Insurance underwriters decide if applications for insurance cover (risks) should be accepted and, if so, what the terms of that acceptance are.
They assess a risk according to the likelihood of a claim being made by weighing up a number of factors and asking for detailed information from prospective clients (policyholders). The aim is to minimise losses for their company and help to make a profit.
Insurance underwriters work closely with actuaries, risk and claims managers to ensure a balance between attracting and retaining customers through competitive insurance premiums (fees) and being able to cover any potential losses from claims.
Daily activities vary according to the type of insurance offered by the company but may include:
• studying insurance proposals;
• gathering and assessing background information in order to effectively assess the risk involved;
• calculating possible risk and deciding how much individuals or organisations should pay for insurance (the premium);
• deciding whether the risk should be shared with a reinsurer;
• computing results for appropriate premiums using actuarial information, other statistics and own judgement;
• visiting brokers or potential customers and preparing quotes;
• liaising with specialists, such as surveyors or doctors, for risk assessment;
• gathering information and various types of reports (e.g. medical records) from specialists;
• negotiating terms with policyholders or their brokers;
• ensuring that premiums are competitive;
• specifying conditions to be imposed on different types of policies, for example, asking that a property owner install a security alarm;
• negotiating with brokers and drawing up contracts;
• writing policies;
• Keeping detailed and accurate records of policies underwritten and decisions made.
You will need:
• effective analytical skills;
• strong interpersonal and communication skills, both written and verbal;
• negotiation skills and the ability to influence others;
• the ability to absorb technical information;
• confident decision-making skills;
• numeracy and statistical skills;
• problem-solving skills and a logical approach to work;
• sound judgement;
• the ability to work to tight deadlines;
• team working skills but also a willingness to work using your own initiative;
• Customer service skills.
For some posts in life assurance, biological or medical knowledge may be helpful.
Qualifications and training required
This area of work is open to all graduates, although a degree in the following subjects may increase your chances:
• business or management;
• mathematics or another numerate subject.
Entry without a degree is possible in an assistant underwriter role, working as a junior underwriter or insurance technician in an underwriting team. If you then wish to take professional training through organisations such as the Chartered Insurance Institute (CII) to become an underwriter, you will usually need to have A-levels, Scottish Highers or equivalent qualifications.
It is possible to do an apprenticeship which includes CII insurance qualifications.
A pre-entry postgraduate qualification is not needed.
Graduates from any degree discipline can become underwriters, although some employers prefer a qualification in accounting, finance, economics, law, management or business studies. Specialist medical knowledge or a scientific, technical or engineering degree may be necessary for some vacancies, particularly those within life assurance. Relevant experience gained via vacation work and placements can be beneficial.
Training is normally provided for successful candidates once in post, often leading to professional qualification with the Chartered Insurance Institute. Career progression is possible by promotion into senior underwriting positions or through specialisation or management. However, advancement can often entail relocation.
Analytical skills. Underwriters must be able to evaluate information from a variety of sources and solve complex problems.
Decision-making skills. Underwriters must consider the costs and benefits of various decisions and choose the appropriate one.
Detail oriented. Underwriters must pay attention to detail, because each individual item on an insurance application can affect the coverage decision.
Interpersonal skills. Underwriters need good communication and interpersonal skills because much of their work involves dealing with other people, such as insurance agents.
Math skills. Determining the probability of losses on an insurance policy and calculating appropriate premiums require mathematical ability.
HOW TO APPLY: -
Interested applicants should forward their Names, Phone Nos, E-Mail, Post Applying for to the message box or to the number stated on this advert. Not abiding to these rules and regulations will lead to TOTAL Disqualification. Only shortlisted candidates will be contacted