How to Answer: Can you walk me through your underwriting process?
Advice and answer examples written specifically for an Underwriter job interview.
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