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Preferred Risk Insurance information

What are the key skills and qualifications needed to thrive as a Preferred Risk Insurance Underwriter, and why are they important?

To thrive as a Preferred Risk Insurance Underwriter, you need a solid understanding of risk assessment, insurance policies, and underwriting principles, typically supported by a bachelor's degree in finance, business, or a related field. Familiarity with underwriting software, industry databases, and insurance regulations is crucial, and professional certifications like CPCU or AU are often preferred. Strong analytical thinking, attention to detail, and effective communication are vital soft skills for evaluating applications and collaborating with agents or clients. These skills ensure accurate risk evaluation, profitable decision-making, and regulatory compliance within the insurance industry.

What are some common challenges faced by professionals working in Preferred Risk Insurance, and how can they effectively address them?

Professionals in Preferred Risk Insurance often face the challenge of accurately assessing and underwriting applicants who fall within favorable risk categories, while ensuring compliance with regulatory standards. Balancing competitive pricing with profitability is another key challenge, as is staying updated on evolving risk factors and industry trends. To address these issues, it's important to maintain strong analytical skills, foster clear communication with underwriting and sales teams, and regularly participate in training sessions or industry seminars. Collaboration with actuaries and claims specialists is also essential to ensure consistent risk evaluation and policy management.

What is Preferred Risk Insurance?

Preferred Risk Insurance refers to insurance policies offered to individuals or businesses that are considered low risk by insurance companies. These policyholders typically have a favorable claims history, good credit, and other positive risk factors, which can result in lower premiums and better coverage options. Preferred risk categories exist in various types of insurance, including auto, home, and life insurance, and are used by insurers to reward responsible customers. Being classified as a preferred risk can help you save money and access more comprehensive insurance products.

What is the difference between Preferred Risk Insurance vs Commercial Insurance Agent?

AspectPreferred Risk InsuranceCommercial Insurance Agent
CredentialsLicenses required, often with specific state certificationsSame licenses, may require additional certifications for commercial policies
Work EnvironmentPrimarily office-based, handling personal insurance policiesOffice and client meetings, handling business and commercial policies
Industry UsageUsed by insurance companies to classify low-risk clientsUsed by agents to sell various insurance products, including commercial policies

Preferred Risk Insurance typically refers to clients or policies with lower risk profiles, often handled by agents specializing in personal insurance. Commercial Insurance Agents focus on selling policies for businesses, which usually involve higher risks. While both roles require licensing and industry knowledge, Preferred Risk Insurance emphasizes low-risk personal policies, whereas Commercial Insurance Agents deal with business-related coverage.

What are popular job titles related to Preferred Risk Insurance jobs in Utah? For Preferred Risk Insurance jobs in Utah, the most frequently searched job titles are:
What job categories do people searching Preferred Risk Insurance jobs in Utah look for? The top searched job categories for Preferred Risk Insurance jobs in Utah are:
What cities in Utah are hiring for Preferred Risk Insurance jobs? Cities in Utah with the most Preferred Risk Insurance job openings:
Preferred Risk Insurance jobs near you
Senior Risk Officer - Technology Risk Oversight - Midvale

