17 Underwriting Manager Interview Questions and Answers

An underwriting manager is responsible for the underwriting department of an insurance company. The underwriting department is responsible for approving or denying insurance applications.

The underwriting manager is responsible for the underwriters who work in the department. The manager may also be responsible for approving or denying insurance applications.

The underwriting manager position is a management position. The underwriting manager may report to the president or CEO of the insurance company.

The underwriting manager position is a high-level position. The underwriting manager may have a team of underwriters who report to him or her.

The underwriting manager position may require a bachelor’s degree in business, insurance, or a related field.

The underwriting manager position may require five or more years of experience in underwriting, insurance, or a related field.

The underwriting manager position may require a state insurance license.

The underwriting manager position may require certification from the American Academy of Underwriters (AAU).

Are you familiar with the types of underwriting processes used in the insurance industry?

This question can help the interviewer determine your level of experience in underwriting and how you might apply that knowledge to a new role. Use examples from your past experience to highlight your expertise with underwriting processes, including any specific software or tools you’ve used for this purpose.

Example: “In my current position as an underwriter, I use several types of underwriting processes depending on the type of insurance policy I’m creating. For instance, when I create life insurance policies, I use the cohort method to assess risk factors based on the applicant’s age group. When I create property insurance policies, I use the exposure method to calculate risks based on the location of the insured property. And when I create casualty insurance policies, I use the premium rate method to set rates based on the likelihood of claims.”

What are some of the most important qualities for an underwriting manager to have?

This question can help the interviewer determine if you possess the qualities they look for in an underwriting manager. When answering this question, it can be helpful to mention a few of the most important qualities and how you have demonstrated them in your previous roles.

Example: “The most important quality for an underwriting manager is communication. As an underwriter, we are responsible for communicating with clients about their policies and helping them understand what they need to do to complete their applications. In my last role as an underwriter, I was able to use my communication skills to help my team members when they had questions or needed assistance completing their work.”

How would you rate your teamwork skills?

An interviewer may ask this question to learn more about your ability to collaborate with others. This can be an important skill for underwriting managers, as they often work in teams and need to communicate effectively with their colleagues. When answering this question, it can be helpful to mention a specific example of how you worked well with others on a project or task.

Example: “I have always been someone who enjoys working in groups. I find that when working in a team, we are able to accomplish so much more than if we were to do everything alone. In my previous role, I was part of a small underwriting team where we all had different strengths. We would meet once a week to discuss our progress and any challenges we faced. I found these meetings to be very beneficial, as they allowed us to bounce ideas off each other and offer advice.”

What is your experience with using data analysis tools?

The interviewer may ask this question to learn about your experience with using data analysis tools and how you apply them to underwriting. Use examples from previous jobs to explain what types of data analysis tools you’ve used, the software you’re familiar with and how you use these tools to complete tasks.

Example: “In my last role as an underwriter, I was responsible for analyzing large amounts of data to determine risk factors that could affect a client’s policy. I used several different types of data analysis tools including predictive modeling software, statistical software and business intelligence software. These tools helped me analyze large amounts of data quickly so I could make informed decisions about which clients were at risk.”

Provide an example of a time when you had to make a difficult decision regarding an insurance claim.

An interviewer may ask this question to learn more about your decision-making skills and how you handle conflict. When answering, it can be helpful to describe a specific situation in which you had to make a tough call and the steps you took to ensure that you made the best choice for both the customer and the company.

Example: “In my previous role as an underwriter, I once received a claim from a customer who was requesting reimbursement for their damaged car. The customer stated that they were driving when another driver ran a red light and crashed into them. However, after looking at the police report, I noticed that there was no record of the other driver running a red light. I called the customer to explain the situation and offered to reimburse them for the cost of repairing their car.”

If you were to make one change to our underwriting process, what would it be?

This question is an opportunity to show your knowledge of the underwriting process and how you can improve it. When answering this question, make sure that your answer shows a deep understanding of the current underwriting process and what would need to change in order for it to be more effective.

Example: “If I were to make one change to our underwriting process, I would implement a risk-based pricing model. This system would allow us to charge customers based on their level of risk rather than charging them the same amount regardless of their situation. For example, if we had a customer who was a high-risk client but only needed $1,000 worth of coverage, we could offer them a lower price because they are at a low risk of needing large amounts of money from us.”

What would you do if you noticed a pattern of high claims among a certain group of customers?

An interviewer may ask this question to assess your ability to identify and solve problems. In your answer, explain how you would investigate the issue and take action to resolve it.

Example: “If I noticed a pattern of high claims among a certain group of customers, I would first look at their individual profiles to see if there are any commonalities between them. For example, I might notice that all these customers have similar occupations or locations. If so, I would then research what types of insurance companies offer policies for those groups of people. Then, I would contact those insurers to find out why they’re seeing more claims from their customers.”

How well do you communicate with insurance agents and sales representatives?

An underwriting manager needs to be able to communicate effectively with agents and sales representatives. These individuals are the ones who interact directly with customers, so it’s important that they understand how to explain policies and answer questions about coverage. An interviewer may ask this question to learn more about your communication skills and whether you can work well with others. In your answer, try to show that you value teamwork and collaboration.

