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.