Insurance Underwriters: Career, Courses, Training, Jobs & Growth Prospects
If you have inclination towards
finances and numeracy; want vibrant role within insurance sector then Underwriting may be right career choice for you.
There are a number
of fields an insurance underwriter can specialize: life, health,
mortgage, and property and casualty. Within the broad field of property
and casualty, underwriters may specialize even further into commercial
(business insurance) or personal insurance. They may also specialize by
the type of policy, such as insuring automobiles, boats (marine
insurance), or homes (homeowners’ insurance).
Role of Insurance Underwriters
- Analyze information in insurance applications
- Determine the risk of insuring a client
- Screen applicants on the basis of set criteria
- Evaluate recommendations from underwriting software
- Decide whether to offer insurance
- Determine appropriate premiums and amounts of coverage
- Write policies to cover potential loss
Skills of Insurance UnderwritersAnalytical skills:
Underwriters must be able to evaluate information and solve complex problems.Decision-making skills:
Underwriters must have the ability to consider the costs and benefits of various decisions and to choose the appropriate one.Detail oriented:
Underwriters must pay attention to detail.Interpersonal skills:
Underwriters need good communication and interpersonal skills as they deal with other people.Technical skills:
Underwriters must be comfortable working with computers and making mathematical calculations.
Some reported job titles:
Account Underwriter, Customer Service Representative, Personal Lines
Underwriter, Underwriting Director, Health Underwriter, Life
Underwriter, Automobile and Property Underwriter, Commercial Lines
Underwriter, Commercial Underwriter
Where to study
You need a minimum of bachelors degree to start work in the Insurance sector. There are both public funded and privately owned enterprises. To find a suitable study programme go to University Hub.