While underwriting may be a common aspect of the insurance industry, the benefits a good underwriter can deliver are far from run-of-the-mill. In fact, in a lot of ways, your success depends on the expertise of your underwriter.
So how do you know if you've got the right underwriting partner? By taking the time to understand the basics of an underwriter's role, the valuable expertise a good underwriter can provide, and how it all can benefit your business, you'll be on your way to selecting an underwriting partner that's right for you.
Related: 3 InsurTech updates to the underwriting process
|Uncovering the role of the underwriter
Simply put, the role of an underwriter is to assess risk in order to determine how much an insurance company should charge for insurance policy premiums. Once determined, underwriters then work with agents, brokers and those responsible for sharing policy information with clients, to familiarize them with the coverage details associated with the policy. Should there be a change in insurance conditions, or a material change in the risk associated with a customer's policy, the underwriter analyzes the situation and advises the insurance company on whether it should continue the policy as currently written or modify the coverage and offer new terms to the customer.
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