Job Description for an Underwriting Manager
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An underwriting manager can work in a variety of industries. This includes real estate, health care, insurance and investments. An underwriting manager is in charge of reviewing applications from clients for the services provided by the organization, and screening the level of financial risk that potential and existing clients pose to the company. An underwriting manager should be fully knowledgeable about the industry he is working in. He should also be familiar with the concepts and principles that apply to his industry. The underwriting manager supervises a team of underwriters in his department and is usually answerable to top management in the organization.
An underwriting manager needs at least a bachelor’s degree in business administration, actuarial science, finance, business law or accounting. A master's degree in business administration or accounting is preferred by most employers. She also needs at least seven years of experience. Getting certification or being a member of a professional body, depending on the industry she is working in, is an added advantage. Some of the organizations that offer certification for underwriting managers include The American Institute of Chartered Property Casualty Underwriters and The Insurance Institute of America.
Responsibilities and Duties
The underwriting manager is primarily responsible for providing leadership, support and guidance to the underwriting team. He is in charge of ensuring that the underwriting team complies with the goals, objectives and standards of the organization in order to meet customer satisfaction and deadlines. He does this by interpreting and implementing guidelines for the underwriting team. The underwriting manager assesses the risk posed by a client to the company. He uses various risk assessment software in order to regularly carry out risk assessment for various individuals and groups. He is also in charge of coming up with policy packages that meet the needs of various clients, while still maintaining company profitability.
An underwriting manager should be creative. She should be able to make quick decisions and have good judgment skills and analytical skills. She should also have excellent verbal and written communication skills and strong negotiation skills.
The underwriting manager works in a relaxed environment, most of the time in an office behind a desk. He spends a good deal of time on the computer or on the telephone. He entertains and meets with existing and potential clients. Underwriting managers who work in the property and real estate industry are required to leave their offices occasionally in order to view and assess sites. Underwriting managers come into contact with a large number of people in the course of their work.
According to Salary Wizard, an underwriting manager earns an average salary of $112,564 per year. However, it is important to note that salaries vary according to location, industry and the organization the manager is working for.
Martin Muchira has been writing content for online businesses since 2008. He has written content for major companies like Air Asia and Comcast. Muchira graduated at the top of his class from Moi University with a Bachelor of Science in wood science and industrial processes.