How To Become An Underwriter
How To Become An Underwriter
Sherridan Hughes talks about how to become an insurance underwriter.
Hello! I'm Sherridan Hughes. I'm a career consultant with career analysts. I'm going to talk to you today about how to getting to various careers.
This is how to become an insurance underwriter. Be sure as underwriters decide to whether accept an application for insurance. They would look at the risks involved and decide whether they want you to take on the whole risk or perhaps want to reinsure and share it with another insurance company.
So insurance underwriters can specialize in certain fields like notary insurance, home policies, commercial insurance, and etcetera, or they might specialize in health insurance as it's known, and you know, risk associated with that. They may decide to accept the application, understand the terms. They may decide to put some heavy answers in additional terms.
And for example, they might, you know, say that the business has to put in some fire lines for example or burn the lines. They may exclude elements of risk. So, for example, they might say that you have a heart condition therefore we will ensure for health for any heart attacks.
And they may also say decide to share the risks of the company or perhaps even take a share the risk that they're offering. Obviously there are astounded products particularly they may well be some risks both deals to be made if someone has a multi-million pound yacht, which is how to decide the kind of level of insurance and how much this are worn off. It would necessarily fit in to normal circumstances.
And equally you have people insuring their legs for football or for example. Insurance underwriters are looking at the statistical evidence that you are for your very own information and making decisions based on that. So, you need to be numeric and you need to be able to understand statistical data.
Some insurance specialize in for example as identifying that women not the men would agree are actually much better drivers and less risks and therefore they are specially very much in the female market and getting better rates. So it's a decision. You need to be able to analyze a situation.
You need to be able to make an informed decision as to whether or not this is an acceptable risks in insurance terms. It is possible to enter at lower levels and work out from lower level in administrative roles or senior roles in underwriting. That's also possible to enter as a diplomat or a graduate, and obviously there are actual degrees in finance and insurance but equally anything with a slight business or commercial or mathematical is more likely to be viewed more favorably.
But graduates in any discipline can in fact be taken on. You will find the competition is various and it helps to gain perhaps some relevant experiences from holidays and internships before entering. There are professional insurance bodies that would try to institute to insurance and risk management, and also loyal of London qualifications which may well encourage you to take once or during your 2 year training as a graduate trainee.
So professional qualifications are encouraged. So that is how to become an insurance underwriter. .