Commercial Underwriter Cover Letter Example

Commercial Underwriters evaluate the risk of insuring new and existing business. They work to determine the premium, or cost of insurance, for a new policy. To calculate this cost, they consider factors like potential liability, business history, and reputation. Underwriters also help renew existing policies.

They are responsible for reviewing and analyzing new business, renewal and endorsement submissions received from brokers and agents to determine risk acceptability and rate adequacy, while also ensuring compliance with company, industry, legal and regulatory requirements.

In order to get a job as an Commercial Underwriter, you need to write a great cover letter. Use this free Commercial Underwriter Cover Letter Sample to help you stand out from the crowd and land the job.

Commercial Underwriter Cover Letter example

Commercial Underwriters are employed by insurance companies, credit unions and banks to analyze the risk in lending money to businesses.

Job outlook is good with a median salary of $75,000/year according to the Bureau of Labor Statistics.


What to Include in a Commercial Underwriter Cover Letter?


Roles And Responsibilities

  • Analyze loan requests and financial statements of potential borrowers to determine the level of risk involved in extending credit or lending money.
  • Prepare reports and recommendations concerning the degree of risk involved in extending credit or lending money.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Evaluate customer records and recommend payment plans based on earnings, savings data, payment history, and purchase activity.
  • Manage accounts receivable, including issuing invoices, following up on late payments and keeping track of unpaid balances.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Review delinquent accounts and contact customers with delinquent accounts to determine reasons for overdue payments.

Education & Skills

Commercial Underwriter Skills:

  • Strong Math Skills.
  • Aptitude for Research.
  • Analytical Mindset.
  • Communication skills.
  • Ability to read and interpret financial statements.

Commercial Underwriter Education Requirements:

  • Commercial underwriters typically have a bachelor’s degree in a business-related field. Some employers will hire those with an associate’s degree in addition to years of relevant experience. Those who work in insurance must pass licensing exams.

Commercial Underwriter Cover Letter Example (Text Version)

Dear [Hiring Manager’s Name],

I am responding to the recent job posting for a Commercial Underwriter at [company name]. I have worked in underwriting for the past 5 years, and I am excited about this opportunity to bring my skills to your team.

My current position is at [company name], where I have been working as an Underwriting Assistant. In this role, I review insurance applications and make recommendations on how much coverage should be offered, and what price should be charged to the client. During my time at [company name], I have learned how many factors go into making these decisions, such as financial stability of the client, types of risks they are exposed to, and their history with claims.

Achievements include:

  • Analyzed commercial underwriting data and net premiums written to identify trends and opportunities for growth.
  • Maintained a 95% retention rate of clients while working to increase new business by 15%.
  • Trained and mentored junior underwriters, which helped promote a culture of positivity and efficiency.

I believe my previous experience and personal qualities would make me a great fit for your team. My communication skills allow me to effectively assess the needs of clients and develop tailored solutions to their problems. Additionally, my eye for detail helps me find areas where clients can benefit from additional coverage, which improves our partnerships with them and increases their satisfaction with us.

Thank you for taking the time to consider my application for this position. I look forward to hearing from you soon!

Sincerely,
[Your Name]


Tips

The following are tips for writing a commercial underwriter cover letter:

  • Demonstrate your knowledge of the insurance industry and of the company.
  • Write about your ability to assess risks quickly and accurately.
  • Include details about your experience with financial documents and funding.
  • Avoid using too many buzzwords, such as “team player” and “hard worker.”

Once you’ve written a great cover letter, it’s time to start working on your resume. Refer our Commercial Underwriter Resume Sample for more tips on how to write your resume and accompany it with a strong cover letter.


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