40 Underwriter Interview Questions & Answers
Table of Contents
- 1. Accomplishment Questions
- 2. Adaptability Questions
- 3. Behavioral Questions
- 4. Career Goals Questions
- 5. Compatibility Questions
- 6. Competency Questions
- 7. Conflict Questions
- 8. Critical Thinking Questions
- 9. Diligence Questions
- 10. Direct Questions
- 11. Discovery Questions
- 12. Education Questions
- 13. Organizational Questions
- 14. Performance Based Questions
- 15. Problem Solving Questions
- 16. Role-Specific Questions
- 17. Situational Questions
- 18. Technical Questions
Accomplishment
1. What has been your greatest accomplishment as an underwriter so far?
Why the Interviewer Asks This Question
The interviewer asks about your greatest accomplishment as an underwriter to gain insight into your skills and experience in the field. Discussing your accomplishments can reveal your work ethic, problem-solving skills, and ability to handle challenges. This question also provides an opportunity for you to showcase your skills and demonstrate how you have contributed to the success of your previous employers. Overall, it is an important question to help the interviewer determine whether you are a good fit for the position and the company.
Written by Krista Wenz on May 31st, 2023
Answer Example
"So far, the greatest accomplishment of my career has been acquiring and successfully underwriting a complex commercial insurance policy for a large multinational corporation. It required a thorough analysis of their business operations and risks and careful negotiation with the client to ensure that all their needs were met. The end result was a policy that provided comprehensive coverage at a competitive price, and the client was extremely satisfied with my service. It was a challenging project, but it gave me great pride knowing that I could deliver such a successful outcome for our client."
Written by Krista Wenz on May 31st, 2023
Adaptability
2. What has been your biggest disappointment as an underwriter so far?
Why the Interviewer Asks This Question
When the interviewer asks about your biggest disappointment as an underwriter, they want to gain insight into how you handle setbacks and challenges. They may also be interested in understanding your self-awareness and ability to reflect on your experiences. By sharing your biggest disappointment and how you overcame it, you can demonstrate your resilience, problem-solving skills, and commitment to continuous improvement. It's important to be honest and authentic in your response while highlighting the valuable lessons you learned from the experience.
Written by Krista Wenz on May 31st, 2023
Answer Example
"I have always worked hard in my career to ensure I get the best clients for our organization. However, there was a time I was disappointed when we lost one of our big accounts to a competitor because they got a better deal with them. This surprised me as this was a really old account, and they had always renewed with our company for 15 years. Although this deeply saddened me, I decided to focus on changing our strategy and getting new clients instead of being frustrated about losing this one. As a result of our efforts, we acquired some large multinational accounts. Since then, we have reviewed our strategy regularly to see if there is any scope for improvement."
Written by Krista Wenz on May 31st, 2023
Behavioral
3. Give an example of a time when you made a mistake because you failed to actively listen to a supervisor.
Why the Interviewer Asks This Question
The interviewer asks this question to assess your ability to take instructions and follow them thoroughly. They also want to see if you can admit your mistakes and learn from them. To answer this question, you should provide a specific example of a time when you didn't listen to your supervisor and the negative consequences of your actions. Being honest and transparent in interviews is important, as this can help showcase your strengths and weaknesses and your willingness to learn and grow as an employee.
Written by Krista Wenz on May 31st, 2023
Answer Example
"When I was a trainee, I was asked to collect data on our clients, and I spent two days doing that. When I submitted my final report, I realized I had made a mistake and collected the incorrect data. Although I was paying attention, there was a part in which I could not hear the instructions given clearly. Since I was new, I hesitated to ask questions. My supervisor called me into her office and pointed out my error. I embarrassingly admitted my mistake, apologized, and collected the correct information. Since that day, I listen more attentively when given instructions and ask questions if anything is unclear. I have learned that mistakes will be made if I hesitate to ask questions if things are unclear."
Written by Krista Wenz on May 31st, 2023
Career Goals
4. What professional goals have you set for yourself this year?
Why the Interviewer Asks This Question
The interviewer asks about your professional goals for the year to better understand your motivation and drive toward achieving success in your career. Knowing your goals can help them determine whether you would be a good fit for the position and the company's culture and whether they can provide the necessary resources and support to help you achieve your goals.
As an underwriter, there are many professional goals you could have. One of the main goals is to continually improve your skills and knowledge of the underwriting process. This can involve staying up-to-date with industry trends and regulations and seeking new training and development opportunities.
Another goal could be to build strong relationships with clients and industry contacts. This includes fostering trust and communication with clients and networking with other professionals to expand their knowledge and influence.
When answering this question, the main focus is to assure the interviewer you are a lifelong learner who sets and achieves your goals.
Written by Krista Wenz on May 31st, 2023
Answer Example
"My main professional goal as an underwriter this year is to elevate my skills and knowledge in the field to new heights. My analytical abilities will be honed by attending industry seminars and conferences, ensuring I can assess risks accurately and easily determine appropriate coverage. Staying up-to-date with the latest trends and regulations in the insurance industry will be key in my quest to become a true expert. Building stronger relationships with clients and colleagues is also a priority, and I am committed to providing unparalleled customer service to ensure their satisfaction and loyalty. I am confident that I will continue to grow and develop as a professional while contributing to the success and growth of my company."
Written by Krista Wenz on May 31st, 2023
Compatibility
5. What is your greatest strength? How does it help you as an underwriter?
Why the Interviewer Asks This Question
The interviewer is interested in knowing your greatest strength because it helps them assess if you are a good fit for the job of an underwriter. In your role, you will be responsible for analyzing financial data and making sound decisions based on it. Therefore, the interviewer wants to know what your strengths are and how they can help you perform well in this role. Your greatest strength could be your analytical skills, attention to detail, or ability to work under pressure, among others. Whatever it may be, make sure you give a specific example of how it has helped you in the past and how it can benefit the company you are interviewing with.
