What you need to know about a job as an underwriter

Are you looking for a challenging and interesting career? Consider becoming an insurance underwriter. If you have excellent communication capabilities and strong analytical skills, this might be the right career for you. You’ll benefit from a comfortable work environment and opportunities to advance to senior-level positions. If you’re pursuing a career in underwriting, you can look for vacancies on Job Mail.

Job description

An insurance underwriter is responsible for determining whether insurance applications should be approved or not. They also stipulate the terms and conditions of the insurance cover. An important part of the decision-making process involves conducting a risk assessment. Employees in this position are tasked with calculating coverage amounts as well as determining premiums.

Responsibilities

An insurance underwriter is required to perform a diverse range of duties, which usually include:

• Assessing insurance applications
• Liaising with insurance agents
• Collecting background information
• Communicating with specialists
• Calculating risks
• Using underwriting software
• Determining premiums
• Writing policies
• Maintaining precise records

Qualifications and training

Get your career as an insurance underwriter off to a good start by completing a relevant bachelor’s degree. You can benefit from university modules that include business, accounting, and economics. Other useful subjects include mathematics, statistics, and finance. The most relevant courses to select when you’re studying will depend on your area of specialisation. While a degree is a good foundation for working as an underwriter, on-the-job training is also important. Once you graduate, you’re likely to work together with an experienced underwriter after you’re hired. This is your opportunity to learn more about the policies and procedures that are involved in this job. Certificates in underwriting will also equip you with the skills you need to succeed in this industry.

Areas of specialisation

When it comes to underwriting for an insurance company, it’s advantageous to select a field to specialise in. Common options include specialising in life, property, health, personal, and business insurance. While these jobs have similar responsibilities, they utilise different criteria when evaluating applications for insurance. Driving records are a key factor when making assessments for car insurance applications while age has a significant impact on life insurance coverage.

Skills needed

To succeed as an insurance underwriter, you must have:

• Superior interpersonal capabilities
• Advanced written and verbal communication skills
• Excellent presentation skills
• The ability to pay attention to detail
• Strong analytical capabilities
• Outstanding math and statistical skills
• Effective computer skills
• Good judgement
• The ability to work under pressure in order to meet deadlines
• Self-motivation

Career prospects

Once you have the qualifications and skills that you need for underwriting positions, you can look for vacancies in insurance organisations. Employment is available in large organisations, which work with a diverse portfolio of general insurance cover. Another option is to work for a smaller organisation that focuses on a specific type of insurance, such as car or home insurance. Banks and credit agencies also hire insurance underwriters. Relevant opportunities are available in life and health insurance companies as well as in reinsurance companies.

Related careers

• Loan Officer
• Insurance Sales
• Actuary
• Cost Estimator
• Risk Management
• Insurance Broker

Work environment

Underwriters usually work in an office environment. In some instances, they may be required to travel in order to assess properties. This is typically a full-time position that has regular business hours. You may be required to work overtime when there are tight deadlines.

Do you think that you have what it takes to make it as an insurance underwriter? You can find relevant vacancies on Job Mail.