Depending on the industry and company, underwriting assistant jobs can vary. Underwriters are in charge of determining the premium amount for policyholders based on risk. There is a lot of data associated with the rates charged, and underwriting assistants work with underwriters to make sure the process runs smoothly. Underwriting assistant jobs are important because they collect and relay the necessary information about policy and pricing changes to the underwriters.
Insurance companies, such as life and health or property and casualty insurance, may have openings for underwriter assistants. Other types of financial institutions, such as banks and loan companies, may have openings for underwriting assistants. Underwriters are needed by any company that needs to calculate risk in order to determine whether or not to grant coverage or a loan. Because of the high volume of requests that come in and out of these institutions, underwriters need help from assistants to keep the flow organized and timely.
Underwriting assistants are responsible for a variety of tasks on a daily basis, including clerical work, application review, speaking with people inquiring about policy changes, gathering information, and any other tasks assigned by the underwriter. For those doing business with the underwriters, the assistants are frequently the first point of contact. Because the assistant will interact with multiple people throughout the day, both in person and over the phone, this position requires strong interpersonal skills. As the assistants advance in their careers, they will be given more responsibilities and be expected to make larger decisions.
For underwriting assistant jobs, many companies will require at least a bachelor’s degree in a relevant field; however, with enough relevant experience, others may be eligible to apply. Strong mathematical skills are advantageous for underwriters and assistants alike, despite the fact that much of the work is now done with computer software and other forms of technology. Many underwriting assistant positions lead to positions as underwriters. Additional certifications are frequently required once in a position to keep employees up to date on current trends.
Underwriting assistants work a 40-hour work week on average, Monday through Friday. Underwriting assistants earned an average of $35,010 per year in 2008, according to the US Bureau of Labor Statistics. Many companies also provide underwriting assistants with additional benefits such as health insurance, paid vacation, and retirement plans.