What is an Underwriter?

An Underwriter is responsible for deciding whether or not to accept applications for insurance cover which is otherwise known as a ‘risk’. The underwriter must ensure that accurate quotes are produced and that these quotes are competitive to the client, yet profitable for the company.

Underwriters can be found in a wide range of scenarios inclusive of investment, banking, and insurance organisations. An underwriter oversees the underwriting process, which involves assessing a wide range of information about the risk in order to work out if their company should take on the applicant’s contract. Taking on the contract can mean issuing a loan or insurance policy, etc.

Their analysis of each risk aims to determine whether the contract will favour their company or will be likely to incur a loss. Underwriters use specialised software and technology to assess the applicant’s information to work out the premium amount and terms they should apply given the specific policy in question.

What kind of skills do you need to work as an Underwriter?

While you find Underwriters in a wide range of industries, they usually have similar skills and education. Most will have a bachelor’s degree in a degree related to their industry like economics, business studies or IT, and will have completed a course of training. Sometimes this additional training is tailored specifically by the organisation they work with, but training can also be received from such institutions as the Chartered Insurance Institute. Other skills required for Underwriting include:

Underwriter technical skills:

Underwriter soft skills:

What Other Underwriter roles are there?

Many Underwriters progress through a company starting in a junior position like an Assistant Underwriter and working their way up as their experience and skills develop.

Assistant Underwriter

Assistant Underwriters or Junior Underwriters are trainee underwriting roles and involve working within an underwriting team to support them whilst learning about the industry, the company and the policies. They will handle customer service tasks and perform increasingly complex data entry. It typically takes between two and three years to progress from an Assistant Underwriter to an Underwriter position.[/vc_column_text][/vc_column][/vc_row]

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