Written by Krista Wenz on May 31st, 2023
Answer Example
"Past managers have told me that my greatest strength is discipline. I work hard and stay focused on the task at hand. My consistency makes me reliable and gives others confidence in me. I always ensure there are no errors in my work, which I double-check before submission. Additionally, discipline helps me manage my time effectively, prioritize tasks and avoid distractions, and meet and exceed expected deadlines."
Written by Krista Wenz on May 31st, 2023
Compatibility
6. Successful underwriters must have good judgement and common sense. Would you consider yourself to fit in those categories?
Why the Interviewer Asks This Question
The job of an underwriter is something that needs a lot of analysis and presence of mind. From this question the interviewer wants to understand if you have a good combination of analytical skills and common sense. Give an example of an incident where you used both and were able to achieve great results as well.
Written by Nisha Yadav
Answer Example
"Yes, I have common sense and good judgment in my profession. For instance, when I review an insurance application, I always consider various factors, such as the applicant's age, health condition, and occupation, to determine the level of risk involved. I also consider any past claims made by the applicant and assess whether they are likely to file a claim in the future. Additionally, I may consult with other underwriters or experts in the field to ensure that my decision is fair and unbiased. I strive to make informed decisions that benefit the insurance company and the policyholder and will continue to do so if chosen for this position."
Written by Krista Wenz on May 31st, 2023
Compatibility
7. Are you efficient with your time?
Why the Interviewer Asks This Question
When an interviewer asks if you're efficient with your time as an underwriter, they want to know if you can manage your workload effectively and meet deadlines without sacrificing the quality of your work. They're looking for someone who can prioritize tasks, stay organized, and work efficiently, while also being able to adapt to changing priorities or unexpected challenges that may arise. It's essential to demonstrate that you clearly understand what needs to be done, how long it will take, and that you can complete tasks within the given timeframe.
When asked this question, it's important to provide specific examples of how you manage your workload. You could talk about prioritizing tasks based on importance and deadlines, utilizing time management tools such as calendars and to-do lists, or delegating tasks to others when appropriate. It's also helpful to mention how you handle unexpected interruptions or changes in your schedule. By demonstrating your strong time management skills, you can show the interviewer that you are a reliable and productive team member.
Written by Krista Wenz on May 31st, 2023
Answer Example
"Yes, I am very efficient with my time! As an underwriter, I display efficiency by carefully reviewing all relevant information and prioritizing my tasks based on their importance. I make sure to communicate effectively with clients and other team members to ensure everyone is on the same page and that we are meeting our deadlines. Additionally, I use technology and automation tools to streamline my work processes whenever possible. By being organized and focused, I can complete my work efficiently and accurately and generally beat most deadlines."
Written by Krista Wenz on May 31st, 2023
Competency
8. What are the steps you follow to study a problem before making a decision?
Why the Interviewer Asks This Question
Interviewers often ask underwriters what steps they take before making a decision to assess their decision-making process. This question helps the interviewer understand how the underwriter approaches decision-making and how they weigh the different factors involved in the decision. It also allows the interviewer to evaluate the underwriter's ability to gather information, analyze data, and make informed decisions. As decision-making is crucial to the underwriter's role, interviewers are looking for candidates who can demonstrate their ability to make sound and informed decisions while considering all relevant factors.
To further expand, we will provide you with more information on the Problem Solving process. This process consists of a sequence of events that fit together depending on the type of problem to be solved. These are:
*Problem Definition
*Problem Analysis
*Generating Possible Solutions
*Analyzing the Solutions
*Selecting the best Solution(s)
*Planning the next course of action (Next Steps)
It is also important to indicate where you seek out confirmation, validation, and approval at various steps.
Written by Krista Wenz on May 31st, 2023
Answer Example
"When studying a problem in my profession, I typically follow a few key steps. First, I gather all the relevant information I can find, including any data or reports related to the issue at hand. Next, I analyze this information carefully, looking for patterns or trends to help me better understand the problem. Once I have a good grasp of the situation, I begin brainstorming potential solutions, weighing the pros and cons of each option. Finally, I make a decision based on what I believe to be the best course of action, considering all of the available information and any potential risks or consequences. By following these steps, I can approach problems thoughtfully and systematically, ensuring that I make the best possible decisions as an underwriter."
Written by Krista Wenz on May 31st, 2023
Competency
9. Do you consider yourself to have strong research skills?
Why the Interviewer Asks This Question
Thorough research is a crucial aspect of the underwriter's job. The interviewer is looking for evidence of strong research skills as they are essential for gathering and evaluating information quickly and accurately, which is necessary for making informed decisions about potential clients and their insurance policies. Additionally, strong research skills demonstrate critical thinking, attention to detail, and the ability to work independently and as part of a team. Strong research skills are a valuable asset for any underwriter and can help one excel in the role.
Written by Krista Wenz on May 31st, 2023
Answer Example
"Yes, I possess strong research and investigative skills and take pride in them. In fact, I think that conducting thorough research is one of the most important skills an underwriter can have. Gathering all the necessary information and analyzing it carefully is crucial to making informed decisions and mitigating risk. I pride myself on my ability to conduct comprehensive research and feel confident in my abilities in this area."
Written by Krista Wenz on May 31st, 2023
Competency
10. What are your general guidelines related to applicable ratios (i.e., debt ratios, loan-to-value, etc.)?
Why the Interviewer Asks This Question
When the interviewer asks you about applicable ratios, they are trying to gauge your knowledge and understanding of financial ratios commonly used in the underwriting process. These ratios can include debt ratios, loan-to-value ratios, and other similar metrics. To answer this question effectively, it's essential to have a solid understanding of these ratios and how they are used to assess risk and determine loan eligibility. Generally speaking, lenders will look for borrowers with lower debt-to-income ratios and higher loan-to-value ratios, which indicates a lower default risk. However, every lender may have specific guidelines and preferences regarding these ratios, so it's important to be familiar with the particular guidelines of the institution you are interviewing with.
