Also called: Account Underwriter, Underwriter, Underwriting Director, Underwriting Manager
Produced by CareerOneStop
Video transcript: skip transcript
For every insurance policy written, there is an insurance underwriter behind the scenes… balancing the risk that their company will have to pay out a claim… with deciding how much coverage the company should provide… and at what cost… to earn a profit. Underwriters evaluate insurance applications and determine whether the company should approve an application, or decline to offer an insurance policy when the risk is too high. Most insurance underwriters specialize in one of three areas: life; health; or property and casualty— for a vehicle or dwelling. The work in each field is similar, but the critical information differs— they may consider an applicant’s age and financial history for life insurance, for example, and the driving record and annual mileage for auto. For simple policies, underwriters enter client information into software that provides recommendations; underwriters consider these in their final decision— or may need to gather more information. For more complex types of insurance, underwriters rely on their own research and analytical insight. Insurance underwriters tend to work full time in an office setting, although they may be required to handle customer inquiries or travel to assess properties. While related work experience and computer skills may be enough for some positions, employers tend to prefer candidates with a bachelor’s degree. Starting out, new underwriters work under the supervision of senior underwriters. Gaining certifications through ongoing coursework is expected in many positions, and required for advancement.
What they do:Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
On the job, you would:
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
- Decline excessive risks.
- Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
Arts and Humanities
- English language
- customer service
- sales and marketing
Math and Science
- arithmetic, algebra, geometry, calculus, or statistics
- listening to others, not interrupting, and asking good questions
- reading work related information
- noticing a problem and figuring out the best way to solve it
People and Technology Systems
- thinking about the pros and cons of different options and picking the best one
- read and understand what is written
- communicate by writing
Ideas and Logic
- make general rules or come up with answers from lots of detailed information
- use rules to solve problems
People interested in this work like activities that include data, detail, and regular routines.
They do well at jobs that need:
- Attention to Detail
- Analytical Thinking
You might use software like this on the job:
Financial analysis software
- Anodas Software Limited Phoenix
- Consilience Software Maven Insurance Automation Suite