Underwriting assistants support underwriters in determining premium amounts based on risk to policyholders. They work in insurance, financial institutions, and other industries, and require strong interpersonal and mathematical skills. A bachelor’s degree may be required, and salaries average $35,010 annually.
Underwriting assistant jobs can vary depending on industry and company. Underwriters are responsible for determining the premium amount based on the risk to policyholders. There is a plethora of information associated with the fees charged, and underwriting assistants work with underwriters to ensure the process runs smoothly and efficiently. Underwriting assistant jobs are important because these are the people who gather and convey to underwriters the necessary information about changes in policies and pricing.
Underwriting assistant jobs can be found with insurance companies such as life and health or property and casualty insurance. Underwriting assistant jobs can also be found in other types of financial institutions such as banks and lending companies. Any company that needs to calculate risk to determine whether to provide coverage or a loan will need underwriters to do the calculation. With the large number of requests coming in and out of these institutions, it is essential that underwriters have support from assistants to keep the flow orderly and timely.
Underwriting assistants have a variety of daily tasks, including office work, reviewing applications, talking to people who inquire about a policy change, gathering information, and any other tasks the underwriter may request. Assistants are often the first point of contact for anyone doing business with underwriters. This position requires strong interpersonal skills because the assistant will be in contact with a variety of people throughout the day, both in person and over the phone. As assistants grow professionally, more tasks will be assigned to them and bigger decisions will need to be made for them.
Many companies will require at least a bachelor’s degree in a relevant field for hiring assistant jobs; with sufficient related experience, however others may be welcome to apply for the positions. Although much of the work is now done with computer software and other forms of technology, strong mathematical skills are an advantage for underwriters and assistants. Many underwriting assistant jobs lead to actual underwriting positions. Once in a position, additional certifications are often needed to keep staff current on current trends.
Underwriting assistants work an average of 40 hours a week, typically Monday through Friday. According to the US Bureau of Labor Statistics, underwriting assistants in 2008 earned an average of $35,010 annually. Many companies also offer additional benefits to underwriting assistants, such as health insurance, paid vacation, and retirement plans.
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