Career as Insurance Underwriters

Career as Insurance Underwriters

Introduction to Career as Insurance Underwriters

Insurance is an essential requirement to reduce risk. Most of the people are risk averse, so insurance is a requirement for people and business. As a result there is scope for career as insurance underwriters as one of the area where you can get a job. 

What is Insurance Underwriting?

Underwriters are people who calculate and estimate level of risk involved and establishing premiums matched to the risk. This is done by identify, evaluate and calculate financial risks and thus determines the premium requires to insure that risk. That is insurance underwriters are people involved in risk management.

Roles and Responsibilities of an Insurance Underwriter

The role of insurance underwriter is to determine the premium that need to charge when insuring a risk. They identify, evaluate and calculate the risk involved. They are deciding on whether to accept or reject an insurance proposal based on insurance policies, coverage and premium. Thus their role is risk management.

Educational Qualification Required

Basic educational requirement to become an insurance underwriter is a bachelor’s degree. A bachelor’s degree in finance or business administration is helpful in getting a job in this field. A higher educational degree or specialization in insurance underwriting or accounts will be an added advantage. Most established firms look for higher educational qualification.

Skills and Knowledge Required for Career as Insurance Underwriter

A great knowledge in finance is essential to become an insurance underwriter. The experience is much-needed in this profession. So that the required skills and knowledge are developed during work experience. So get into the job at the basic or initial levels as trainees or assistants is important to acquire knowledge and skills requirement in this field. A good communication and computer skills are also essential.

Other skills required to be successful in this field are analytical skills, decision-making skills, mathematical knowledge and calculation skills, etc.

How to become an Insurance Underwriter?

The educational qualification required to become an insurance underwriter is a degree. One can also get admission to PG programs in finance or accounting or business administration after getting a graduation degree. There may be entrance exams, group discussions, and personal interviews to get admission to such programs. As the job requires special working knowledge, it is important to get into the job as trainee or assistant.

Where do I get the Job?

As the insurance is an essential part of risk management, the scope of career as insurance underwriter is also high. An insurance underwriter can get a job in insurance agencies, insurance service organizations, mortgage companies, real estate firms, etc.

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