What does an Insurance Underwriter do?
Published 3 min read
An insurance underwriter is responsible for reviewing insurance applications and determining whether or not to provide coverage, and if so, how much coverage to provide. They assess the risk of insuring a person or property, and set premiums accordingly. Underwriters may work for insurance companies or be self-employed.
Insurance Underwriter job duties include:
- Reviewing and evaluating information on insurance applications
- Determining whether to provide insurance coverage and under what terms
- Calculating premiums and policy limits
- Developing insurance programs
- Identifying new business opportunities
- Managing risk
- Maintaining relationships with agents and brokers
- Negotiating reinsurance treaties
- Analyzing claims data
- Attending industry events and conferences
Insurance Underwriter Job Requirements
An insurance underwriter is responsible for reviewing insurance applications and deciding whether to provide coverage and at what rate. Underwriters must have a bachelor’s degree, although some jobs may require a master’s degree. Many underwriters also hold professional certifications. Several years of experience in the insurance industry are typically required for this position.
Insurance Underwriter Skills
- Analytical skills
- Probability and risk analysis
- Financial analysis
- Finance
- Mathematics
- Statistics
- Actuarial science
- Business
- Communication
- Computer skills
- Organizational skills
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How to become an Insurance Underwriter
An insurance underwriter is responsible for evaluating insurance applications and deciding whether to provide coverage and at what price. Underwriters use their knowledge of the insurance market, policy terms, and the applicant’s financial situation to make these decisions.
To become an insurance underwriter, you will need at least a bachelor’s degree in business, finance, economics, or a related field. Many underwriters also have a master’s degree or designation from the Chartered Property Casualty Underwriter (CPCU) Society.
In addition to formal education, insurers will look for underwriting experience when considering candidates for open positions. Many underwriters start their careers in entry-level administrative or customer service roles and then move into underwriting positions as they gain experience.
If you are interested in becoming an insurance underwriter, start by researching insurers that operate in your desired geographic area and that offer the type of insurance you are interested in writing. Once you have identified a few potential employers, reach out to them to learn about their hiring process and what they look for in candidates.
In addition to formal education and work experience, insurers will also be looking for certain skills and personality traits in candidates for underwriting positions. These include strong analytical skills, the ability to pay attention to detail, good communication skills, and the ability to work well under pressure.
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