Example SOPs: Underwriting Account Representative

Underwriting Account Representative SOPs

Creating Standard Operating Procedures for your Underwriting Account Representative work can be difficult and take time. That’s why we’ve created these example Underwriting Account Representative SOPs so you can jumpstart your SOP creation process. We want to help you set up your Insurance systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Insurance procedures in one place, your team will have the information they need at all times. Let’s look at some Underwriting Account Representative SOP examples.

Underwriting Account Representative SOP Examples

1. New Business Submission SOP: The purpose of this SOP is to outline the process for submitting new insurance policies for underwriting review. It includes gathering all necessary information and documentation from the client, completing the application form, and ensuring accuracy and completeness before submission. The scope of this SOP covers all new business submissions within the insurance company. The Underwriting Account Representative is responsible for following this SOP. Reference to other SOPs may include the Policy Issuance SOP for the next steps after underwriting approval.

2. Risk Assessment SOP: This SOP aims to guide the Underwriting Account Representative in assessing the risk associated with each insurance policy. It involves analyzing various factors such as the applicant’s background, claims history, and the type of coverage requested. The scope of this SOP covers the evaluation of risks for all insurance policies within the company. The Underwriting Account Representative is responsible for conducting risk assessments according to this SOP. Reference to other SOPs may include the Underwriting Guidelines SOP for specific criteria to consider during risk assessment.

3. Policy Pricing SOP: The purpose of this SOP is to establish a standardized process for determining the premium pricing for insurance policies. It includes considering the risk assessment, market conditions, and company guidelines to calculate the appropriate premium amount. The scope of this SOP covers the pricing of all insurance policies within the company. The Underwriting Account Representative is responsible for following this SOP. Reference to other SOPs may include the Underwriting Guidelines SOP for specific pricing criteria.

4. Policy Endorsement SOP: This SOP outlines the procedure for making changes or modifications to existing insurance policies. It includes receiving endorsement requests from clients, reviewing the requested changes, assessing the impact on risk and pricing, and issuing the revised policy documents. The scope of this SOP covers all policy endorsement requests within the insurance company. The Underwriting Account Representative is responsible for processing policy endorsements according to this SOP. Reference to other SOPs may include the Policy Issuance SOP for the issuance of revised policy documents.

5. Policy Renewal SOP: The purpose of this SOP is to provide guidelines for the renewal process of insurance policies. It includes reviewing the policy’s performance, assessing any changes in risk, determining the renewal terms and conditions, and communicating the renewal offer to the client. The scope of this SOP covers the renewal of all insurance policies within the company. The Underwriting Account Representative is responsible for managing policy renewals according to this SOP. Reference to other SOPs may include the Policy Issuance SOP for the issuance of renewed policy documents.

6. Claims Handling SOP: This SOP outlines the process for handling insurance claims. It includes receiving and documenting claim information, investigating the claim, assessing coverage, determining liability, and processing claim payments. The scope of this SOP covers the handling of all insurance claims within the company. The Underwriting Account Representative may be involved in providing claim-related information but is not directly responsible for claims handling. Reference to other SOPs may include the Claims Settlement SOP for the specific steps involved in processing claim payments.

7. Underwriting Audit SOP: The purpose of this SOP is to establish a framework for conducting regular underwriting audits to ensure compliance with company policies, guidelines, and regulatory requirements. It includes selecting a sample of underwritten policies, reviewing the underwriting process, assessing adherence to guidelines, identifying areas for improvement, and reporting audit findings. The scope of this SOP covers the underwriting audit process for all insurance policies within the company. The Underwriting Account Representative may be involved in providing information during audits but is not directly responsible for conducting audits. Reference to other SOPs may include the Underwriting Guidelines SOP for the criteria used during the audit process.

8. Underwriting Training SOP: This SOP outlines the training process for new Underwriting Account Representatives. It includes providing an overview of underwriting principles, explaining company policies and guidelines, demonstrating the use of underwriting tools and systems, and conducting practical exercises. The scope of this SOP covers the training of new Underwriting Account Representatives within the company. The Underwriting Manager or designated trainer is responsible for conducting training according to this SOP. Reference to other SOPs may include the Underwriting Guidelines SOP for specific underwriting criteria covered during training

Underwriting Account Representative SOP Templates

Looking for SOP templates for your Underwriting Account Representative work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Underwriting Account Representative work. Get in touch if you’ve got questions about the quickest way to build out your Insurance SOPs library.