The graying of the insurance industry means that by 2018, a quarter of the workers will be ready to retire. This will create an opportunity for those interested in joining this $4.23 trillion worldwide industry.
Considered by many to be a mix of art and science, underwriters play a key role in the financial performance of the companies that employ them. As new technologies have automated some underwriting tasks, this has caused a shift in the role to focus more on relationship-building with agents/brokers to help facilitate sales.
Candidates for insurance underwriting positions should strive to receive their designation, as employers view the completion of a rigorous certification program very highly. Underwriters who have the ability to develop positive relationships with agents and can work through issues to ensure both quality risks and an increase in new business will have the most career success.
Sample of Possible Interview Questions for Insurance Underwriters:
How do you determine what information is relevant to an issue?
How do you strike a balance between quality and speed?
How big a role do you believe analytics play in improving underwriting efficiency?
What has been your experience with customer-facing processes through agent partnering?
What is your level of involvement with educating an agent/broker?
Do you have experience with data aggregator services?
What are the elements of a robust decision support system?
How important is relationship management vs. submission management tasks?
Do you have any experience in account planning?
What steps do you take to ensure a clear workflow?
Have you ever compromised quality to win business?
What role do you think an underwriter could play in improving the quality of the lead identification and qualification process?
Discuss the role of underwriter as a decision scientist.
Discuss ways you have collaborated with agents to retain business.
How important should market-facing relationships be in the underwriting process?
How do you ensure for efficient risk selection?
How do you streamline your communications with agents/brokers to ensure efficiency?
Discuss your record-keeping system.
What’s the biggest risk you’ve taken?