Written by Krista Wenz on May 31st, 2023
Answer Example
"As an underwriter, I typically look at borrowers' debt-to-income and loan-to-value ratios to determine their creditworthiness. The debt-to-income ratio compares the borrower's monthly debt payments to their monthly income, while the loan-to-value ratio compares the loan amount to the appraised value of the property. Generally, I prefer to see a debt-to-income ratio of 43% or lower and a loan-to-value ratio of 80% or lower. However, these guidelines can vary based on the specific loan program and the borrower's overall financial profile. Ultimately, my goal is to ensure the borrower has the ability to repay the loan while minimizing the lender's risk of default."
Written by Krista Wenz on May 31st, 2023
Conflict
11. Have you ever had difficulty with a supervisor?
Why the Interviewer Asks This Question
The interviewer asks if you have ever had difficulty with a supervisor to gain insight into your ability to work well with others and handle conflicts professionally. It also helps them understand your communication and problem-solving skills. It's important to be honest about any past difficulties but also emphasize how you effectively resolved the situation and moved forward. Remember to stay professional and respectful when discussing any previous conflicts. It's vital to avoid badmouthing previous supervisors or placing the blame solely on them. Instead, focus on how you have handled difficult situations and shown resilience and adaptability.
Written by Krista Wenz on June 1st, 2023
Answer Example
"No, I have never had any problems with supervisors in the past. My most recent supervisor and I had a strong work relationship, and she is willing to give you a strong reference on my behalf. However, I understand that it can be challenging to navigate those situations and maintain a professional relationship. If I encountered such a case, clear communication and setting boundaries can help address any issues. I understand it's important to approach the situation with a calm and respectful demeanor and to be open to finding a mutually beneficial solution."
Written by Krista Wenz on June 1st, 2023
Conflict
12. Share an experience you had in dealing with a difficult person and how you handled the situation.
Why the Interviewer Asks This Question
The interviewer wants to gauge your problem-solving skills and ability to handle difficult situations. They are also interested in how you handle stress and conflict and your communication and interpersonal skills. It's important to provide a specific example and explain how you approached the situation in a professional and effective manner. However, refrain from identifying the person or speaking of them in a derogatory way, as it will make you look unprofessional and petty.
Written by Krista Wenz on June 1st, 2023
Answer Example
"I once had a coworker who was always negative and difficult to work with. No matter what I said or did, they always found something to complain about. It was frustrating, but I knew getting angry or confrontational wouldn't solve anything. I decided to approach the situation with kindness and empathy. I tried to understand where they were coming from and why they were acting the way they were. I also wanted to show them that I valued their opinions and contributions.
Over time, our interactions improved, and we were able to work together more effectively. It wasn't always easy, but I learned that sometimes the best way to deal with difficult people is to approach them with patience and understanding."
Written by Krista Wenz on June 1st, 2023
Critical Thinking
13. What do you do when your time schedule or project plan is upset by unforeseen circumstances?
Why the Interviewer Asks This Question
When the interviewer asks this question, they want to know how you handle unexpected changes and challenges that may arise in your work. This is a key question to gain insight into your ability to adapt and be flexible in your work, as well as your problem-solving skills and ability to prioritize tasks. It's important to show that you can remain calm and composed under pressure and have contingency plans to deal with unexpected circumstances. Overall, the interviewer seeks an underwriter who can easily handle change and uncertainty and stay focused and productive regardless of the situation.
Written by Krista Wenz on June 1st, 2023
Answer Example
"When unexpected events throw a wrench in my plans, I try to stay calm and reassess the situation. I step back and evaluate what needs to be changed to accommodate the new circumstances. Sometimes this means adjusting my schedule or timeline or coming up with a new approach altogether. It can be frustrating when things don't go as planned, but I've learned that flexibility and adaptability are key to overcoming unexpected challenges."
Written by Krista Wenz on June 1st, 2023
Critical Thinking
14. What is the most difficult situation you have had to face and how did you tackle it?
Why the Interviewer Asks This Question
Difficult situations can be related to team dynamics, unrealistic expectations, incomplete directions, etc. The interviewer wants to know about a difficult situation you faced to gauge your problem-solving skills and ability to handle stress and pressure. They are interested in how you dealt with the situation, what steps you took to resolve the problem, and what you learned from the experience. This question is often used to assess your attitude and approach to challenges and determine if you are a good fit for the company culture. By answering this question thoughtfully and honestly, you can demonstrate your ability to overcome obstacles and your willingness to learn and grow from difficult situations.
Describe the situation, the difficulty, and how/why it wasn't easy. Then describe how you dealt with it. An example might be taking a project team member aside and walking through the project elements and how they need to work on specific areas. If it was with a problematic boss, describe how you communicated the issue(s) you were encountering, what you proposed to solve the issues, and ultimately, the resolution.
Written by Krista Wenz on June 1st, 2023
Answer Example
"In my career, there have been many difficult situations. I would like to mention the most recent situation when a loan application came to me with little time to process. My team had to do everything quickly, which required the cooperation of everyone. One of our team members decided to quit the job at that same time, putting us in an even worse situation. That is when I decided to overtake another team member's work. With proper teamwork and coordination, we processed the loan and secured another client."
Written by Krista Wenz on June 1st, 2023
User-Submitted Answer
"Finding out wrong information on an application."
