If you used all the resources at your disposal to fine-tune your resume and cover letter, you may now be getting calls back for job interviews. The job interview can require just as much if not more preparation, especially if you want the highest likelihood of getting the position. The job interview process allows hiring managers to put you on the spot and see how you go about answering questions concerning your knowledge of the industry. They are also hoping to get a good idea of what kind of person you are and why they should hire you over another candidate.
There are almost always questions of a general nature that get asked in any job interview. However, each industry has its unique details that hiring managers want to know. If you want to be as ready as possible to impress a hiring manager, take a look at these underwriting manager interview questions and answers.
5 Common Underwriting Manager Interview Questions & Answers
How do you go about determining if a person should be approved to receive insurance, taking into account the individual's risk factors?
I think it important to have a good balance when it comes to deciding who gets insurance. In order for insurance companies to make enough money on premiums, they need to approve a large enough amount of clients. However, if these clients are liable to run into a lot of accidents, then the company could end up paying out too many claims. It's important to look at each client on an individual basis. It is one thing to see that someone has a number of risk factors, but it takes a deeper level of examination to determine why an individual ended up in the situations that show up as risk factors.
Suppose someone was involved in multiple car accidents, and he decides to apply to a new insurance agent. What factors do you consider to be the most important in deciding whether he should be approved?
I would first look at previous claims to determine who was at fault in previous accidents. If this person simply had the bad luck of getting hit multiple times by other careless drivers, then he is probably not really at risk. I would also look into the nature of the car accidents. Was the man breaking any laws at the time of the accidents, such as speeding or failing to signal? Was there a DUI involved? I would also look into the amount of time that elapsed between the accidents. If a person has been in multiple accidents in a year, versus the same number of accidents over five years, that makes a difference as to how often he made claims.
Give an example of a time when you utilized your analytical skills in this industry.
When I was training under a senior underwriter, I was given opportunities to look over various applicants and to play a role in the decision-making process. I utilized the technology at our disposal to review the different applicants. There was one time when I noticed that a person had been approved at three different insurance agencies in the same year. I looked in to this more closely, and was able to reveal that the previous agencies offered lower premiums for their first-time applicants. Somehow that person had avoided being seen as hopping between agencies. I was the one who was able to notice this pattern, and so the agency we worked with was advised to start that individual at a higher premium.
This job often involves making difficult decisions regarding applicants. How do you prepare yourself to make these decisions in the best interests of the agencies you work with?
I believe that everybody deserves a second chance. That being said, I think that if you look into a person's history it can reveal a lot about why they are seeking insurance. I make my decisions based on the facts, and I consider not just what claims applicants filed ten years ago, but how their situation has changed over that time.
What kind of people do you think deserve coverage?
I believe that people who try to be careful deserve coverage, while people who live reckless lifestyles are more likely to end up costing the company too much. To determine which category applicants fit into, I don't just review their claims; I also try to come up with a story as to what kind of lifestyle they live.