Definition - What does Staff Underwriter mean?
A staff underwriter is a profession mandated with the role of helping the underwriting management to make and implement the underwriting policy. In this case, underwriting refers to the assessment of the risk exposure of a potential customer to facilitate setting of insurance policy terms and conditions, pricing coverage, and monitoring of the decisions made. The idea is to match each client premiums with the risk exposure of the insured assets to avoid losses to the insurer.
Insuranceopedia explains Staff Underwriter
To come up with an informed judgment, a staff underwriter researches the market, evaluates loss experience, participates in the industry association, and conducts underwriting audits. This helps them conduct education and training; revise the existing underwriting guidelines while formulating new underwriting policies; and review and revise the insurance pricing plans while taking into consideration the loss experience. The main purpose is to develop a profitable book of business to ensure the sustainability of the insurance company. Besides these tasks, a staff underwriter works hand in hand with the line underwriters whose mandate is to evaluate new clients and renewal underwriting. A staff underwriter, therefore, needs to be communicative, prudent and hardworking for ease of coordination with other departments to manage the insurance product portfolio, pricing strategies, and pricing guidelines.
Key Trends in International Private Medical Insurance for 2016