What does an Underwriter do?
Published 3 min read
An underwriter is a person who evaluates the risk of insuring a person or property and sets the premium for that risk.
Underwriter job duties include:
- Review and evaluate information on insurance applications
- Calculate premiums and decide coverage amounts
- Examine medical reports and police records
- Research the applicant's background and history
- Determine whether or not to approve the application
- Contact applicants for additional information, if necessary
- Keep updated on changes in the insurance industry
- Stay abreast of new underwriting guidelines
- Train and mentor new underwriters
Underwriter Job Requirements
An underwriter is responsible for reviewing and approving insurance applications. They must have a bachelor's degree, although a master's degree may be preferred. Certification is not required, but may be helpful. Experience in the insurance industry is also helpful.
Underwriter Skills
- Analytical skills
- Probability and statistics
- Finance
- Economics
- Accounting
- Actuarial science
- Computer skills
- Writing and communication abilities
- Problem-solving skills
- Attention to detail
- Organizational skills
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How to become an Underwriter
An underwriter is a professional who assesses the risk of insuring a home, car or person and sets premiums accordingly. Underwriters work in the insurance industry and are employed by insurance companies. Some underwriters are also self-employed.
To become an underwriter, you will need at least a bachelor's degree in insurance, business or a related field. Many underwriters also have a master's degree in business administration (MBA) or a chartered property casualty underwriter (CPCU) designation. You will also need to pass state exams to become licensed as an insurance agent.
Once you have the necessary education and licensure, you will need to find employment with an insurance company. Many insurance companies have training programs for new underwriters. Once you have completed any required training, you will be able to start working as an underwriter.
As an underwriter, you will be responsible for assessing the risk of insuring homes, cars and people. You will use your knowledge of the insurance industry and your analytical skills to determine premiums for policies. You will also be responsible for keeping up with changes in the insurance industry and updating your knowledge so that you can accurately assess risk.
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