Job Description: Commercial Insurance Underwriter (Broker)Role Overview
The Commercial Insurance Underwriter within a broking setup is responsible for evaluating client risk profiles, structuring insurance solutions, coordinating with insurers, and ensuring optimal placement of risks across various commercial insurance lines. The role requires strong technical underwriting knowledge along with market negotiation skills.
Key Responsibilities1. Risk Assessment & Underwriting
- Analyze client proposals, financials, and operational exposures.
- Evaluate risks across policies such as:
- Fire & Special Perils (SFSP)
- Burglary
- Marine (Transit/Open)
- Liability (CGL, Product Liability)
- Workmen Compensation (WC)
- Engineering (EAR/CAR/CPM)
- Identify coverage gaps and recommend suitable structures.
2. Market Placement & Insurer Coordination
- Float RFQs to multiple insurers.
- Negotiate terms, premiums, and coverage enhancements.
- Compare quotes and prepare client-ready presentations.
- Maintain relationships with underwriters across insurance companies.
3. Policy Structuring & Customization
- Design tailored insurance programs based on client risk appetite.
- Structure add-ons, deductibles, and extensions (e.g., FLOP, STFI, ESB).
- Ensure alignment with regulatory and insurer guidelines.
4. Client Advisory
- Act as a technical advisor to clients on risk mitigation and coverage.
- Explain policy wordings, exclusions, and claim scenarios.
- Support sales/relationship teams in client meetings.
5. Documentation & Compliance
- Review proposal forms, endorsements, and policy wordings.
- Ensure proper documentation before policy issuance.
- Maintain underwriting files and audit trails.
6. Claims Support (Advisory Role)
- Assist clients during claim intimation and documentation.
- Coordinate with insurers for smooth claim processing.
- Provide technical interpretation of policy coverage.
7. Portfolio Management
- Monitor loss ratios and renewal performance.
- Track premium trends and insurer appetite.
- Support renewals with improved terms and pricing.
Required Skills & CompetenciesTechnical Skills
- Strong understanding of commercial insurance products.
- Knowledge of underwriting principles and risk engineering.
- Familiarity with policy wordings and endorsements.
Soft Skills
- Negotiation and relationship management.
- Analytical and problem-solving mindset.
- Strong communication and presentation skills.
Qualifications
- Graduate (B.Com / BMS / BBA preferred)
- Professional certifications preferred:
- CFA / FRM / III certifications (advantageous in broking roles like yours)
- 2–6 years of experience in commercial underwriting or broking.
Preferred Experience
- Experience in an insurance broking firm or general insurance company.
- Exposure to multiple lines (Property, Liability, Engineering).
- Hands-on experience with RFQs, quote comparison, and policy issuance.
Key Performance Indicators (KPIs)
- Placement success ratio
- Premium savings / value delivered to clients
- Turnaround time (TAT) for quotes
- Renewal retention rate
- Client satisfaction
Reporting Structure
- Typically reports to: Head of Underwriting / Broking / Placement
- Works closely with:
- Sales/Relationship Managers
- Insurer Underwriters
- Claims Team
Work Environment
- Fast-paced broking environment
- High coordination with insurers and clients
- Requires multi-tasking across multiple accounts
Pay: ₹229,053.56 - ₹847,032.30 per year
Benefits:
Experience:
- General Insurance : 2 years (Required)
Location:
- Andheri West, Mumbai, Maharashtra (Preferred)
Work Location: In person
