How to Become an Underwriting Supervisor
Step 1: Understand the job description and responsibilities of an Underwriting Supervisor
What does an Underwriting Supervisor do?
AN Underwriting Supervisor oversees activities of the underwriting department. Provides supervision for a group of underwriters who review, analyze, and inspect insurance risk. Being an Underwriting Supervisor analyzes various rate plans utilizing a company's claims history to determine the appropriate rate plan and benefits costs. Must be familiar with regulations at the federal, state and local level. Additionally, Underwriting Supervisor typically requires a bachelor's degree. Typically reports to a manager or head of a unit/department. The Underwriting Supervisor supervises a small group of para-professional staff in an organization characterized by highly transactional or repetitive processes. Contributes to the development of processes and procedures. Thorough knowledge of functional area under supervision. To be an Underwriting Supervisor typically requires 3 years experience in the related area as an individual contributor.
You will establish underwriting process and team to improve our decisioning on whom to provide our loans and decrease risk losses.
The Home Lending Underwriting organization is responsible for review and underwriting of Loan Applications from HLAs in Retail/Bank Service Center and/or Consumer Direct Loan Originators.
An Underwriting Supervisor is responsible for enabling the business to make sound credit decisions, improving service and efficiency, maintaining relations with originations and operations partners, and managing credit quality through effective managing of all aspects of underwriting. An Underwriting Supervisor provides leadership, guidance, and support to a staff of Underwriters and ensures administrative and operational compliance with credit-related regulatory requirements.
The Motor Underwriting Supervisor oversees the operations and processes including division performance and business pricing modules.
Based on our compensation data, the estimated salary potential for Underwriting Supervisor will increase 28 % over 5 years.
Step 2: Learn best tips to become an Underwriting Supervisor
Best tips for those who want to become an Underwriting Supervisor
Here are some tips to become an Underwriting Supervisor.
Step 3: View best colleges and universities for Underwriting Supervisor
Best colleges and universities for Underwriting Supervisor
- Butler University
- Carroll College
- Cooper Union
- High Point University
- Princeton University
- Providence College
Step 4: Think about whether is it worth to be an Underwriting Supervisor
Is being an Underwriting Supervisor Worth it?
As the Division Underwriting Manager, you will plan, control, organize and direct the commercial property/casualty underwriting operations for a larger division….
Underwriting of new and existing business applicatoins across a range of products; whole/term life, disablity and income protection cover.
Underwriting managers work primarily in the financial service and insurance industries, providing management and oversight for underwriting activities that include loan applications and insurance products.
Since underwriting managers independently conduct risk assessments and underwriting, this position requires an excellent balance of team leadership, administrative, and financial analysis skills.
Underwriting managers are ultimately responsible for driving profitability within their region or office, so building and leading effective teams are vital.
Step 5: Prepare relevant skills for being an Underwriting Supervisor
What skills do you need to be an Underwriting Supervisor?
Management is no easy task, and as such, the skill requirements for these types of roles vary greatly. Chief skills for this role are: Policy Analysis, Reinsurance, Underwriting, Risk Analysis, Contract Review, Insurance Regulatory Guidelines, Loss Run Analysis. You would need to be proficient in the following: Insurance Software, Underwriting & Rating Software. Expertise in these areas will help you land this, or a similar role.
Integrate the knowledge of underwriting and initiate core process improvement in departmental outcomes via influencing underwriting guidelines, coverage’s, and forms.
Maintain familiarity with state insurance regulations, program underwriting guidelines and filings, and ISO rule for all states.
Knowledge of the underwriting disciplines and evaluation of underwriting performance based on quantitative and qualitative results.
Minimum of 4 years’ experience with loan underwriting (unsecured, mortgage or home equity).
Requires 7 years minimum Mortgage Underwriting experience.
Step 6: View average salary for Underwriting Supervisor
How much does an Underwriting Supervisor make?
The average salary range for an Underwriting Supervisor is from $73,240 to $98,112. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Underwriting Supervisor jobs
- Life Underwriting Supervisor
- Underwriting Supervisor I
- Underwriting Supervisor II
- Underwriting Supervisor III
- Property Casualty Underwriting Supervisor
- Underwriting Operations Supervisor II
- Level II Underwriting Supervisor
- Underwriting Assistant
- Level I Underwriting Supervisor
- Underwriting Operations Supervisor I