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