ICICI Lombard General Insurance Company Underwriter Interview Questions and Answers

Q1. Why insurasnce?
Ans. 
Insurance provides financial security and peace of mind, protecting individuals and businesses from unforeseen risks.
• Risk Management: Insurance helps manage risks by providing financial coverage in case of unexpected events, like accidents or natural disasters.

• Peace of Mind: Knowing you have insurance coverage allows individuals and businesses to focus on growth without the constant worry of potential losses.

• Economic S...read more
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Q2. Types of risk in insurance domain
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Insurance risks include various uncertainties that can affect policyholders and insurers, impacting financial stability and claims.
• 1. Underwriting Risk: The risk of loss due to incorrect assessment of the risk profile of an applicant.

• 2. Claims Risk: The risk associated with the frequency and severity of claims made by policyholders.

• 3. Operational Risk: Risks arising from internal processes, systems, or human errors tha...read more
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Q1. Walk through the resume
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Q2. Technical questions
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Topic of GD were general, overall communication skills and content was being judged. Make sure to not go political unnecessarily this can work against you.

Q1. Tell me about yourself
Ans. 
Detail-oriented underwriter with a strong background in risk assessment and a passion for helping clients secure the best coverage.
• Over 5 years of experience in underwriting various insurance products, including life and health insurance.

• Skilled in analyzing financial documents and risk factors to determine policy eligibility.

• Successfully reduced claim losses by 15% through diligent risk assessment and policy adjustmen...read more
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Q2. Where you used your strategic thinking skills
Ans. 
I utilized strategic thinking to optimize underwriting processes, enhancing efficiency and accuracy in risk assessment.
• Analyzed historical data to identify trends in claims, leading to improved risk assessment models.

• Developed a new underwriting guideline that reduced processing time by 20%, increasing team productivity.

• Collaborated with cross-functional teams to implement a digital tool that streamlined data collectio...read more
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Q3. What is the role of Underwriter
Ans. 
Underwriters assess risk and determine the terms of insurance policies, ensuring financial protection for both insurers and clients.
• Evaluate insurance applications to determine risk levels.

• Analyze financial information and medical records to assess insurability.

• Set premium rates based on risk assessment; for example, higher premiums for high-risk individuals.

• Decide on coverage limits and exclusions based on risk factor...read more
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Q4. What are the types of risk
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Types of risk include market risk, credit risk, operational risk, liquidity risk, and legal risk.
• Market risk: the risk of financial loss due to changes in market conditions

• Credit risk: the risk of loss due to a borrower's failure to repay a loan or meet contractual obligations

• Operational risk: the risk of loss due to inadequate or failed internal processes, people, and systems

• Liquidity risk: the risk of loss due to the...read more
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Q5. What is general insurance and are life insurance part of general insurance
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General insurance covers non-life assets and liabilities. Life insurance is not a part of general insurance.
• General insurance provides coverage for assets and liabilities that are not related to life, such as property, vehicles, and liability insurance.

• Life insurance, on the other hand, provides coverage for the life of the insured and pays out a death benefit to the beneficiaries upon the insured's death.

• Examples of g...read more
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