Position Summary
The primary responsibility of the Underwriter is to evaluate and analyze group experience data for both prospective and existing accounts to determine appropriate rates for insurance products. This role requires strong technical proficiency in assessing risk, applying underwriting methodologies, and ensuring rate accuracy in accordance with company guidelines to support organizational profitability and growth.
The Underwriter collaborates closely with Sales, Account Management, and internal business partners to ensure pricing accuracy, data integrity, and seamless execution of deliverables across departments.
Additionally, the Underwriter will be responsible for maintaining and managing the underwriting workflow within the SONIC system. This includes monitoring workflow progress, updating task statuses, and verifying that all new group implementations and subsequent activities are processed accurately and efficiently through the system. The Underwriter will ensure data consistency, identify and resolves workflow exceptions, and partner with cross-functional teams to enhance automation and improve process efficiency.
This position handles cases of moderate complexity and escalates more complex or non-standard cases to the Senior Underwriter as appropriate.
Essential Functions and Job Responsibilities
1. Develops and evaluates rates for new business, renewals, and benefit plan changes. This work may include but is not limited to:
• Analyzing group experience to determine accurate rates for insurance products;
• Applying underwriting guidelines and principles to assess risk and competitive positioning;
• Preparing rates in a timely and accurate manner;
• Collaborating with account management, ensuring alignment with client needs and company objectives.
2. Conducts actual-to-expected pricing analysis. This work may include but is not limited to:
• Reviewing claims cost projections to ensure accurate pricing and anticipated margins;
• Identifying trends or discrepancies to improve future underwriting decisions;
• Maintaining detailed documentation for retrospective and financial analysis.
3. Maintains and oversees SONIC workflow for new group implementation. This work may include but is not limited to:
• Monitors, updates, and manages workflows to ensure timely completion of underwriting and implementation steps;
• Ensures that required documentation, approvals, and deliverables progress accurately through the workflow;
• Verifies data integrity within the system to support downstream functions such as contract issuance and plan setup;
• Identifies and resolves workflow exceptions or bottlenecks in collaboration with key business partners;
• Provides input and testing support for SONIC system enhancements to improve automation, reporting accuracy, and overall process efficiency.
4. Draft and customize contracts and benefit booklets. This work may include but is not limited to:
• Preparing ASC contracts for new and existing clients based on group specifications;
• Collaborating with Compliance and other departments to finalize contract language and ensure consistency;
• Review and customize benefit booklets to accurately reflect approved plan designs.
5. Collaborates with internal and external stakeholders. This work may include but is not limited to:
• Communicating underwriting decisions and unique client features to account managers and implementation teams;
• Addressing underwriting-related questions from internal departments, brokers, and clients;
• Representing the organization professionally at conferences, client meetings, and broker events, as needed.
6. Participates in training and professional development. This work may include but is not limited to:
• Engaging in training programs to enhance underwriting knowledge, technical proficiency and system expertise;
• Collaborating with others to gain insights on complex cases and SONIC workflow optimization;
• Staying updated on industry trends and regulatory requirements.
7. Supports team operations and other duties as assigned. This work may include but is not limited to:
• Assisting team members during high-volume periods or in their absence to maintain continuity of work;
• Contributing to team discussions and projects to improve underwriting processes and data workflows;
• Maintaining confidentiality and protecting company and client data in compliance with company policies and regulations.
Qualifications
• Bachelor’s degree in Finance, Business Administration, Mathematics, Statistics, Actuarial Science, or a related field.
• 2 years of experience in underwriting or the health insurance industry preferred
• Proficiency in Microsoft Excel, Word, and Access; familiarity with SQL, R and workflow management systems is a plus.
• Strong analytical and decision-making skills, with a focus on accuracy, data integrity and process consistency.
• Ability to communicate effectively with internal and external stakeholders.
• Strong organizational skills and ability to prioritize multiple tasks in a fast-paced environment.
• Demonstrated accountability and commitment to maintaining confidentiality and data security
• Ability to manage and maintain workflow systems to ensure timely and accurate completion of underwriting and implementation tasks.
Competencies
• Accountability
• Analytical Thinking
• Communication
• Workflow Management
• Problem Solving
• Collaboration
• Process Improvement
• Risk Management
