Insurance Underwriter

Overview

Who is Insurance Underwriter?

An underwriter examines a person's history to determine whether or not he or she is eligible for insurance and on what terms. They evaluate insurance applications and calculate coverage amounts and premiums using actuarial science-based mathematics. Underwriters are the primary point of contact between an insurance company and an agent. Underwriters make determinations about whether to approve an applicant using computer software programmes.

Typical day at work

What does Insurance Underwriter do?

Insurance Underwriters conduct risk analysis on insurance proposals, establish policy terms, and calculate premiums using actuarial, statistical, and historical data. Most insurance companies offer graduate programmes that provide an entry point into underwriting. It includes determining whether or not to accept insurance applications – this is referred to as 'risk'.

Typically, underwriters perform the following tasks:

• 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.

Abilities & aptitude needed

What are the skills, abilities & aptitude needed to become Insurance Underwriter?

Underwriters each have their own distinct personality. They are typically conservative individuals, which means they are conscientious and prudent. They are logical, efficient, well-organized, and well-ordered. Additionally, some are enterprising, which means they are courageous, ambitious, assertive, extroverted, energetic, enthusiastic, confident, and optimistic. Insurance underwriters must possess specific skill sets in addition to educational credentials. They must take an analytical and investigative approach to their work. Computer literacy is required, as is business, finance, and accounting knowledge. In addition, they must be sociable and possess strong communication skills.

Courses

Which course I can pursue?