· Home · MQ's · Specs Index · Examination Code: R ·
9486
UNDERWRITER 3
Nature of Work
Under general supervision, performs advanced level
professional work in evaluating, classifying and rating employers
applying for Workers' Compensation insurance and rating plans
including guaranteed cost, retrospective rating, adverse risk,
and deductible plans; performs as a team leader in overseeing the
work of underwriters and associate staff; assists in the
mentoring and training of underwriting staff. Responsible for
the more complex underwriting applications and serves as a
consultant/resource to staff on underwriting issues. Applies
knowledge of rating plans, employer financial standing and credit
risk, employers accident experience, statutes, rules and
underwriting standards to support underwriting decisions.
Performs related work as required.
Distinguishing Characteristics
Positions allocated to this class typically perform in a
team leader role by mentoring and training underwriting staff and
overseeing the daily work of the team; performs the more complex
underwriting work such as retrospective rating, adverse risk, and
deductible rating plan; may assist underwriting manager in goal
setting, special projects and unit management.
Examples of Work
Technical Knowledge
Works with Risk Management team and other division staff to
review, and recommend new workers' compensation rating
plans and product lines and assists in the development
of pricing strategies for each plan/product line.
Evaluates and prices complex accounts such as retrospective
rating, adverse risk deductibles, and self-insurance;
reviews decisions with Underwriting Manager as
necessary; calculates premiums based on
classifications, payroll exposures, credit risks, and
loss control initiatives; adjusts reserves and premium
taxes accordingly.
Leadership
Leads the work of an underwriting team; mentors and trains
staff, reviews and approves work, assists in setting
team goals; forecasts team expenditures and develops
team budget, conducts staff meetings; serves a
resource/consultant on complex or unusual underwriting
issues.
Analytical/Problem Solving
Compiles data to resolve problems or deviations from
established underwriting standards and procedures;
analyzes complaints and inquiries regarding insurance
contracts, endorsement requests, coverages, and rating
plans.
Influencing/Negotiation
Communicates rating plan options to employers to influence
accurate selection of coverage options; demonstrates
ability to reach successful settlement of account
issues through discussion and compromise.
Account Management and Profitability
For new and renewal employer accounts, reviews and evaluates
underwriting account reviews, premium audit results,
and loss control reports to assess and measure account
and overall team performance and account profitability.
Reviews safety surveys and classification studies to ensure
hazards are properly identified and controlled and to
identify activities not reflected in employer
applications that would result in additional
classification or reclassification.
Communication
Responds to inquiries from state agencies and public
entities regarding coverages, rating plans, and
resulting premium calculations.
Communicates underwriting activities to Performance Council
and Division Management.
Develops and delivers presentations to new and existing
employers.
Customer Service
Provides customer service to employers including the issuing
of provisional coverages, certificates, as well as
assisting with prompt responses to employer inquiries.
Teamwork
Assists in the design of underwriting training classes;
supports senior staff and management in completing the
work of the unit.
Completes special projects and assists in training
underwriter trainees and support staff.
Knowledge, Skills and Abilities
Knowledge of Workers' Compensation laws, policies and
procedures regarding risk administration, insurance and
risk management, field auditing, accounting or business
administration, underwriting and loss control.
Knowledge of Board of Risk and Insurance Management legal
basis, and the rules and regulations governing system
operation.
Knowledge of division policies, procedures, rules and
regulations; laws, rules and regulations pertaining to
the insurance industry.
Knowledge of advanced mathematics, including statistics.
Knowledge of the form and content of insurance policies.
Knowledge of underwriting processes, principles, practices
and underwriting administration; the theory, principles
and practices of insurance, risk selection and
classification.
Knowledge of various insurance coverages, pricing methods,
and procedures.
Ability to determine and/or calculate employer payroll
exposures, classifications, experience or other rating
plan modifications, and credit risks for purposes of
determining the appropriate rating plan for each
employer.
Ability to explain why a particular rating plan is more
beneficial for a particular employer.
Ability to operate a personal computer and use spreadsheet
and word processing software in daily work.
Ability to analyze complex data and make sound judgments
relating to underwriting administration; to read and
interpret financial statements, credit reports, and
financial ratios.
Ability to establish and maintain effective working
relationships with staff, legislators, state and local
officials, public employees and the general public.
Ability to communicate effectively, both orally and in
writing.
Ability to prepare and present complex reports on
underwriting activities and performance measures.
Ability to lead and motivate support staff to achieve
underwriting goals and objectives.
Ability to plan, organize, and direct the work of an
underwriting team and resolve complex operational
issues.
Minimum Qualifications
[Top]
Training:
Bachelors degree from an accredited four-year
college or university. Preference may be shown for
applicants with a degree in business administration,
finance, economics, insurance, accounting, risk
management, engineering, actuarial science, or other
business related area.
Substitution:
Experience as described below may substitute
for the required training on a year-for-year basis.
Experience:
Five years of full-time or equivalent part-time
paid professional experience in underwriting with a
major insurance provider.
Substitution:
Chartered Property/Casualty Underwriter
(CPCU) certification may substitute for two years of
the required experience. Associate in Underwriting
(AU) designation may substitute for one year of the
required experience.
Special Requirements:
Employee will be expected to
demonstrate a plan to complete the Chartered
Property/Casualty Underwriter (CPCU) Program or other
related professional designation Associate Underwriter
(AU), Associate Risk Manager (ARM), within a specified
time period.
Established: 02/27/97
Effective:
03/1/97