Written by an Anonymous User
Our Professional Interview Coach
Stephanie Cafaro Reviewed the Above Answer
Great start, but this response should be developed a bit more to show how you solved the issue. For example, "A difficult situation I faced was finding an application that contained incorrect information. To handle this situation, I__________________________________________________________. From this, I learned that_________________________________________________."
Critical Thinking
15. Give an example where you have supported a loan that did not comply with FHA loan guidelines.
Why the Interviewer Asks This Question
The objective of this question is to determine if you always go by the book or make your own decisions if required. This is a tricky question as the company might be very strict about the guidelines and might not select you if you have supported some such loan, even if that was an excellent decision. So you may want to exercise a little bit of caution here. Make sure you do your homework about the company and its culture before your interview so you know the best way to respond.
If you have worked on non-compliant loans, answer this with how in your past you worked on researching and analyzing non-FHA loans. Expand on the differences and how you conducted your research and analysis. It is OK to present a loan that was not funded as your contribution to the decision is most important, not the result.
Written by Krista Wenz on June 1st, 2023
Answer Example
"I usually don't support loans that don't comply with FHA guidelines, but there are always some exceptions. I have researched non-FHA loans, the differences, etc. (you can add your findings here). Sometimes it is okay to present a loan that is not funded, as our contribution to the decision is what matters the most. We can't control the results but try to do something useful."
Written by Krista Wenz on June 1st, 2023
Diligence
16. How do you stay updated on industry changes and regulations that may affect your work as an underwriter?
Why the Interviewer Asks This Question
The interviewer is interested in understanding your awareness and engagement with the industry. By asking this question, the interviewer is trying to gauge your commitment to professional development and dedication to staying up-to-date in your field. Staying updated on industry changes and regulations is crucial to being an effective underwriter, as it enables you to make informed decisions and adapt to shifting market conditions. It's essential to demonstrate your engagement with the industry by highlighting any relevant professional development activities you have undertaken, such as attending conferences, staying up-to-date with industry publications, or participating in relevant industry associations.
Written by Krista Wenz on June 5th, 2023
Answer Example
"I make it a point to stay informed about any changes or updates affecting my work as an underwriter. I regularly read industry publications, attend relevant conferences and seminars, and network with other professionals in my field. Additionally, I stay current on regulatory changes or updates by regularly checking government websites and subscribing to industry newsletters. By staying informed, I can ensure that my work is always accurate and compliant with applicable regulations. My mentor taught me this valuable advice, and I have continued seeking ways to stay current on changes in the industry throughout my career."
Written by Krista Wenz on June 5th, 2023
Diligence
17. What do you know about our company?
Why the Interviewer Asks This Question
With any job interview, it is crucial to understand the organization you are applying to. We recommend visiting the company website to learn critical information such as current events, involvement in the community, promotions, or anything that qualifies as news. Watch the videos on their website, and take note of the information on their Careers page if one is available. Come prepared to list 5-6 things you learned from the company's website, such as the number of clients they serve, the number of branches, when the company started, who started the company, their mission and vision statement, core values, and the current CEO. Demonstrate to the interviewer that you have done your homework and have learned a lot about the company you are interviewing with.
Written by Krista Wenz on June 1st, 2023
Answer Example
"I discovered that Liberty Mutual is a leading insurance company that offers a wide range of products and services, including auto, home, and life insurance. Your mission is to help people live safer, more secure lives, and your company strives to provide excellent customer service and support. With a focus on innovation and technology, Liberty Mutual is committed to staying ahead of the competition and delivering top-notch products and services to its customers. They have a strong reputation in the industry and are known for their reliability and integrity. I appreciate you taking the time to interview me for the position, and I would be proud to say that I am part of the Liberty Mutual team."
Written by Krista Wenz on June 1st, 2023
Direct
18. Why are you the best candidate for us?
Why the Interviewer Asks This Question
This can be seen as a two-sided question. On one side, the interviewer may be looking to see if you are too bold and egotistical. On the other side, they want to know if you are humble. This question lets you showcase your skills, experience, and qualifications that make you stand out from other applicants. It also allows the interviewer to assess your confidence and ability to sell yourself effectively. Provide specific examples and highlight your achievements to support your claim. Remember, the interviewer is looking for someone who will be a valuable asset to the company, so emphasize how you can contribute to the team and help the company achieve its goals without appearing cocky.
Written by Krista Wenz on June 1st, 2023
Answer Example
"I know that you may have received applications from several applicants with the same qualifications as I do, but what possibly makes me different and better from the others is my excellent risk analysis skills accompanied by the fact that I trained under the best in this profession. Also, I am punctual and organized and have great attention to detail, which means I make almost no errors in my work."
Written by Krista Wenz on June 1st, 2023
Discovery
19. If not an underwriter, what other role within insurance would you like to be in?
Why the Interviewer Asks This Question
The interviewer may be asking this question to better understand your career aspirations within the insurance industry. They may be interested in learning whether you have a specific interest in underwriting or if you are open to exploring other roles within the field. If you are not interested in pursuing a career as an underwriter, there are several different roles within insurance that you may find appealing. For example, you could consider becoming an actuary, claims adjuster, or insurance agent. Ultimately, finding a role that aligns with your skills, interests, and career goals is the key.
Written by Krista Wenz on June 3rd, 2023
Answer Example
"I enjoy being an underwriter to the core as it allows me to use my analytical and problem-solving skills. However, if I were to choose an alternative career, I would like to work as a budget analyst. The reason behind this choice is I would still be able to utilize my skills and be valuable to the organization I work for. I would be able to help the organization manage its finances by creating and analyzing budgets. I also like that I would help to develop financial plans, monitor spending, and identify areas where the organization can reduce costs or increase revenue."
