Job Description for a Group Underwriter
Group insurance is a type of coverage (health, life or disability) available to employees or members of an organization. Group underwriters determine whether or not to grant coverage to a particular organization as well as set premiums for group insurance coverage.
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Function
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Group underwriters consider information such as ages of group members, the type of work the company engages in and the company's claims experience. Underwriters enter this information into specialized software that assigns a score to the group.
Effects
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If the group's score is below a level set by the insurance company, the group is generally denied coverage--although some companies provide underwriters with the option to override denials. In such cases, the group underwriter assumes responsibility in the event of a large loss.
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Skills
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Successful group underwriters possess an understanding of statistics and probability, the ability to interpret financial and insurance claims data and excellent communication and decision making skills. Knowledge of spreadsheet and word processing programs is also necessary.
Education
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Employers require a group underwriter to have a bachelor's degree, preferably in business or finance. When first hired, underwriters often work under the supervision of an experienced professional in the field for a period of weeks or months before working independently.
Compensation
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As of January 2010, group underwriters averaged annual salaries of $58,000, according to Indeed.com.
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