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Underwriter
Underwriters are responsible for deciding whether or not to accept applications for insurance cover – this is known as ‘risk’. Determining risk is a complex process and the job relies on sensible judgement and meticulous attention to detail. The underwriter must ensure that accurate quotes are produced that are competitive to the customer, yet profitable for the company. Underwriters may work in many areas but the work generally falls into the categories of life assurance, commercial insurance, general insurance and reinsurance.
There are also many specialist underwriters who are experts in certain fields and classes of insurance only e.g. in insurance of space-crafts, aviation or oil and gas platforms, etc. This is because some risks are so large and complex that only specialist underwriters have mastered the job.
Key Task
- Assess the risks involved in the insurance proposals made to the company and decide whether to accept or reject the proposal
- Decides on the terms and conditions of the insurance contract depending on the degree of the risk
- Examine insurance proposals
- Collect background information and assessments of risk
- Analyse statistical data using specialist computer programmes
- Write quotes and negotiate the terms with brokers and clients
- Determine premiums
- Decide the wording of policies
- Prepare insurance policy terms and conditions
- Liaise with insurance brokers and customers
Key Skills
- Analytical skills
- Good maths and statistics skills
- Attention to detail
- Verbal and written communication skills
- IT skills
- Good negotiation and interpersonal skills
Who are your employers
- Insurance companies
- Reinsurance companies
- Brokers
