Every field or industry has a distinct set of terminology. For insurance, underwriting is the practice of determining risks vis-à-vis insurance policies.
Insurance underwriters, or more commonly insurance officers, assess the insurability of an applicant. They survey the application and make inquiries and probes about the claims. Thereafter, insurance underwriters will determine whether to give an application a green or a red light.
If you have excellent analytical, negotiation, statistical, and research skills, then a career as an underwriter may be the path for you to take. Collect ideas as to what employers expect from underwriters with all these Job Description Samples from various insurance firms.
Insurance Underwriter Job Description Sample
Junior Underwriter Job Description
Senior Underwriter Job Description in PDF
Insurance Underwriter Job Description
Loan Underwriter Job Description Example
As an underwriter, you will serve as the gatekeeper between insurance applicants and your insurance firm. You are at a decision-making position as you determine who to let in in this sense.
Apart from insurance companies, you could also be employed by banks, brokers, and other lending institutions. See job description samples from various types of employers on this post.
Individuals that demonstrate the following are considered the more high-risk applicants:
- a likelihood to fall very sick or to have a chronic illness;
- in high-risk professions, for instance as a pilot; and
- are at unstable jobs, and the like.
The insurance services that are able to cover these risks form part of the insurance coverage offered to applicants.
The most common types of insurance are the following:
- health insurance,
- life insurance,
- house insurance,
- car insurance,
- travel insurance, and
- commercial insurance.
As an underwriter, you will therefore assess one against the other. Basically, you are to evaluate whether an applicant’s risk may be covered by your firm’s line of services, ensuring that risk is sensible or proportional to cover.
This responsibility will involve
- background information,
- applicant research,
- statistical analysis,
- presentation of policy terms,
- as well as updates on financial or market trends and forecasts.
Qualifications for Underwriting
Employers prefer degree holders of financial courses such as
- management, and
- other such majors.
Training for Underwriting
Upon employment, firms will submit hired individuals into a training program that ranges from 2 to 6 months. This is when new crops of employees are able to have firsthand experience into the profession of underwriting.
Salary from Underwriting
In the United Kingdom, the compensation for underwriting is listed at 25 thousand pounds to 100 thousand pounds.
Underwriters versus Technical Writers
Evidently, underwriting contrasts technical writing. Underwriting takes on a more financial nature, whereas technical writing is essentially literary. For more on the latter, see these Technical Writer Job Description Samples.
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Underwriters versus Copy Writers
Similarly, underwriters are very different from copy writers. Copy writers are also referred to as continuity writers. They create pieces for companies like ads, brochures, catalogs, Web content, letters, and other documents. For more on what this job entails, see these Copywriter Job Description Samples.
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