Prepare for your Underwriter interview. Understand the required skills and qualifications, anticipate the questions you may be asked, and study well-prepared answers using our sample responses.
Underwriters often work with tight deadlines and must meet demanding schedules. Employers ask this question to make sure you can meet their company’s expectations. In your answer, explain how you manage stress when working under tight deadlines or with demanding schedules. Explain that you are willing to work long hours if necessary.
Answer Example: "I am comfortable working with tight deadlines and meeting demanding schedules. I have experience working in a fast-paced environment where I had to meet tight deadlines and strict schedules. In my previous role, I was responsible for underwriting commercial real estate loans within 24 hours of receiving the application. I was also able to complete my other daily tasks while meeting these deadlines."
This question is your opportunity to show the interviewer that you have the skills and abilities needed for this role. You can answer this question by listing some of those qualities, such as attention to detail, problem-solving skills and communication abilities.
Answer Example: "An underwriter needs to have excellent communication skills, as they’ll be working with clients and other members of the team on a regular basis. They also need to have strong problem-solving abilities, as they’ll be tasked with finding solutions to complex issues. Finally, an underwriter needs to be detail-oriented, as they’ll be reviewing many different documents and contracts."
Underwriters are responsible for determining the risk level of an insurance application. They use their experience and knowledge of the industry to determine how likely it is that the applicant will make a claim on their policy. This question helps the interviewer assess your risk assessment skills and how you apply them in real life. In your answer, describe a time when you determined the risk level of an application and what factors influenced your decision.
Answer Example: "When determining the risk level of an insurance application, I look at several factors. First, I assess the applicant’s history of claims. If they have made many claims in the past, I will likely consider them a high-risk applicant. Second, I look at the type of coverage they are seeking. If they are requesting a policy that covers many different types of events, then they are more likely to make a claim. Finally, I consider the amount of coverage they are requesting. If they are asking for too much coverage, then I may consider lowering their limit. By taking all of these factors into account, I am able to determine the risk level of an insurance application."
This question can help the interviewer understand how you approach your work and what your process is for completing tasks. Your answer should include a step-by-step description of what you do when conducting an investigation, including any tools or software you use during the process.
Answer Example: "I start by reading through the application form to get an idea of the applicant’s background and history. Then, I use a variety of online resources to gather more information about their past. I look at social media accounts, search engines like Google and Yahoo, and public records databases to find any information that might be relevant. Once I have enough information, I will contact previous employers and references to ask them about the applicant."
Denial is a part of the underwriting process, and employers want to know that you can handle this responsibility professionally. When answering this question, it can be helpful to provide an example that highlights your critical thinking skills and ability to make decisions based on facts.
Answer Example: "In my previous role as an underwriter, I once had to deny an application for homeowners insurance because the applicant failed to disclose some important information. The applicant had recently purchased the home but failed to tell us that they had also recently divorced their previous spouse. Because the divorce was not finalized, the property was still in both names. This information was important because it affected the insurance policy’s liability coverage."
This question can help the interviewer understand how you would respond if you made a mistake during the underwriting process. Your answer should include steps that you would take to correct the error and ensure it does not happen again in the future.
Answer Example: "If I were to make a mistake during the underwriting process, I would first identify what went wrong and why it happened. Then, I would contact the client who requested the policy to explain what happened and apologize for any inconvenience it may have caused. Next, I would work with my team members to find an alternative solution for the client’s needs so they still receive the coverage they want. Finally, I would document the incident so that I can learn from it and prevent it from happening again in the future."
Public speaking is a common skill for underwriters to need. This question can help the interviewer determine if you have experience with public speaking and how comfortable you are with it. Use your answer to highlight any previous experiences you’ve had with public speaking or speak about any comfort levels you have with it.
Answer Example: "Yes, I am very comfortable with public speaking. In my current role as an underwriter, I am required to give presentations to clients about their policies and coverage options. I find that public speaking is one of my strongest skills because I am able to convey information clearly and effectively. I also enjoy speaking in front of groups and am always looking for opportunities to do so."
This question can help the interviewer determine if you have the skills and abilities they’re looking for in an underwriter. Use your answer to highlight some of your most important qualities, such as attention to detail, problem-solving skills and communication abilities.
Answer Example: "I believe that one of the most important qualities for an underwriter to have is attention to detail. An underwriter needs to thoroughly review all information presented in an application, including documents and credit reports, in order to make an accurate decision. Another important quality is problem-solving skills. Underwriters often face challenges when reviewing applications, such as missing information or discrepancies in credit reports. They need to be able to solve these issues quickly and efficiently. Finally, communication skills are essential for underwriters. They often interact with clients, lenders, and other members of the team, so they need to be able to communicate clearly and effectively."
Underwriters are responsible for making decisions that impact the entire company. The interviewer wants to know that you are comfortable with this responsibility and have experience making important decisions. Use examples from your past to show that you are capable of making large-scale decisions.
Answer Example: "Yes, I am comfortable making decisions that impact the entire company. In my last role as an underwriter, I was responsible for reviewing applications for new insurance policies and determining the premiums for each customer. If I approved a policy with a higher premium than expected, I would have to explain my reasoning to the rest of the team. This helped me develop my reasoning skills and learn how to communicate effectively with others."
This question can help the interviewer determine if you have the skills necessary to succeed in this role. Use your answer to highlight some of the most important skills for an underwriter and explain why they are so important.
Answer Example: "As an underwriter, I believe the most important skills are attention to detail, problem-solving and decision-making. An underwriter needs to be able to thoroughly review applications and documents for accuracy, identify any potential risks and make informed decisions about whether or not to approve a loan. These skills are essential for ensuring the safety of the bank’s assets and protecting against fraud."
Underwriters often work in teams to assess risk and approve loans. Employers ask this question to make sure you can work well with others and have good teamwork skills. Before your interview, think of a time when you worked well with a group. Explain what made the situation successful.
Answer Example: "I think my teamwork skills are excellent. I have always enjoyed working with others and find that collaboration leads to better results. In my last position, I worked on a team of underwriters who were all responsible for assessing different aspects of a loan application. We would meet weekly to discuss our findings and compare notes. This helped us all learn from each other’s experiences and knowledge."
Underwriters work with insurance carriers to get their clients approved for insurance policies. Employers ask this question to make sure you have experience working with these companies and know how to communicate with them. In your answer, explain what carriers you’ve worked with in the past and what your relationship was like.
Answer Example: "I’ve had experience working with several different insurance carriers, but my favorite company to work with is XYZ Insurance. They are always so friendly and helpful when I need information or assistance. They respond quickly to my questions and always provide me with an accurate answer. I find that most insurance companies are willing to help me as long as I am professional and polite when reaching out to them."
Denying an insurance claim can be a difficult task for underwriters. Employers ask this question to make sure you can make sound decisions and are able to justify them. In your answer, try to explain why you denied the claim and how you came to that conclusion.
Answer Example: "I once had to deny a claim for a client who was injured in an auto accident. The driver who caused the accident did not have insurance, so the injured party filed a claim with their own insurance company. After reviewing the details of the case, I determined that the injured person was partially at fault for the accident. Because of this, I denied their claim."