Written by Krista Wenz on June 3rd, 2023
Discovery
20. Why did you choose to pursue a career as an underwriter?
Why the Interviewer Asks This Question
The interviewer is interested in why you chose a career as an underwriter to better understand your motivations and goals. They want to know what drives you and what you hope to achieve in your career. Being honest and specific about your reasons for choosing this profession is important, as it can help demonstrate your passion and commitment to the role. You may want to mention your interest in analyzing data and making informed decisions, your desire to work in a challenging and dynamic field, or your enjoyment of working with clients and colleagues to achieve common goals. Whatever your reasons, be sure to convey your enthusiasm and dedication to the job.
Written by Krista Wenz on June 2nd, 2023
Answer Example
"I chose a career as an underwriter because I have always been fascinated by risk analysis and the ability to make informed decisions based on data and statistics. I enjoy the challenge of evaluating different factors and assessing the likelihood of potential outcomes. Plus, I appreciate the importance of underwriting in helping individuals and businesses obtain the necessary coverage to protect their assets and mitigate their risks. It's a rewarding career that allows me to use my analytical skills to positively impact people's lives."
Written by Krista Wenz on June 2nd, 2023
Discovery
21. Tell me something about yourself that is not on your resume.
Why the Interviewer Asks This Question
The interviewer asks this question to gain a better understanding of your personality traits and interests that are not necessarily job-related. It could also be a way to see how you handle unexpected questions and how well you can articulate your thoughts on the spot. Personally, many think it's a great opportunity to showcase unique qualities that may not be highlighted on your resume. You might talk about your hobbies, volunteer work, or even share a personal story that demonstrates your character and work ethic. Overall, this question allows you to stand out as an individual and not just another resume on the interviewer's desk.
Written by Krista Wenz on June 5th, 2023
Answer Example
"Something about me that many do not know is that I was a competitive ballet dancer for many years. I gave it up once I started a family and career, as it took so much of my time. Although unrelated to this profession, it taught me about discipline, determination, and dedication, which carries over into all aspects of my life."
Written by Krista Wenz on June 5th, 2023
Discovery
22. How would you compare your current job to that of an underwriter?
Why the Interviewer Asks This Question
If the interviewer asks you this question, it is most likely because you have not previously worked as an underwriter. They want to see if you have transferrable skills to help you succeed in the role. An underwriter is responsible for evaluating insurance applications and deciding whether or not to approve them. They have to weigh each application's risks and benefits and ensure the company is not taking on too much risk. Look at your current job, see what skills would easily transfer to the underwriter position, and share them with the interviewer. Also, let the interviewer know that if you were chosen for the job, you would be excited to take on the challenge and learn as much as possible.
Written by Krista Wenz on June 3rd, 2023
Answer Example
"My current job as a loan officer involves reviewing many documents, analyzing them for financial risks, conducting research, communicating with clients, and time management. I believe these skills are equally important for the job of an underwriter and will transfer nicely into this position. Additionally, I have an excellent understanding of the tasks an underwriter needs to perform, I learn new assignments quickly, and thus I believe I will be a perfect match for this job."
Written by Krista Wenz on June 3rd, 2023
Discovery
23. What do you dislike the most about being an underwriter?
Why the Interviewer Asks This Question
The interviewer asks what you dislike the most about being an underwriter to better understand your perspective on the job and identify areas where you may need support or improvement. It's important to be honest but also constructive in your response, highlighting any challenges you've faced and potential solutions or strategies for overcoming them. Ultimately, the interviewer wants to ensure that you have a positive and fulfilling experience in your role as an underwriter and that you are able to contribute to the success of the team and the organization as a whole.
Written by Krista Wenz on June 3rd, 2023
Answer Example
"I like most aspects of working as an underwriter. However, what I dislike about my job is having to tell clients that my company cannot cover them. I am an empathetic and compassionate person, and it is never easy to tell clients bad news."
Written by Krista Wenz on June 3rd, 2023
Discovery
24. What motivates you as an underwriter?
Why the Interviewer Asks This Question
The interviewer asks what motivates you as an underwriter to better understand your work style and what drives you to succeed in your role. You want to be specific in your response, highlighting any personal or professional goals that align with an underwriter's job responsibilities. Ultimately, the interviewer wants to ensure that you are a good fit for the position and will be motivated and committed to doing your best work.
There are various aspects of the job that motivate underwriters, depending on their personal values and work environment. One common motivator is a sense of accomplishment and recognition for successfully assessing and evaluating risks, which can lead to positive outcomes for both the insurer and the insured. Additionally, opportunities for career advancement, professional development, and a supportive team culture can all motivate underwriters. Ultimately, the satisfaction of contributing to the overall success and profitability of the insurance company can be a powerful motivator in this profession.
Written by Krista Wenz on June 3rd, 2023
Answer Example
"As an underwriter, I am motivated by the challenge of assessing risk and making informed decisions that benefit both the insured and the insurer. It's rewarding to use my knowledge and expertise to help clients protect their assets and achieve their goals while ensuring that the insurance company remains financially stable. Building strong relationships with clients and colleagues is also a source of motivation for me, as it allows me to collaborate and problem-solve on a daily basis. Ultimately, knowing that I am making a difference in the lives of others is what keeps me passionate about my work as an underwriter."
Written by Krista Wenz on June 3rd, 2023
Discovery
25. What initially attracted you to the insurance industry, and what keeps you here?
Why the Interviewer Asks This Question
The interviewer wants to understand your motivations and reasons for entering and staying in the insurance industry. They want to know what drew you to the industry in the first place and what has kept you interested and engaged in your career. This information can help them assess your fit for the company and determine if you will likely be a long-term asset to the organization. They also want to understand how you see your career progressing in this field. They need to know why you chose this industry and what keeps you engaged and fulfilled in your work.
