Assessing risks and developing and analysing insurance concepts - that is your job as an underwriter. You calculate and negotiate contracts and develop concepts for risk prevention. You are an expert for a specific insurance line.
In summary, an underwriter in industrial insurance assesses broader and business-specific risks for companies, while an underwriter in private insurance focuses on personal risks for individuals. Both roles require thorough analysis, risk assessment, and customer care, but within distinct contexts.
Underwriters analyze a company's operational risks, covering property losses, business interruptions, liabilities, and more. They study business activities, processes, and locations to understand the unique risk profile.
Based on risk assessment, underwriters design specific insurance products and policies that cater to a company's needs. These may involve a mix of coverages such as property, business interruption, and liability insurance.
Underwriters calculate premiums for offered insurance products, considering factors like risk level, industry, company size, and past claims history.
They collaborate closely with company risk managers, developing prevention strategies and suggesting risk mitigation measures to reduce potential damages.
Underwriters negotiate insurance terms and conditions with businesses, explaining coverage, exclusions, and policy nuances while adapting them as needed.
In case of a claim, underwriters coordinate claim processing, working with claims and settlement teams to ensure proper regulation of damages.
Underwriters serve as primary contacts for policyholders, addressing inquiries, adjustments, and changes to insurance coverage.
Underwriters track insurance industry developments, market conditions, and regulatory changes to ensure offered insurance solutions remain current and competitive.