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0-5 years of experience
Analyze, evaluate and present findings in the review of credit facilities via financial statements,
operational performance and proformas. Prepare appropriate credit presentation outlining the relevant details of proposed transactions and recommendations. Work closely with all levels of
ownership, management, CPAs and attorneys to review, restructure and ensure collateral is
properly secured to maximize asset growth and minimize risk exposure. Decision loans within my $2MM authority.
- Managed portfolio of 150 accounts totaling $200MM in outstandings to maintain zero past due annual reviews, conditions, and financial statements.
- Trained and educated 2 new credit employees in all aspects of our credit review process.
- Developed a review process checklist, resulting in reduced review cycle time of 45 hours
- Exceeded standard requirements for evaluation of overline requests and competitor
- Achieved 100% monthly SOX compliance testing of credit line verifications.
0-5 years of experience
Built and leveraged personal relationships with key agents that allowed The Hartford to obtain new business accounts.
- Critically analyzed insurance policy submissions to make clear documented decisions to approve or decline based on internal reference material and 200 years of historical data.
- Managed policy submissions in worker’s compensation, property & casualty and automobile lines of business in the New York City territory to reach quarterly goals of ~ $1.5 million.
- Reviewed accounts up to a maximum of $50,000 in total annual premium and payroll capped at $9 million across all small commercial industries.
- Identified customer’s needs and demonstrated how The Hartford’s products and services can meet those needs.
- Created presentations in the form of 15 minute burst sessions to spark discussion on grey area topics within the insurance industry.
6-10 years of experience
Commercial Underwriter for a niche program insuring emergency service organizations. Responsible for maintaining the profitability of a $15 million book of business covering a 10 state territory and supervising a staff of three underwriting assistants.
- Analyzed new business submissions, including verifying eligibility, assigning classifications, rating, pricing, loss history analysis as well as proposal preparation and provided detailed policy issuance instructions to underwriting assistants
- Reviewed renewal loss runs annually, addressing any frequency and/or severity concerns and improving profitability
- Reviewed renewals to be sure company pricing and retention goals were met or exceeded
- Provided excellent customer service by building and maintaining strong professional relationships with all internal and external customers including brokers and sales executives
- Maintained new business and renewal logs, compiled reports weekly
- Trained incoming underwriting and sales associates in coverage forms and systems
10+ years of experience
Developed, underwrote and managed standard commercial products for states of Arizona, Nevada and Colorado.
- Trained and supervised underwriting management trainees, two of whom were promoted to management positions in the home office.
- Completed special assignment with Underwriting Vice-President to create and develop a special Commercial Construction team.
- With assistance of the Company President, Underwriting Vice-President, Claims Department, Legal Department, and Construction team members, developed Commercial Construction underwriting coverage forms and procedures for underwriting a Construction book of business.
- As a team member, project managed a $25 million Construction book of business.
- Increased individual underwriting territory to $8 million in the states of Colorado, Kansas, Missouri, Arkansas and Nebraska.
0-5 years of experience
Successfully completed an intensive six month training and mentoring program designed to educate participants of the wide ranging roles within the insurance industry
- Combined theoretical insurance knowledge, self study, classroom training, presentation skills, and on-the-job mentoring to develop underwriting analytical skills
- Managed a $4.2 million book of business and consistently met policy renewal deadlines for multi-line Property/Casualty accounts with annual policy premiums of $5,000-$300,000
- Developed and maintained strong business relationships with assigned insurance agents in Arizona and Colorado
0-5 years of experience
Managed $4-5M new and renewal book of primarily package business within the Northeast region consisting of over 600 small to mid-size accounts from $500 – 300K. Planned and conducted agency visits.
- Recognized for exceeding team service standards while underwriting to less than 54% loss ratio for first 5 months of 1998.
- Increased new business writings by over $750K for 1997 year with 29% hit ratio.
- Developed profitable relationships with several under-performing agencies, through successful execution of a proactive departmental risk improvement re-underwriting initiative.
0-5 years of experience
Analyzed and evaluated annual renewal terms for over 200 credit insurance policies representing over $7,000,000 in premium.
- Examined and assessed applications, financial reports, claims history and all other pertinent information to determine the degree of risk and pricing on a policy.
- Demonstrated detailed underwriting knowledge by structuring and negotiating policy terms, pricing, and credit limit decisions for over 75 new business applicants a month.
- Showed a track record of success in underwriting from a premium and loss ratio standpoint.
- Developed productive relationships with insurance agents, brokers, credit analysts, and management in order to issue new premium.
