Skills & Competencies for Underwriter III

Underwriter III job profile

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JOB SUMMARY for Underwriter III

Reviews and analyzes risk characteristics on insurance applications, renewals, and change requests.

JOB RESPONSIBILITIES for Underwriter III

Utilizes underwriting guidelines, rules, standards, and levels of authority to accept, reject, or mitigate risk for applications and determine appropriate premiums, limits, and coverages. Calculates renewal rates. Ensures that underwriting activities comply with all industry and governmental regulations. May coordinate with field agents to collect or clarify information or decisions.

Underwriter III SALARY RANGE

BASE 50%
$94,331
TOTAL 50%
$100,613
Job Level
P03
Job Code
FA06000312
Education/Degree
Bachelor's Degree
Reports To
Supervisor or Manager

Underwriter III Skills and Competencies List

Proficiency Levels and Behavioural Indicators
Salary.com identifies five increasing levels of proficiency for each skill/competency. Some jobs require only a relatively low level of proficiency in each skill/competency, while other jobs will require a more advanced level of proficiency in the same skill/competency. These levels rate the degree of proficiency (skill level, expertise) we expect the incumbent to perform in the given skill/competency for the given job. Note that we intentionally do not associate timeframes or years of experience in performing the skill/competency because that can be misleading. Proficiency levels identify what the incumbent knows and can do rather than how long they have been doing it. Also, note that the proficiency levels are cumulative, e.g., a level 4 proficiency implies the ability to perform all the behaviors at the lower levels.
Check each Underwriter III skill and competencie below to view definitions.
INDUSTRY COMPETENCIES CORE COMPETENCIES
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8 hard skills or competencies (industry competencies) for Underwriter III

1 Industry Competency – Insurance Industry
Proficiency Level -2
Skill definition-Applying knowledge of the insurance industry to provide risk management services and protection to various individuals from financial loss.
Level 1 Behaviors
(General Familiarity)
Explains how reinsurance aids in meeting the long-term debts and financial obligations of a business.
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Level 2 Behaviors
(Light Experience)
Locates resources to acquire updates regarding market shifts and regulatory changes in insurance.
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Level 3 Behaviors
(Moderate Experience)
Prepares insurance plans based on client needs to minimize financial risk or losses during uncertain events.
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Level 4 Behaviors
(Extensive Experience)
Monitors industry changes to improve the strategic directions of insurance operations.
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Level 5 Behaviors
(Mastery)
Develops strategic methods for selling insurance policies to increase the profit of our organization.
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2 Industry Competency – Insurance Legal and Regulatory Environment
Proficiency Level -2
Skill definition-Creating, executing, and adhering to state and federal laws governing insurance operations to ensure financial security and consumer protection.
Level 1 Behaviors
(General Familiarity)
Describes the importance of compliance programs in maintaining an insurance legal and regulatory environment.
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Level 2 Behaviors
(Light Experience)
Documents compliance complaints to track and escalate possible legal violations and ensure prompt resolution.
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Level 3 Behaviors
(Moderate Experience)
Executes market conduct exams to verify the adherence of insurance operations to laws and regulations.
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Level 4 Behaviors
(Extensive Experience)
Reviews root causes of regulatory deficiencies to create corrective action plans and ensure adherence.
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Level 5 Behaviors
(Mastery)
Develops an insurance regulatory framework to promote consumers' protection and achieve policy objectives.
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3 Underwriter III - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Underwriter III
Proficiency Level - 4
5 Competency for - Underwriter III
Proficiency Level - 5

8 soft skills or competencies (core competencies) for Underwriter III

1 Core Competencies – Standard Operating Procedures (SOP)
Proficiency Level -2
Skill definition-A set of written instructions that describes the step-by-step activities to complete tasks in compliance with business standards and industry regulations.
Level 1 Behaviors
(General Familiarity)
Discusses the considerations and concerns on applying SOP for the first time.
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Level 2 Behaviors
(Light Experience)
Gathers information on workflows and business controlling points.
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Level 3 Behaviors
(Moderate Experience)
Initiates SOP revisions to support continuous improvement of processes.
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Level 4 Behaviors
(Extensive Experience)
Evaluates the benefits and drawbacks of a specific SOP; oversees the corresponding enhancements.
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Level 5 Behaviors
(Mastery)
Establishes formal policies and procedures to guide the our SOP practices.
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2 Core Competencies – Critical Thinking
Proficiency Level -3
Skill definition-Questioning, analyzing and evaluating various alternatives and situations to draw a rational conclusion independently.
Level 1 Behaviors
(General Familiarity)
Explains the general process of critical thinking.
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Level 2 Behaviors
(Light Experience)
Debates various opinions and suggestions in terms of their relevance to our business.
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Level 3 Behaviors
(Moderate Experience)
Systematizes all aspects of the problem.
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Level 4 Behaviors
(Extensive Experience)
Leads in the search and analysis of solutions using various approaches.
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Level 5 Behaviors
(Mastery)
Develops critical thinking and problem-solving models that positively impact our business.
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3 Underwriter III - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Underwriter III
Proficiency Level - 4
5 Competency for - Underwriter III
Proficiency Level - 5

Summary of Underwriter III skills and competencies

There are 8 hard skills for Underwriter III, Insurance Industry, Insurance Legal and Regulatory Environment, Insurance Products, etc.
0 general skills for Underwriter III.
8 soft skills for Underwriter III, Standard Operating Procedures (SOP), Critical Thinking, Attention to Detail, etc.
While the list totals 16 distinct skills, it's important to note that not all are required to be mastered to the same degree. Some skills may only need a basic understanding, whereas others demand a higher level of expertise.
For instance, as a Underwriter III, he or she needs to be proficient in Standard Operating Procedures (SOP), be skilled in Critical Thinking, and be skilled in Attention to Detail.

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