How to Become a Group Underwriter
Step 1: Understand the job description and responsibilities of a Group Underwriter
What does a Group Underwriter do?
A Group Underwriter reviews and analyzes risk characteristics on insurance applications, renewals, and change requests. Utilizes underwriting guidelines, rules, standards, and levels of authority to accept, reject, or mitigate risk for applications and determine appropriate premiums, limits, and coverages. Being an Group Underwriter calculates renewal rates. Ensures that underwriting activities comply with all industry and governmental regulations. Additionally, Group Underwriter may coordinate with field agents to collect or clarify information or decisions. Typically requires a bachelor's degree or equivalent. Typically reports to a supervisor or manager. The Group Underwriter occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. To be an Group Underwriter typically requires 2-4 years of related experience.
Group underwriter interview questions shared by candidates.
We do, however, offer opportunities to get connected, and be mentored through our various ARGs (Associate Resource Groups).
The group purchases the issue from the issuing corporation at a specified price and then resells the issue to investors in order to make a profit.
Guide the recruiter to the conclusion that you are the best candidate for the group underwriter job.
This position will underwrite routine and complex new group policies and renewals. This position also assists in the preparation and performance of financial/operational analysis and research, premium rate studies, claims experience and financial results monitoring; and the design, pricing, and implementation of new employee benefit products and programs.
Step 2: Learn best tips to become a Group Underwriter
Best tips for those who want to become a Group Underwriter
Here are some tips to become a Group Underwriter.
Step 3: View best colleges and universities for Group Underwriter
Best colleges and universities for Group Underwriter
- Butler University
- Carroll College
- Cooper Union
- High Point University
- Princeton University
- Providence College
Step 4: Think about whether is it worth to be a Group Underwriter
Is being a Group Underwriter Worth it?
Provides underwriting knowledge sharing, education, advice and coaching to other underwriters and departments.
Expected to mentor lower level underwriters and provide work direction, guidance and feedback.
Work as a team with the assigned customer service representative for your agency group.
Maintain logs of the group quotations and provide reports on quarterly basis.
Work on the maintenance of Group pricing basis and services offer for MENA markets.
Step 5: Prepare relevant skills for being a Group Underwriter
What skills do you need to be a Group Underwriter?
This is not a management position, but still requires important skills in order to fully execute the role. A keen understanding of the following is necessary for the role: Policy Analysis, Reinsurance, Underwriting, Risk Analysis, Calculate Ratings, Contract Review, Denial Administration, Insurance Regulatory Guidelines, Loss Run Analysis. Some of the more basic skills utilized in this role include: Insurance Software, Underwriting & Rating Software. These skills are certainly important to the role, but keep in mind, fit into a company culture and environment is often just as important.
Knowledge of Group Benefits contract provisions and administrative practices.
Minimum of 3 years of Group Insurance Underwriting and/or Special Risk Underwriting skills and experience in Life, Disability, Health and/or Worksite products.
Ability to apply group insurance underwriting principles and to provide technical underwriting solutions for clients.
Qualifications Requires a BA/BS degree or 2 years of experience in medical large group underwriting.
5+ years of group insurance underwriting experience in the medium-to-large market (100+ employees).
Step 6: View average salary for Group Underwriter
How much does a Group Underwriter make?
The average salary range for a Group Underwriter is from $67,157 to $86,573. The salary will change depending on your location, job level, experience, education, and skills.
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Step 7: Find relevant Group Underwriter jobs, and apply.
Looking for Group Underwriter jobs?
Here are some Group Underwriter jobs in the United States.