- Conducted bi-weekly key account meetings with regional vice presidents, commercial and risk executives to help secure and issue new business applications with potential premium over $100,000.
0-5 years of experience
Managed Commercial Territory of $4M new business, renewals and endorsements for small to mid-sized business.
- Selected to manage the commercial booth at annual sales conferences. Familiarized agents with company products and generated new business opportunities.
- Participated in team problem solving relative to the Kaizen concept which resulted in improved work flow.
- Requested by manager to lead daily team meetings in his absence. Coached and mentored team members with service results, production results and voice of the customer.
- Initiated agency visits which resulted in generating new business, promoting products, and relationships.
- Participated in mid-year/year end agency reviews. Implemented action plans such as re-underwriting, education of agency personnel, review of products, increased agency visits, and enhancement of relationships.
- Reviewed claims and determined appropriate action to maintain profitability.
- Reviewed loss prevention reports which involved verification of favorable risks, pricing and underwriting changes, cancellation within the 1st 60 days, non-renewal or no action.
0-5 years of experience
Compared commercial inspection reports with internal underwriting guidelines regarding commercial coverage. Endorsed or non-renewed policies upon findings.
- Ensured timely communication amongst applicants, field inspectors, and underwriters by providing scheduled and as needed reports.
- Provided information and completed reports to supervisor, field inspectors, and underwriters for renewal and new policy quotes.
- Prepare sectional documentation for usage in divisional reports. Provide commentary to supervisors regarding trends and observations.
- Made necessary updates in AS400 upon findings of inspection report.
- Consistently maintained exceeds status on all quality and agent surveys during my time in commercial underwriting.
0-5 years of experience
A Commercial Underwriter reviews and decisions business loan applications, in a centralized
environment, for commercial exposure up to $2.5M.
- Analyzed industry trends and emerging issues to assess their impact on the prospective clients’
- Assessed a prospective clients’ debt servicing capabilities through cash flow and sensitivity
- Provided informed credit recommendations based on a review of all underwriting criteria,
- Effectively communicated loan decision to loan originator, which may include the negotiation of terms and conditions, the identification of cross-sell opportunities, and the preparation of all loan
- Participated in extensive and ongoing credit training as it relates to regulatory changes and credit
0-5 years of experience
Managed a $6.5M book of Commercial Auto business ranging in premium from $50,000 to $1M.
- Under limited direction, underwrote and serviced profitable new and renewal business in the service, manufacturing, and hospitality industries.
- Took ownership of assigned territory and fostered relationships with producers to ensure profitability and achieve growth and retention goals.
- Performed loss projections and utilized pricing models to maximize company profits.
0-5 years of experience
Recommended and successfully implemented better procedures for the underwriting process between the Bank’s two office locations.
- Incorporated underwriting tools to improve the underwriting process.
- Provided training for less experienced underwriters on the team.
- Served as senior underwriter for four lending officers on all loans, including residential and commercial real estate, A&D, religious organizations, retail facilities, and working capital and personal lines of credit.
- Prepared complete loan packages for presentation to Officer’s and Director’s loan committee.
- Identify excessive risk and recommended appropriate action with regards to loan approval.
- Ensure deals are properly structured, priced, and collateralized as a means of mitigating risk.
- Conducted annual loan reviews of credits within a defined scope. Recommended and successfully helped implement the outsourcing of this function in order to maintain independence of the underwriting and loan review processes.
6-10 years of experience
Ordered loss control reports on renewals and new business
- Handled renewals bypasses with premium $5,000 and below.
- Quoted Umbrella policies on renewals and worked with two Wyoming Agencies.
- Reviewed MVRs, evaluated youthful drivers & excluded drivers.
- Worked closely with Underwriters in two states
- Handled amendments in property, general liability, and inland marine coverage. Added drivers, updated locations and reviewed mail. Completed additional insured’s amendments and cancellations.
- Updated IRPM worksheets, answered CLCP questions or concerns and assisted agents with renewals and amendments.
0-5 years of experience
Underwrote debt transactions (new/renewal/modification) with exposure of up to $15 million for Commercial & Industrial and Public Finance portfolios
- Prepared and presented risk rating assessments, pre-screen memos, and credit approval
- Identified policy exceptions and made recommendations to mitigate credit risks
- Completed periodic reviews of existing portfolio to confirm the accuracy of risk ratings and recommended changes as warranted
Commercial Underwriter Duties and Responsibilities
Commercial underwriters perform varied job duties based on the number of clients they work with, the amount of money they lend, and the financial history of potential clients. However, there are several core tasks associated with commercial underwriting that are common in all financial institutions, including:
Perform Credit Analysis Commercial underwriters look over financial documents to analyze credit for clients and companies.
