Insurance Underwriter Career, Job and Training Information.Parts 2

**Career job information for job seekers and find good   employment job

The work of underwriters has also been greatly affected by the Internet. The computer systems of many insurance carriers are now linked to various databases across the Internet allowing immediate access to information. Such information may include driving records which are necessary to determining a prospective client’s risk. Easy access to information reduces the amount of time and paperwork it would otherwise take for an underwriter to complete a risk assessment.
Most underwriters specialize in one of three major categories of insurance-life, health, or property and casualty. Insurance underwriters specializing in either life or heath may go on to further specialize in group or individual policies.

Underwriters specializing in Property and Casualty usually localize their specialization into either personal or commercial insurance, and then further by the type of risk insured; such as homeowners, automobile, fire, liability, workers’ compensation or marine. In some instances casualty companies provide insurance through a single “package” policy which covers a wide range of risk types. In situations such as this the underwriter must be familiar with different lines of insurance. For example, in business insurance cases the underwriter must often be able to evaluate the firm’s entire operation when appraising its application for insurance.

Group contacts are making up an increasing proportion of insurance sales, particularly in life and health insurance. A standard group policy insures everyone in a specified group through a single contract at a standard premium rate. It is the responsibility of the group underwriter to analyze the overall composition of the group assuring that the total risk is not excessive. Another type of group policy provides members of a group with individual policies reflecting their needs. Such policies are often given to labor unions. Often these are casualty policies, like those covering vehicles. In this case, the casualty underwriter evaluates the application of each group member and makes individual appraisals. Some group underwriters may also meet with union or employer representatives in order to discuss the types of policies that are available to their particular group.

Insurance Underwriter Training and Job Qualifications

Most large companies prefer to hire college graduates who have a degree in finance or business administration even for entry- level underwriting positions. However, a bachelor’s degree in almost any field along with courses in accounting and business law provides a good general background and may be sufficient to meet qualification requirements. Because computers are an essential part of most underwriters’ jobs, computer skills are crucial.

Once hired, new employees usually start out as underwriter trainees or assistant underwriters. Under the supervision of an experienced risk analyst they may help collect information on applicants and evaluate routine applications. Trainees working in property and casualty areas study claims files in order to become more familiar with various aspects associated with specific types of losses. New employees hired by many larger insurers may be offered a work-study program. Work-study programs can last anywhere from a few months to a whole year. As time goes on and more experience is gained, trainees are given more and more responsibilities and are assigned policy applications that are more complex and cover greater risks. Computers are used for more efficient analysis and processing of more complex applications.

For people who enjoy analyzing information and paying close attention to detail, underwriting can be a satisfying career. It is important for underwriters to demonstrate good judgment in order to make reliable and sound decisions. Because much of the underwriter’s work involves dealing with agents and other insurance professionals, excellent communication and interpersonal skills are also essential. Underwriters hoping for advancement must remember that continuing education is vital. Often insurance companies will pay tuition for underwriting courses successfully completed by their trainees. Some may even offer salary incentives.

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