What Is The Difference Between Sales Agent And Underwriter

[Angio333]

Can someone please explain to me the difference between a regular sales agent position and the underwriter job I posted below? I took out the compnay name, etc...

Thanks.

THE JOB OPPORTUNITY:

Underwriter

WE OFFER THE SUCCESSFUL CANDIDATE THE OPPORTUNITY TO:

• Underwrite new and renewal business for insurance company partners based on underwriting authority and contract guidelines
• Underwrite multi-line accounts for multiple classes of business
• Produce business in assigned territories
• Access the breadth of products and markets at Burns & Wilcox
• Participate in a highly lucrative sales incentive plan

WE EXPECT THE SUCCESSFUL CANDIDATE TO:

• Evaluate, classify, and rate each risk to determine acceptability, coverage, and pricing
• Apply appropriate quality underwriting and risk selection on quoted business
• Develop and submit underwriting referrals, where required, to company brokerage facilities and Burns & Wilcox management
• Manage relationships with retail agents
• Develop and execute marketing plan to drive new business, including in-person visits, telemarketing and distribution of marketing materials
• Monitor key metrics, such as, new business hit ratio, renewal retention ratio, premium growth, and loss ratio, formulating corrective action where necessary
• Use cutting-edge technology to deliver high quality service to agents and agencies
• Mentor and train Assistant Underwriters, as needed
• Enter computer data of quotations, binders and related support documents

QUALIFICATIONS:

• Bachelor's degree or equivalent combination of education and experience
• Minimum 3 years of Multi-line Underwriting experience
• Excess and Surplus Lines Underwriting experience preferred
• Insurance license preferred

 

[Chazm]

Re: What Is The Difference

Do you just want to know that a sales agent is the person that sets an appointment, goes to a clients house, closes the sale, gets and application, submits it and does follow ups. And an underwriter is a person who determines if the client will be approved or not?

Its a big difference. Sales agent is usually commission based. I would assume an underwriter is salaried

 

[lflashman]

Really looks like the company is looking for a combination underwriter/agent if they are going to allow the person to write business and an insurance license is approved. But, the agent is the person that sells the policy, the underwriter looks at the potential risks the client has and decides whether the company will accept/approve the policy. I'm suprised that a company would allow underwriters to sell products though as I would think there could be a conflict of interest.

 

[xrac]

If you do not understand the difference you do not qualify for the job!

 

[WinoBlues]

Agents are the salt of the earth

Underwriters do not know who their fathers are.

 

[BNTRS]

Agents have quotas to sell insurance and underwriters have quotas to deny those applications for insurance sent in by the agents

 

[the mayor]

If you do not understand the difference you do not qualify for the job!

To add to Xrac's post...If you do not understand the difference...and seek the answer on an interweb forum...you really do not qualify!

 

[Ronca]

Given that the Underwriter position is with Burns & Wilcox (an E&S Managing General Agency), it means that they are looking for someone who can grow a book of business through retail agents using the underwriting authority given to B&W by their partner companies, otherwise known as "Having the Pen".

For example, Scottsdale Insurance Company gives the pen (underwriting authority) to B&W and B&W underwriters find and write that business. B&W probably has the pen for 15 or so markets if not more.