Insurance Underwriters

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Also known as:  Automobile and Property Underwriter, Bond Underwriter, Insurance Analyst, Insurance Underwriter, Insurance Writer, Underwriting Account Representative, Underwriting Service Representative

ABOUT INSURANCE UNDERWRITER CAREERS

VIDEO TRANSCRIPT Expand
Insurance companies protect businesses and people against loss by assuming billions of dollars in risks each year. But who is protecting the insurance company? Underwriters. They scrutinize insurance applications, examining actuarial reports, medical records, and other data to decide if their compan ...
y can take a chance. They're the ones who decide whether or not to issue a policy and how much to charge for it.

Technology is the underwriter's active partner. They use computer models called "smart systems" to evaluate insurance applications, weeding out those who are not eligible and adjusting the premium rate for the rest. The internet hosts a growing assortment of web sites devoted to underwriters and their needs for current information.

Future job growth in the insurance industry will be limited due to increased office automation. A bachelor's degree is required to start, and continuing education is a must to earn specialty designations and advancement. Job prospects for underwriters are best for applicants with the most desirable credentials - excellent computer and communication skills and a strong background in finance.
SNAPSHOT Expand
Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Leadership
LOW
Critical decision making
HIGH
Level of responsibilities
LOW
Job challenge and pressure to meet deadlines
HIGH
Dealing and handling conflict
LOW
Competition for this position
HIGH
Communication with others
HIGH
Work closely with team members, clients etc.
HIGH
Comfort of the work setting
HIGH
Exposure to extreme environmental conditions
LOW
Exposure to job hazards
LOW
Physical demands
LOW
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DAILY TASKS Expand
Decline excessive risks.
Review company records to determine amount of insurance in force on single risk or group of closely related risks.
Write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies.
Authorize reinsurance of policy when risk is high.
Evaluate possibility of losses due to catastrophe or excessive insurance.
Examine documents to determine degree of risk from such factors as applicant financial standing and value and condition of property.
Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe profitable distribution of risks, using reference materials.
MAIN ACTIVITIES Expand
Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
Making Decisions and Solving Problems Analyzing information and evaluating results to choose the best solution and solve problems.
Analyzing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Processing Information Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Documenting/Recording Information Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
Updating and Using Relevant Knowledge Keeping up-to-date technically and applying new knowledge to your job.
Evaluating Information to Determine Compliance with Standards Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
AREAS OF KNOWLEDGE Expand
Medicine and Dentistry Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
English Language Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Customer and Personal Service Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Clerical Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
Education and Training Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Computers and Electronics Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Therapy and Counseling Knowledge of principles, methods, and procedures for diagnosis, treatment, and rehabilitation of physical and mental dysfunctions, and for career counseling and guidance.
KEY ABILITIES Expand
Written Comprehension The ability to read and understand information and ideas presented in writing.
Oral Comprehension The ability to listen to and understand information and ideas presented through spoken words and sentences.
Oral Expression The ability to communicate information and ideas in speaking so others will understand.
Written Expression The ability to communicate information and ideas in writing so others will understand.
Inductive Reasoning The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Deductive Reasoning The ability to apply general rules to specific problems to produce answers that make sense.
Speech Clarity The ability to speak clearly so others can understand you.
Problem Sensitivity The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
TOP SKILLS Expand
Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Active Listening Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Reading Comprehension Understanding written sentences and paragraphs in work related documents.
Critical Thinking Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Speaking Talking to others to convey information effectively.
Writing Communicating effectively in writing as appropriate for the needs of the audience.
Time Management Managing one's own time and the time of others.
Complex Problem Solving Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.