Underwriting Process
Structure policy terms in accordance with an organisation's rating, price and risk tolerance to develop risk evaluation considerations for applications
Type
Functional
Competency Area
Product, Sales and Market Management
Levels
Provide support in underwriting processes by developing policy terms
Identify key factors that affect risk rating and pricing
Identify information that should be factored into underwriting decisions
Identify risk evaluation considerations
Determine acceptable levels of risk and appropriate terms, conditions and common clauses
Structure policy terms in accordance with organisational policies and procedures on rating, pricing and risk tolerance
Perform underwriting for standard risk cases and administer efficiently
Administer the underwriting processes in accordance with organisational policies and procedures
Perform assessments of standard risks
Determine terms, common clauses, and premiums in the underwriting evaluation
Determine acceptance or rejection for applications
Review underwriting approaches to ensure processes are robust, efficient and competitive
Perform underwriting for multifaceted risk cases
Perform assessments of technical and/or multifaceted and/or high- value risks for non- standard risks
Determine terms, common clauses, and premiums in the underwriting evaluations
Determine acceptance or rejection for technical and/or complex and/or high-value risk applications
Develop underwriting strategies, pricing structures and underwriting guidelines in the relevant class of business to enhance competitiveness and profitability
Provide insights on insurance market environment and competitors
Adapt underwriting strategies and approaches, as well as implement market best practices