How do you balance the need for thorough risk assessment with the need to meet business targets?

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How To Answer This Question?

This question is designed to evaluate your ability to balance two critical aspects of underwriting: risk assessment and business targets. When answering, emphasize your understanding of the importance of both thorough risk assessment and meeting business targets. Provide examples from your experience where you successfully managed to balance these two aspects. For instance, you might discuss a situation where you had to make a tough decision that involved weighing the potential risks against the business benefits. Highlight any strategies or tools you use to ensure that your risk assessments are both thorough and efficient, and how you communicate and justify your decisions to stakeholders. Example: 'In my previous role, I was faced with a high-value insurance application that had several risk factors. I conducted a detailed risk assessment using advanced analytics tools, which allowed me to identify and mitigate potential risks effectively. At the same time, I worked closely with the sales team to ensure that our business targets were met by adjusting the premium and coverage options to make the offer attractive yet sustainable.'