowledge of underwriting guidelines
- Solid decision-making skills
- Able to multi-task and prioritize tasks
- Knowledge of insurance regulations
- Strong math and computer skills
Commercial Underwriter experience requirements
There are many entry-level positions available in underwriting, such as a Junior Underwriter or Assistant Underwriter that candidates can start in before moving up to Commercial Underwriter. Candidates with similar work experience, such as Insurance Brokers or Customer Service Representatives, bring good transferable experience to the role. You may also consider hiring candidates with limited work experience and provide on-the-job training.
Commercial Underwriter education and training requirements
There are no set education and training requirements for Commercial Underwriter candidates, as your company will have its own insurance policies that candidates need to learn. This means that you may want to hire candidates with a high school diploma or GED and provide on-the-job training. Alternatively, you may require candidates to have a college diploma or bachelor’s degree in a related field, such as finance, risk management, accounting, or insurance. There are also underwriting certification courses in Canada that you can require.
Commercial Underwriter salary expectations
According to Indeed Salaries, the average salary for a Commercial Underwriter in Canada is $56,104 per year. This salary varies based on the company, experience, and location.
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