The role of a head of underwriting is crucial in the financial sector, where risk assessment and decision-making are key to a company’s success. As the leader of the underwriting team, this professional is responsible for shaping underwriting strategies, overseeing complex risk evaluations, and ensuring that the organisation balances profitability with risk.
What Does the Head of Underwriting Do?
Underwriters are responsible for ensuring there’s a balance between the risk that a company accepts and the premiums that policyholders pay. Underwriting is a profession that rewards those with strong skills in analysis, communication and focus.
Responsibilities of the Head of Underwriting
The responsibilities of the head of underwriting cover a variety of things. Some of the responsibilities include:
- Adhere to company procedures and documentation management standards.
- Administer underwriting guidelines and regulations.
- Analyse data and create unique solutions.
- Anticipate and adjust for problems and roadblocks.
- Approve files that are exceptions to the guidelines or over supervisors’ approval authority
- Assist in developing and growing a working pipeline of new business.
- Assisted in managing underwriting relationships with insurers.
- Assist in the budgeting process on a monthly, quarterly and annual basis.
- Assist in the review of the annual operating budget to confirm consistency with property strategies.
What Qualifications Do You Need To Be Head of Underwriting?
A professional qualification can validate that you have an advanced understanding and aptitude in underwriting practice. The Advanced Diploma in Insurance, offered by the Chartered Insurance Institute (CII), is a well-known qualification. If you’re taking the university route, your previous academic qualifications may be applied towards completion of the Advanced Diploma. Consider querying CII to learn more.
Soft Skills Required For Head of Underwriting
Analytical Skills
As an underwriter, you will need to analyse a lot of data and information, such as credit reports, financial statements, market trends, and actuarial tables. You will need to be able to interpret and evaluate these data sources and use them to make sound decisions and recommendations. Analytical skills also involve being able to identify and mitigate potential risks and find solutions to complex problems.
Communication
Communication skills are essential for an underwriter, as you will need to communicate effectively with various stakeholders, such as clients, brokers, agents, managers, and regulators. You will need to be able to explain your underwriting criteria, policies, and procedures, as well as justify your decisions and findings.
Attention to Detail
Attention to detail is another key skill for an underwriter, as you will need to be meticulous and thorough in your work. You will need to check and verify the accuracy and completeness of the data and information you use and ensure that you follow the relevant rules, regulations, and standards. You will also need to be able to spot and correct any errors, inconsistencies, or discrepancies in your work.
Customer service skills
Customer service skills are also important for an underwriter, as you will need to build and maintain positive relationships with your clients and partners. You will need to be able to understand and anticipate their needs and expectations, and to provide them with timely and satisfactory service..
How Can I Find a Job As Head of Underwriting?
Finding a job might take some time. Make sure you keep an eye on platforms like Indeed, Glassdoor, LinkedIn, and more for job postings. You can also join groups or join Redstone so they can search for you.
What Interview Questions Will They Ask?
General questions will begin the interview and allow the interviewer to learn more about you. Here are a few common questions you may be asked:
- How do you stay organised when maintaining multiple claims?
- What are your greatest strengths as an underwriter?
- Do you prefer working on a team or independently?
- What led you to pursue a career in underwriting?
- How do you stay focused when completing projects that can be repetitive?
- Have you ever had to go beyond the expectations of your job to complete a project?
They will then ask other questions about your qualifications and background. These questions can include:
- What was your favourite part of your previous job? Your least favourite?
- How do you keep up-to-date on the latest insurance laws?
- How do you present data and findings to the cosigner or the customer?
- How do you maintain accuracy when working with large collections of data?
What Should I Include In My CV For Head of Underwriting Jobs?
- Summary of experience: Provide a brief synopsis of your past work, industries you are familiar with, and types of firms you have worked for in your profile. Recruiters will want to know these details.
- Relevant skills: Make your most relevant Underwriter key skills clear in your profile. These should be tailored to the specific role you’re applying for – so make sure to check the job description first, and aim to match their requirements as closely as you can.
- Essential qualifications: Be sure to outline your relevant Underwriter qualifications, so that anyone reading the CV can instantly see you are qualified for the jobs you are applying to.
Can I Get a Head of Underwriting Job Through Redstone?
Redstone can help you search for a job in underwriting. When looking for your next position, you want to partner with a firm that takes the time to get to know you and understand your current situation. This way, you will be connected with opportunities that represent a genuine improvement to you, both personally and professionally.
Redstone has established multiple long-standing and valued relationships with international corporations and they utilise these relationships to connect you with firms.
What Features Do Redstone Provide Candidates?
Redstone provides loads of features to their candidates. These features include:
- CV enhancement
- Interview preparation and coaching
- Overall management of the recruitment process
- Contract negotiations
- Coaching and assistance through the resignation process
- Settling into your new role