Question

What is the main responsibility of the underwriting support team?

a.

Issuance of policy documents

b.

Reconciliation of all applications received and processed in the underwriting function

c.

Coordinating with the actuarial department

d.

Setting underwriting authorities for individual underwriters

Posted under IC22 Life Insurance Underwriting

Answer: (b).Reconciliation of all applications received and processed in the underwriting function Explanation:The main duties and responsibilities of an Underwriting-Support team include management and coordination of all communication received from the client and different branches and handing it over to the underwriting team, ensuring that the requirements ordered by the underwriting team are conveyed to the client and are followed-up for compliance by the clients, reconciliation of all applications received and processed in the underwriting function and compiling the MIS for the senior management team, follow-up with the branches of the insurance company on complying with the pending requirements for expediting the issuance of policies of respective branches, compilation and reconciling of daily, fortnightly, monthly and yearly MIS and monitoring it closely, and ensuring the policy contracts (policy documents) are generated for all processed policies and dispatched to the customers in a timely manner and a record kept.

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