Senior Risk Officer - Technology Risk Oversight - Midvale

Zions Bancorporation

Salt Lake City, UT • On-site

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Posted 2 days ago

Zions Bancorporation rating

8.6

Company rating: 8.6 out of 10

Based on 44 frontline employees who took The Breakroom Quiz

24th of 142 rated banks

Job description

Zions Bancorporation is seeking an experienced Sr. Risk Officer to join the Data, Technology and Cybersecurity Risk Oversight team. This individual will primarily be responsible for key governance and oversight practices related to Enterprise Project Management Oversight, including developing and implementing training, policies, processes, committee level reporting, control testing initiatives, issue management, and other governance related enablement activities. This role requires a broad mix of business, banking process, technical acumen, and risk management with the ability to influence others while communicating to various levels of the organization.
The successful candidate will drive a risk-focused, disciplined, and balanced approach to evaluate and improve risk management practices, control effectiveness, and governance processes in a complex technology and business environment.
Specific responsibilities include the following:
We are looking for a highly motivated, self-starter who will:
  • Ensure alignment with risk management frameworks.
  • Enable sound governance practices via the development of procedures, processes, tools and templates for the Data, Technology and Cybersecurity Risk Oversight team.
  • Build relationships with key stakeholders, subject matter experts, internal control partners and/or first line risk management.
  • Provide oversight of control testing and issue management related initiatives.
  • Assist in the preparation and delivery of quantitative and qualitative risk reporting.
  • Coordinate the implementation of training related activities and assess the training needs of relative stakeholders in support of risk management initiatives.
  • Engage with business partners to embed risk management practices into daily operations.
  • Evaluate alignment with organizational risk programs and tolerances.
  • Demonstrate agility to adapt to changing demands.

Job Qualifications:
A combination of education and experience may meet qualifications
Required Skills:
  • 6+ years of experience within one or a combination of the following: risk management, compliance, audit, governance, or other directly related experience.
  • Bachelor's degree in Technology, Finance, Business Administration, Risk Management, or related field
  • Experience with control testing/validation, including control development and oversight activities.
  • Experience with issue management oversight, including development of issues and response plans, and reporting.
  • Previous board and/or risk committee governance reporting at a banking institution.
  • Experience developing training material and facilitating meetings or workshops.
  • Experience developing procedures, process, tools and templates.
  • Experience with Risk and Control Self-Assessments and Key Risk Indicators.
  • Excellent written and verbal communication skills
  • Effective credible challenge practice and attention to detail.
  • A team player and relationship builder who can work with individuals and groups in a constructive and collaborative manner.
  • Experienced presentation skills including verbal and PowerPoint design and delivery.
  • Industry recognized technology or risk certification such as CISSP, CRISC, CISA, etc.

Nice to have:
  • Banking industry knowledge
  • Strong familiarity with project management methodologies and practices
  • Familiarity with compliance with industry frameworks such as COSO, NIST CSF, FFIEC, ITIL, and Cobit

Benefits:
  • Medical, Dental and Vision Insurance - START DAY ONE!
  • Life and Disability Insurance, Paid Parental Leave and Adoption Assistance
  • Health Savings (HSA), Flexible Spending (FSA) and dependent care accounts
  • Paid Training, Paid Time Off (PTO) and 11 Paid Federal Holidays
  • 401(k) plan with company match, Profit Sharing, competitive compensation in line with work experience
  • Mental health benefits including coaching and therapy sessions
  • Tuition Reimbursement for qualifying employees
  • Employee Ambassador preferred banking products

About Zions:
Zions Bancorporation is one of the nation's premier financial services companies, consisting of a collection of great banks with combined total assets exceeding $89 billion. Zions operates banking divisions under local management teams and community identities in 11 states. Zions is included in the S&P 500 and NASDAQ Financial 100 indices.
Zions Bancorporation is building the bank of the future and changing what it means to work for a financial institution. Banking is being digitally transformed and the impact will be greater than we now imagine. Customers want to interact with us differently and have very demanding expectations of their bank. Our vision is to deliver intuitive, efficient, and visually appealing digital experiences that empower employees to better service our customers, help customers effectively run their business, and help consumers achieve their personal financial goals. We accomplish this by gaining a deep understanding of our target users and their key journeys and challenges. Leveraging a strong foundation focused on data access, transparency, and insights to provide new capabilities to our users.
We operate in a fast-paced, information-driven environment, which means we need people who bring diverse experiences, perspectives, and expertise to meet the ever-changing demands of our technology-infused customers' lives. Your ability to adapt, learn, and innovate helps increase revenue, reduce operational costs, mitigate risk, and, most importantly, lead to the superior experience and success of our clients.
We believe that investing in your success is an investment in our customers and our business. Our people are what sets us apart and make us great. This is a unique opportunity for you to own your career growth through Diversity, Equity, and Inclusion, Women in Technology, and Workforce of the Future initiatives that allow you to network across the organization, volunteer in our community, and build your technical and soft skills. Together we are building a culture that values diversity and creates a space of belonging for all our team members.

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