Job Description

What's This Role About?

Reporting to the Operations Excellence Lead, the primary purpose of this role is to assist the Underwriting and Operations Teams in delivering a high-quality client service. The successful candidate will support the underwriters and operational functions to meet business objectives. The role provides a fantastic opportunity for those looking to further develop their knowledge and expertise in the Underwriting space.

A Commercial Underwriting Assistant provides administrative support to the underwriting team. They assist in the review, evaluation, and analysis of insurance applications and policies, contributing to the assessment of the risks involved in insuring commercial properties, businesses, and assets.

Collaboration is key to the success of this role, therefore a close working relationship is required with Underwriting, Operations, Claims and Finance.

This role requires a strong understanding of insurance principles, policies, and procedures, as well as excellent organizational and communication skills.

Key Responsibilities

1. Data gathering: Collecting and organizing relevant information for underwriting purposes, including corporation details, business operations, financial statements, and loss history.
2. Application processing: Entering data into underwriting systems to generate quotes and policies, ensuring accuracy and completeness.
3. Policy review: Reviewing and verifying policy documents, endorsements, and renewals, identifying any inconsistencies or errors.
4. Risk assessment: Assisting the underwriters in evaluating the risk exposure of commercial insurance applications, analyzing potential hazards, and determining appropriate coverage.
5. Rate calculation: Assisting in the compilation of rating structures and premium calculations based on underwriting guidelines and company standards.
6. Customer service: Responding to inquiries from agents, brokers, and customers regarding policy information, coverage options, and underwriting guidelines.
7. Documentation and recordkeeping: Maintaining accurate and organized files, both electronic and physical, ensuring compliance with regulatory requirements and internal procedures.
8. Collaboration: Collaborating with other departments, such as claims, loss control, and marketing, to provide necessary information and ensure effective communication.
9. Research and analysis: Conducting market research, industry analysis, and competitive analysis to support underwriting decisions and strategy development.
10. Continuous learning: Staying updated with industry trends, regulations, and advancements, attending training sessions and conferences to enhance knowledge and skills.
11. Escalation: Be the first point of contact for CBS in relation to specific queries on accounts.
12. Coordination: Liaising with other departments (e.g. Request for quotes to MSU, Request Risk Surveys to CRES, raise coding sheets and credit extension forms to finance, etc.) and liaising with brokers.
13. Maintain Governance: Ensuring all necessary governance activities are completed and adhered to (e.g. Reinsurance Checklist, wording checklists, etc.).

Desired Qualifications & Skillset

• A high school diploma or equivalent, a bachelor's degree in business, finance, or a related field, preferable.
• Strong analytical and problem-solving skills, with attention to detail and ability to interpret complex information.
• Proficient computer skills, including MS Office suite and underwriting software.
• Excellent organizational and time management abilities, with the capacity to handle multiple tasks simultaneously.
• Effective communication and interpersonal skills to interact with clients, agents, and colleagues.
• Knowledge of commercial insurance products and underwriting practices, and familiarity with industry regulations and policies.
• Ability to work collaboratively as part of a team and adapt to changing priorities.
• A willingness to learn and develop professionally within the insurance industry.