Written by Krista Wenz on June 3rd, 2023
Answer Example
"Well, I must admit that what initially attracted me to the insurance industry was the stability it offered. I've always valued security and predictability, and the insurance industry seemed to offer just that. However, what keeps me here is the opportunity to help people. It's gratifying to know that I can make a difference in someone's life by providing them with the protection they need. Plus, the industry is constantly evolving, and there's always something new to learn, which keeps things interesting. Overall, I feel like I'm making a difference, and I'm able to build a fulfilling career at the same time."
Written by Krista Wenz on June 3rd, 2023
Discovery
26. If I were to speak with your social circle, what would your friends say about you?
Why the Interviewer Asks This Question
When the interviewer asks what your friends would say about you, they are trying to gauge your social skills and how you interact with others outside of a professional setting. They want to see if you are well-liked and have a positive attitude, as these qualities can translate well into a work environment. It's important to be honest and give examples of how your friends might describe you while highlighting the strengths and skills that make you a good fit for the job.
Written by Krista Wenz on June 3rd, 2023
Answer Example
"If you were to speak with my social circle, my friends would say that I am a loyal, honest, and trustworthy person. They would also mention that I have a good sense of humor and can always be counted on to lend a listening ear when they need to vent or talk about their problems. Overall, I think my friends would describe me as someone who is caring, compassionate, and always willing to help others in whatever way I can."
Written by Krista Wenz on June 3rd, 2023
Discovery
27. Do you consider yourself more analytical or a free thinker?
Why the Interviewer Asks This Question
During an underwriter interview, it's common to be asked whether you consider yourself more analytical or a free thinker. This question helps the interviewer gain insight into your problem-solving approach and decision-making process. If you tend to be more analytical, you may rely on data and logical reasoning to make decisions, while those who consider themselves free thinkers may rely more on intuition and creativity. There is no right or wrong answer, but it's important to be honest about your tendencies so the interviewer can accurately assess your fit for the position.
Written by Krista Wenz on June 4th, 2023
Answer Example
"I would say that I am more of a free thinker. While I appreciate the value of analyzing information in this profession, I believe it's important to be open to new ideas and perspectives. Being a free thinker allows me to be more creative and innovative in my approach to problem-solving."
Written by Krista Wenz on June 4th, 2023
Discovery
28. When will your current project be completed, or when will be the next logical time to be able to leave on good terms with your team?
Why the Interviewer Asks This Question
The interviewer asks this question to better understand your timeline and availability. They need to know when you will be able to transition out of your current role without causing any disruptions to your team or the project you are currently working on. If possible, you could provide a reasonable estimate for when your current project will be completed and when it would be appropriate for you to leave on good terms. Maintaining positive relationships with colleagues and leaving a positive impression is essential, so it's best to ensure that your departure is handled professionally and respectfully.
Written by Krista Wenz on June 4th, 2023
Answer Example
"My current projects are all stable and green. I can transition them to another team member (or my boss) and be able to start with a two-week notice."
Written by Nisha Yadav
Education
29. Tell me about your financial training and education.
Why the Interviewer Asks This Question
Underwriters typically require a strong foundation in finance and accounting and a thorough understanding of risk management and financial analysis. They must also be familiar with industry regulations and guidelines and have excellent communication and problem-solving skills. Many underwriters pursue advanced degrees in finance, business, or related fields and may also obtain professional certifications such as the Chartered Financial Analyst (CFA) or Certified Risk Manager (CRM) designation. Continued education and training are important for underwriters to stay current with industry trends and best practices. Let the interviewer know what financial training and education you have received.
Written by Krista Wenz on June 4th, 2023
Answer Example
"I have a bachelor's degree in accounting in addition to completing a year-long training under a senior underwriter. During that training, I learned how to excel as an underwriter using several financial applications and my analytical thinking skills. In addition to my bachelor's degree, I have taken several courses in accounting, economics, and investments. Additionally, I regularly attend financial seminars and read industry publications to stay current on the latest trends and strategies."
Written by Krista Wenz on June 4th, 2023
Education
30. Tell me about your education. How has it prepared you for a career as a underwriter?
Why the Interviewer Asks This Question
Provide the interviewer with an overview of your highest level of education. If you have attended any recent training seminars or conferences that are directly applicable, feel free to talk about those too! Next, share a few highlights from your training that has prepared you to work as an underwriter. You might talk about your education preparing you to multi-task and manage a busy workload. You can also consider sharing that your education has provided you with a good foundation, and you understand there will still be things to learn once you are on the job. Be sure to mention that you look forward to learning all you can!
Written by Krista Wenz on June 5th, 2023
Answer Example
"I received my Bachelor's in Accounting and then trained under a senior underwriter for one year. Since then, I have completed XYZ certifications to update my skill set. I also read a lot as I understand that having only basic knowledge is insufficient in any profession. I constantly strive to improve and upgrade myself by learning as much as possible about the industry. My education has given me the foundation to start working as an underwriter while my constant efforts to keep learning something new have helped me advance in this profession."
Written by Krista Wenz on June 5th, 2023
User-Submitted Answer
"My degree is in Psychology, so concerning underwriting, there is no direct correlation, but my schooling, in general, provided me with a base that I believe carries over. It helped me realize that I am a better student, co-worker, employee, and better person when I'm constantly aiming to upgrade myself. As long as I stay in the mindset of learning at least one new thing a day, I can't fail."
Written by an Anonymous User
Our Professional Interview Coach
Rachelle Enns Reviewed the Above Answer
Wonderful! Although your education is not directly related, you did an excellent job in qualifying yourself.
