Underwriter Onboarding Checklist

Underwriter Onboarding Process

Are you looking for help setting up a staff orientation process so that when your new Underwriter starts their role, they can learn about their responsibilities and your company as quickly as possible? Whether you’re keen to use buddy onboarding, want to automate your Finance onboarding experience or just need an onboarding checklist for your new Underwriter, you’re in the right place. We’ve put together a sample Underwriter onboarding checklist below and have created onboarding templates & resources to help.

Underwriter Onboarding Checklist

1. Introduction to company policies and procedures: The task involves providing the new underwriter with a comprehensive overview of the company’s policies and procedures. This includes familiarizing them with the code of conduct, compliance regulations, and any specific guidelines related to underwriting practices. The Human Resources department typically handles this task, ensuring that the underwriter understands the company’s expectations and can adhere to the necessary protocols.

2. Introduction to team members and key stakeholders: It is crucial for the new underwriter to establish relationships with their colleagues and key stakeholders within the company. This task involves introducing the underwriter to their team members, managers, and other departments they will frequently interact with, such as sales, risk management, or claims. The underwriter’s direct supervisor or a designated team lead typically performs this task, facilitating introductions and providing an overview of each person’s role and responsibilities.

3. Training on underwriting software and tools: Underwriters heavily rely on specialized software and tools to assess risks, evaluate applications, and make informed decisions. This task involves providing comprehensive training on the company’s underwriting software, including how to navigate the system, input data, generate reports, and interpret results. The company’s IT department or a designated software trainer typically performs this task, ensuring the underwriter is proficient in using the necessary tools.

4. Review of underwriting guidelines and manuals: Each company has its own set of underwriting guidelines and manuals that outline the specific criteria and processes for evaluating risks and approving applications. This task involves providing the new underwriter with these guidelines and manuals, ensuring they understand the company’s underwriting philosophy, risk appetite, and any unique considerations. The underwriter’s direct supervisor or a designated underwriting manager typically performs this task, guiding the underwriter through the materials and answering any questions.

5. Shadowing experienced underwriters: To gain practical knowledge and learn best practices, it is beneficial for the new underwriter to shadow experienced underwriters. This task involves pairing the new underwriter with a seasoned professional who can provide guidance, share insights, and demonstrate real-life underwriting scenarios. The underwriter’s direct supervisor or a designated mentor typically arranges this task, ensuring the new underwriter has opportunities to observe and learn from experienced colleagues.

6. Review of existing underwriting files: To familiarize the new underwriter with the company’s existing underwriting practices and portfolio, they should review a selection of underwriting files. This task involves providing the underwriter with a sample of previously underwritten applications, policies, or claims to analyze and assess. The underwriter’s direct supervisor or a designated underwriting manager typically assigns this task, allowing the new underwriter to gain exposure to the company’s underwriting standards and decision-making processes.

7. Introduction to risk assessment and pricing models: Underwriters need to understand how to assess risks accurately and determine appropriate pricing for policies or loans. This task involves providing the new underwriter with an overview of the company’s risk assessment and pricing models. The underwriter’s direct supervisor or a designated risk management specialist typically performs this task, explaining the factors considered, methodologies used, and how to apply them effectively.

8. Compliance and regulatory training: Given the highly regulated nature of the finance industry, underwriters must be well-versed in compliance and regulatory requirements. This task involves providing the new underwriter with comprehensive training on relevant laws, regulations, and industry standards. The company’s compliance department or a designated compliance officer typically handles this task, ensuring the underwriter understands their obligations and can operate within legal and ethical boundaries.

9. Introduction to company-specific underwriting processes: Each company may have its own unique underwriting processes, workflows, and documentation requirements. This task involves providing the new underwriter with an overview of the company’s specific underwriting processes, including how applications are received, reviewed, and approved. The underwriter’s direct supervisor or a designated underwriting manager typically performs this task, explaining the company’s internal procedures and ensuring the underwriter can navigate them effectively.

10. Ongoing professional development opportunities: To excel in their role, underwriters should continuously enhance their knowledge and skills. This task involves introducing the new underwriter to ongoing professional development opportunities, such as industry conferences, webinars, or internal training programs. The company’s training and development department or a designated learning coordinator typically handles this task, ensuring the underwriter has access to resources that promote their growth and expertise in the field

Setting Up Your Employee Onboarding Process

From reading through the items in the example Underwriter checklist above, you’ll now have an idea of how you can apply best practices to getting your new Underwriter up to speed and working well in your Finance team. Scroll up to see the link to our onboarding templates & resources or get in touch to discuss getting help setting up your systems and processes in this area.