Identify Potential Risks Commercial underwriters spot potential risks with requested loans. When risk is too great for the requested loan amount, commercial underwriters design alternative loan agreements.
Manage Credit Requests Commercial underwriters manage and respond to requests for credit, processing applications and financing. This includes approving or denying loan requests.
Structure Credit Agreements Commercial underwriters work with clients to design money-borrowing policies with comprehensive payment schedules.
Create Summary Reports Commercial underwriters summarize loan applications and credit analysis in concise reports.
Adhere to All Company Policies Commercial underwriters follow financial policies and guidelines at all times as set forth by the hiring financial institution.
Train New Employees Commercial underwriters provide training to new underwriting and loan department staff members.
Commercial Underwriter Skills and Qualifications
Commercial underwriters are problem-solvers with an eye for detail and excellent customer service skills who process complex loan applications and create comprehensive loan agreements. Financial companies seek commercial underwriters who have the following specific skills:
- Customer service – commercial underwriters use customer service skills to guide clients through the lending process and give them a positive loan experience
- Time management – commercial underwriters work against tight deadlines and prioritize tasks to perform efficiently in fast-paced environments, which requires good time management
- Personnel management – commercial underwriters train new hires, so employers look for professionals with strong management skills
- Mathematics – because commercial underwriters work with complex financial matters all day, strong math skills are essential
- Communication skills -commercial underwriters regularly speak with clients and business representatives about their financial matters, so strong verbal communication skills are crucial for this job
- Analytical thinking – commercial underwriters use analytical and critical thinking skills to analyze detailed credit reports, determine the risk associated with every potential loan, and find alternative loan solutions for clients
- Computer skills – commercial underwriters frequently use Microsoft Office, spreadsheets, and other software programs, all of which require computer skills
- Attention to detail – commercial underwriters use attention to detail to carefully analyze financial documents
Commercial Underwriter Education and Training
Most employers seek commercial underwriters who have a bachelor’s degree in accounting, finance, or a similar field of study. Candidates who have advanced degrees or certifications – like a master’s of business administration (MBA) degree or a certified public accountant (CPA) or chartered financial analyst (CFA) designation – are highly desirable to employers, though not usually required. Some employers prefer commercial underwriters who have past work experience in collections, credit, or banking in addition to education. On-the-job training is provided to commercial underwriters so they can become acquainted with company policies and standards. Commercial underwriters in training work closely with a loan department manager or supervisor. The length of this training period varies by employer but generally lasts no longer than a few weeks.
Commercial Underwriter Salary and Outlook
Loan officers, who perform many of the same duties as commercial underwriters, earn $64,660 in yearly median income, or $31.09 hourly, according to job data provided by the Bureau of Labor Statistics (BLS). Data from PayScale shows that commercial underwriters earn a median annual salary of $56,927. The BLS expects employment in this field to grow 11 percent through 2026. This is faster than the average U.S. job growth rate. Most financial institutions provide complete benefits packages to commercial underwriters. These include health insurance with vision and dental coverage, life insurance benefits, and retirement planning options. Commercial underwriters also receive paid bank holidays, vacation leave, and paid sick days.
Helpful Resources
Find training programs, education resources, career strategies, and tips for finding success as a commercial underwriter with these books and websites:
Commercial Finance Association – CFA offers ongoing education training programs, news updates, upcoming events information, and networking communities for professionals in commercial finance
The Successful Lender’s Field Guide: Commercial Lending Strategies That Maximize Value for Both Bank and Borrower – use this commercial lending field guide to learn new strategies and techniques to maximize success with commercial loans of all types
Risk Management – learn more about the risk management process with the continuing education resources, certification programs, and upcoming conferences listed at this website
Commercial Banking: The Management of Risk – learn tips for managing risk and maximizing profits in commercial banking with this guidebook, which offers information from the point of view of the banker and the borrower
National Association of Mortgage Underwriters – study mortgage underwriting, explore certification programs, and find training courses at the NAMU website
Fundamentals of Credit and Credit Analysis: Corporate Credit Analysis – get back to the basics with this book that covers the fundamentals of credit analysis and provides real-world tips for commercial underwriters
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Commercial Underwriter
Last edited by: Gabriela Barcenas, CONTENT STRATEGIST -
Gabriela Barcenas
CONTENT STRATEGISTGabriela is a Certified Professional Resume Writer (CPRW) and career adviser. With 10 years of digital media experience and five years of resume writing expertise, her publication history includes fashion, education, travel, social justice, equitable design and career advice.
