What is an Insurance Underwriter?
An Insurance Underwriter is a professional who analyses and assess the risks involved in insuring people and assets.
What does an Insurance Underwriter do?
An assessment of whether insurance cover should be accepted and the terms and conditions of that acceptance. The risk of insuring a person or company according to the likelihood of a claim being made is the primary focus. It is about attracting and retaining customers through competitive insurance premiums but also being able to cover any potential losses from claims.
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Discover our business coursesTypes of Insurance to specialise in
Insurance Underwriters specialise in one type of insurance. Here are the main types of insurance:
- General insurance - home, household, pet, travel and motor
- Commercial insurance - covers companies
- Life insurance/assurance> - injury, illness, death
- Reinsurance - part of the risk is placed on another insurer.
What is the Insurance Underwriter process?
Insurance underwriting is how insurance companies assess the risk and profitability by offering a policy to someone. The process involves analysis of the pros and cons to provide coverage to someone. The analysis includes insuring a home, a car, a driver, a person’s health and life.
What qualification do you need to become an Insurance Underwriter?
To become an Insurance Underwriter, having a degree in finance, business, management, law or economics is beneficial for your career.
Please see below a list of recommended courses that could help to become an Insurance Underwriter.
BSc Business Management
BSc Accounting with Finance
MSc Corporate Financial Management
MSc Strategic Business Management
MSc Strategic Business Management Online
LLM Insurance Law
LLM Insurance Law Online
It would help to get some relevant work experience while you’re studying, for example through a work placement or internship. Many insurance companies offer a variety of graduate schemes for underwriters.
What skills does an Insurance Underwriter need?
- Effective analytical skills
- Strong interpersonal and written and verbal communication skills
- Negotiation skills and the ability to influence others
- The ability to understand and process technical information
- Strong decision-making skills and sound judgement
- Numeracy and statistical skills
- Problem-solving skills and a logical approach to work
- Self-motivation and the ability to work to tight deadlines
- Team working skills as well as the ability to use initiative.
What is the Insurance Underwriter salary?
A trainee underwriter can start to earn anywhere between £24-30k, depending on location and the individual company. Qualified and experienced underwriters can make between £25-40k. Senior and lead underwriters can start at £40k and reach up to £90k depending on the location and type of insurance.
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