Organizational
31. How do you keep track of work so that it gets done on time?
Why the Interviewer Asks This Question
The interviewer is interested in hearing how you keep track of work to ensure it gets done on time, as it is essential to be organized and meet deadlines in this role. It shows that they are interested in your work habits and how you prioritize tasks to ensure the timely completion of underwriting projects. It's an excellent opportunity to demonstrate your time management skills and ability to balance multiple responsibilities. Describe what tools you use to stay organized and manage your time effectively.
There are various tools available that you can use to keep track of your work and meet deadlines. Project management software, such as Trello or Asana, is one of the most popular options. These platforms allow you to create tasks, set deadlines, and assign team members to each task. You can also track progress and communicate with your team within the software. Another option is a calendar app, such as Google Calendar or Outlook. You can create events for each task and set reminders to ensure you complete each task on time. Also, time-tracking software, like RescueTime or TimeCamp, can help you monitor your time on each task and identify areas where you can improve your productivity. Ultimately, the best tool for you will depend on your specific needs and preferences.
Written by Krista Wenz on June 5th, 2023
Answer Example
"I usually keep track of my work by creating a to-do list, as I am a visual individual. This helps me prioritize my tasks and ensure that I am completing them in a timely manner. I also set reminders and deadlines to ensure that I stay on track. Additionally, I try to minimize distractions and focus on one task at a time to ensure that I am making progress and not getting sidetracked. Overall, I find that staying organized and disciplined is key to ensuring that work gets done on time. This has helped me in the past, and I am proud to say I have never missed a deadline due to being disorganized."
Written by Krista Wenz on June 5th, 2023
Performance Based
32. How do you balance the need for profitability with the responsibility to minimize risk for the company?
Why the Interviewer Asks This Question
The interviewer asks this question because they want to understand how you approach the delicate balance between profitability and risk management. They need to know that you are aware of the risks associated with the business and are committed to minimizing them. At the same time, they want to see that you are focused on driving profitability for the company. It's a tricky balance, but the right candidate can strike a perfect balance and ensure the company thrives while minimizing risk.
Written by Krista Wenz on June 5th, 2023
Answer Example
"As an underwriter, it can be challenging to balance profitability with the responsibility of minimizing risk for the company I work for. However, both objectives are equally important, and achieving a balance between the two is crucial to ensure the business's long-term success. To achieve this balance, I evaluate each risk on a case-by-case basis and make informed decisions based on my analysis. This involves assessing the likelihood of a loss occurring, the potential severity of the loss, and the cost of the premium to the customer. By taking a strategic approach to risk management and pricing, I can help my company achieve profitability while minimizing potential losses."
Written by Krista Wenz on June 5th, 2023
Performance Based
33. Give me a time when you went above and beyond the requirements for a project.
Why the Interviewer Asks This Question
The interviewer wants to know that you are the type of employee who will exceed customer expectations. You are willing to do what it takes to ensure your performance is at its best and your team gets the most out of it. If possible, share what project you were working on, what your basic requirements were, and how you went above and beyond. Be sure to mention why you did it for that project to help the interviewer see your drive to succeed in your work.
Written by Krista Wenz on June 5th, 2023
Answer Example
"Last month, I had a case where the client was struggling to get approved for a policy due to some complexities in their financial history. After conducting extensive research and analysis, I identified some key areas where we could improve their chances of approval. I went above and beyond by presenting these findings to the client, explaining the reasoning behind each recommendation, and providing them with resources to improve their financial standing. Seeing the client's gratitude was incredibly rewarding, and ultimately, their policy was approved."
Written by Krista Wenz on June 5th, 2023
Problem Solving
34. Have you ever been overloaded with work? What did you do to ensure your deadlines were met?
Why the Interviewer Asks This Question
The interviewer asks this question to better understand your thought process and problem-solving skills. They want to see how you approach challenges and come up with solutions. Additionally, this question can give insight into your experience and qualifications for the underwriter position. It allows the interviewer to evaluate your ability to handle difficult situations and how you work under pressure. You want to assure the interviewer that you meet deadlines, prioritize tasks, and make to-do lists or use time management software.
Written by Krista Wenz on June 5th, 2023
Answer Example
"Yes, I have been overloaded with work before, as I think most people are at some point in their careers. When that happens, I make sure to prioritize my tasks and make a list of everything that needs to be done. Then, I break it down into smaller, more manageable tasks and set realistic deadlines for myself. I also try to eliminate distractions and focus solely on the task. If I need help, I'm not afraid to ask my coworkers or boss for assistance. Ultimately, it's all about staying organized, managing my time wisely, and staying focused on the company's goals. Using these practices helps me to stay on task and meet my deadlines."
Written by Krista Wenz on June 5th, 2023
Role-Specific
35. Give an example where you have had to use your negotiation skills.
Why the Interviewer Asks This Question
As an underwriter, you must have excellent negotiation skills because you are responsible for assessing risks and determining the terms and conditions of insurance policies. You will work with insurance brokers, agents, and clients to find the best coverage at the most competitive rates. Negotiation skills are essential in this process because they enable you to communicate effectively, build relationships, and make informed decisions that benefit both the insurer and the insured. Good negotiation skills also help you deal with difficult clients, resolve conflicts, and find creative solutions to complex problems. Ultimately, underwriters with solid negotiation skills are better equipped to succeed in their roles, deliver value to their organizations, and build long-term relationships with their clients, which the interviewer is aware of.
An underwriter who has excellent negotiation skills and is a good communicator is a rare combination that most employers are looking for. Make sure you present an example where you used your negotiation skills and diplomacy to create a win-win situation for the company and the client.
Written by Krista Wenz on June 5th, 2023
Answer Example
"As an underwriter, there have been many instances where I have had to use my negotiation skills. One example that comes to mind is when a client wanted to increase their coverage limit but did not want to pay the higher premium that came with it. I had to carefully explain the risks involved and the reasons for the increased premium while also finding a solution that would satisfy the client's needs. Through effective communication and collaboration, we were able to come to a mutually beneficial agreement that met both the client's needs and our company's requirements."