Example: “I find that working closely with insurance agents and sales representatives is one of the most effective ways to improve my underwriting skills. I regularly meet with these professionals to discuss their experiences and challenges in selling our products. This helps me better understand what information I need to provide when answering customer questions and ensures that I’m providing accurate information.”

Do you have any experience training new underwriting employees?

This question can help the interviewer understand your leadership skills and how you might train new employees in their role. Use examples from past experience to highlight your ability to communicate information, provide feedback and develop others’ skills.

Example: “In my current position as underwriting manager, I’ve had the opportunity to train several new hires on our team. In one instance, a new employee was struggling with understanding some of the more complex aspects of our underwriting software. I scheduled time for us to meet so I could walk them through the process and explain it in terms they would understand. This helped them feel more confident in their work and learn the system more quickly.”

When reviewing an application, what is your process for evaluating the risk and determining the rate?

This question can help the interviewer understand how you approach your work and evaluate risk. Your answer should include a step-by-step process for reviewing an application, evaluating the risk and determining the rate.

Example: “When I review an application, my first step is to read through all of the information provided by the applicant. Next, I compare the information with what’s on file in our database. If there are any discrepancies between the two, I’ll contact the applicant to clarify. After that, I’ll determine if the applicant has enough insurance coverage based on their assets and liabilities. If they don’t have enough coverage, I’ll recommend additional coverage or decline the application.”

We want to improve our customer service. Give me an example of how you would implement a change to our underwriting process to improve customer satisfaction.

Customer service is an important aspect of any business, and underwriters are often the first point of contact for customers. An interviewer may ask this question to see how you would improve customer satisfaction in their organization. In your answer, try to describe a specific change you made that improved customer satisfaction or helped the company achieve its goals.

Example: “At my previous job, I noticed we had a lot of customers who were confused about our policy on filing claims. They would call us with questions about what they needed to do to file a claim and then later find out that they didn’t qualify. To address this issue, I created a new online form where customers could submit all of their information before calling us. This allowed us to review their application and make sure they qualified before ever speaking to them.”

Describe your experience with underwriting software.

The interviewer may ask this question to learn more about your experience with underwriting software and how you use it. This can help them determine if you have the necessary skills to succeed in this role. In your answer, describe what type of software you’ve used before and explain why you’re comfortable using it.

Example: “I’ve worked with several different types of underwriting software during my career. I’m most experienced with proprietary software that’s specific to a company or organization. However, I also know how to use third-party software like RiskWise and Envision. These are both useful for comparing risk factors between multiple policies.”

What makes you the best candidate for this position?

Employers ask this question to learn more about your qualifications and why you are the best person for the job. Before your interview, make a list of all your relevant skills and experiences that relate to the position. Think about what makes you unique compared to other candidates.

Example: “I am the most qualified candidate because I have extensive experience in underwriting insurance policies. In my previous role as an underwriter, I helped create new policies and improve existing ones. I also have excellent communication skills, which is important when working with clients and colleagues. My attention to detail and problem-solving abilities make me a valuable asset to any company.”

Which insurance industries do you have the most experience in?

This question is a way for the interviewer to learn more about your experience and how it relates to their company. You can answer this question by naming the industries you have worked in, what types of insurance you underwrote and any certifications or licenses you hold that apply to those industries.

Example: “I’ve spent my entire career working as an underwriter in the property and casualty industry. I started out as a general lines underwriter before moving into commercial lines underwriting, where I earned my CLU certification. Most recently, I was promoted to underwriting manager at my current company, where I oversaw all commercial lines underwriters.”

What do you think is the most important aspect of the underwriting process?

This question can help the interviewer understand your priorities and how you would approach a project. Your answer should show that you know what’s important in this role, but it also gives you an opportunity to highlight some of your skills or experiences.

Example: “I think communication is the most important aspect of underwriting because it allows me to share information with my team members and get feedback from them. This helps me make informed decisions about which risks I’m willing to take on and which ones we need to decline. It also ensures that everyone understands our policies and procedures so they can explain them to customers.”

How often do you recommend renewing insurance policies?

An interviewer may ask this question to learn more about your underwriting process and how you apply it. When answering, consider the renewal policy of the insurance company you’re interviewing for and explain why you would recommend renewing policies at that time.

Example: “I always recommend renewing a policy when the current one is close to expiring. This way, clients don’t have to worry about paying two premiums in a short period of time. I also like to wait until they’ve had their coverage for at least six months so we can see if there are any changes in their life or habits that could affect their risk level. For example, if someone has been driving safely for six months but then gets into an accident, we want to know about it before deciding whether to renew.”

There is a new law that impacts the insurance industry. How would you update our underwriting policies to reflect the change?

An interviewer may ask this question to assess your ability to adapt to new regulations and laws. Use your answer to highlight your critical thinking skills, problem-solving abilities and willingness to take on challenges.

Example: “I would first research the law to understand how it impacts our underwriting policies. Then I would update our underwriting policies to reflect the change in regulation. For example, if a state passed a law that required insurance companies to cover more mental health care services, I would ensure my team understood the changes and updated our underwriting policies to include these additional benefits.”