Written by Krista Wenz on June 5th, 2023
Role-Specific
36. If hired, how do you intend on making a difference with our company?
Why the Interviewer Asks This Question
The interviewer wants to understand your level of interest and enthusiasm for the company and the role you are applying for and assess your ability to think critically and creatively about how you can contribute to the company's success if hired. It is essential to demonstrate your commitment to being a valuable asset to the company and contributing to its ongoing success by leveraging your skills and experience to identify areas for improvement and develop innovative solutions to address them. Additionally, maintaining a positive attitude and a strong work ethic while being open to learning and growing in your role can further demonstrate your potential for making a difference within the company.
Written by Krista Wenz on June 5th, 2023
Answer Example
"If hired, I intend to make a difference with your company by bringing my unique skills and ideas to the table. I am a hard worker who is always willing to go above and beyond to ensure that projects are completed on time and to the highest standard possible. My attention to detail and ability to think creatively will allow me to contribute innovative solutions to any problems that may arise. Additionally, I am a team player who understands the importance of collaboration and communication in achieving success. Overall, I am confident that I can positively impact your company and help it reach its full potential."
Written by Krista Wenz on June 5th, 2023
Role-Specific
37. Give an example where you have had to challenge loan documentation based on fraud detection processes you use.
Why the Interviewer Asks This Question
Identifying potential fraud is important to protect the lender from financial loss. The interviewer is looking to gauge your experience and skills in detecting loan fraud. They want to know how you approach situations where you suspect fraudulent activity in loan documentation. By giving an example of how you have challenged loan documentation based on fraud detection processes, you can demonstrate your ability to identify and prevent fraudulent activity.
Written by Krista Wenz on June 5th, 2023
Answer Example
"I recently had a case where I had to challenge loan documentation based on fraud detection processes. The borrower had provided a forged tax return that didn't match the information my team obtained through our verification process. We also noticed some discrepancies in their employment history. After further investigation, we discovered the borrower had falsified their income and employment in order to qualify for the loan. We immediately rejected the application and reported the fraud to the appropriate authorities. We must always be diligent in our underwriting processes to prevent fraud and protect our company from potential losses."
Written by Krista Wenz on June 5th, 2023
Role-Specific
38. Can you walk me through your underwriting process?
Why the Interviewer Asks This Question
The reason why the interviewer will ask you to walk them through your underwriting process is to gain a better understanding of your approach, methodology, and communication skills. They may want to evaluate your problem-solving skills, attention to detail, and ability to make sound decisions based on data and analysis. This can help them determine if you are a good fit for the role and if your approach aligns with the company's values and goals. It's important to be clear and concise in your explanation, highlighting key steps and factors influencing your decision-making process.
Written by Krista Wenz on June 5th, 2023
Answer Example
"Sure, I'd be happy to. First, I collect information about the applicant and the property or asset they want to insure. This includes details about the applicant's credit history, prior insurance claims, and any relevant information about the property or asset itself.
Next, I use this information to calculate the level of risk associated with insuring the applicant and their property. My team may also inspect the property or asset to assess any additional risk factors that may not be apparent from the information provided.
Based on this assessment, I can determine the premium the applicant will be charged for their insurance policy if approved. This premium is calculated based on the level of risk associated with insuring the applicant and their property and any other relevant factors, such as the coverage limits and deductible amounts.
My underwriting process is designed to ensure that I can offer fair and competitive insurance policies while minimizing risk for my company and policyholders."
Written by Krista Wenz on June 5th, 2023
Situational
39. What is your approach to assessing risk in an application?
Why the Interviewer Asks This Question
The interviewer is interested in gaining insight into your professional judgment and ability to make sound decisions in a fast-paced and complex environment. By asking about your approach to assessing risk, they can better understand your analytical and decision-making skills and how you prioritize certain factors and weigh the potential risks against the benefits of approving an application. Overall, it is a way for the interviewer to assess your qualifications for the role with their company.
Written by Krista Wenz on June 5th, 2023
Answer Example
"As an underwriter, my approach to assessing risk in an application involves careful analysis of various factors such as the applicant's credit history, income, employment status, and overall financial stability. I also consider any potential risk factors, such as the type of loan being applied for, the purpose of the loan, and the current economic environment. Ultimately, my goal is to ensure the applicant is a responsible borrower capable of repaying the loan without causing undue financial hardship or default. This requires a comprehensive understanding of the applicant's financial situation and a thorough evaluation of the associated risks."
Written by Krista Wenz on June 5th, 2023
Technical
40. Do you have strong computer skills? Which programs are you most experienced in?
Why the Interviewer Asks This Question
As an underwriter, you will be analyzing large amounts of computer data and making important decisions based on that information. Proficiency in programs such as Excel, SAS, and other data analysis tools can help you effectively manage and interpret complex information. Additionally, strong computer skills can demonstrate your ability to adapt to new technologies and work efficiently in a fast-paced environment. The interviewer also asks about your computer skills and familiarity with certain programs because technology plays a crucial role in the underwriting process. Describe which programs you are most experienced with and how you have solid computer skills that will help you succeed in the role.
Written by Krista Wenz on June 5th, 2023
Answer Example
"Yes, I have very strong computer skills and have been using them since I was eight years old. I am well versed in using SQL and SAP and have a basic knowledge of NetSuite and Microsoft Dynamics along with various programs such as Microsoft Excel, Word, and PowerPoint. I am also comfortable working with the database software Oracle. In addition, I have knowledge of underwriting software such as Applied Epic and Vertafore. I believe these skills are essential in performing my job efficiently and effectively and will help in my success with your organization."
Written by Krista Wenz on June 5th, 2023