Insurance Underwriter
Underwriters have a demanding but tough job as he has to calculate the financial risk of insuring a business or an entity, for prospective and clients. Underwriters also have options to work in different lines of insurance business, such as auto, home, commercial and farm insurance, individual, life and group life and health.
Key Success
To be successful as Insurance Underwriter you should have/ develop:
- Ability to communicate well
- aptitude for mathematics
- ability to analyze, compare and interpret facts and figures quickly
- analytical mind
- Self-starter
- power of logical reasoning
Scope and opportunities
One who enjoys analyzing information and detail oriented find underwriting a suitable and satisfying job option.
Lifestyle & Social Status
- It’s an Indoor as well as outdoor job.
- Better social status by joining the league of professionals
- One of the high paid jobs
Job Profile
- Underwriters job include studying insurance proposals, gathering and assessing background information, calculating possible risk and determining the premium.
- Underwriters work as a mediator between the policy holder and insurance company.
- Underwriters are able to find optimum premium rates that satisfy policy holders as well as maintain profitability for their employing insurance companies.
- An underwriter’s job basically, involves office work and client interaction.
- So, after a person has decided to opt for underwriting, the next step is to choose which field of underwriting he wants to go for.
- The four main categories are: Life insurance, Health insurance, Mortgage insurance and Property/casualty insurance.
- Life and health insurance underwriters may further specialize in group or individual policies.
- Property and casualty underwriters usually specialize in either commercial or personal insurance and then by type of risk insured, as in fire, homeowners, automobile, marine, or liability insurance, or workers’ compensation
Skill Sets
- Good written & oral communication
- Problem solving
- Computer skills
Work Value
- Accuracy
- Persistent
- Decision Making
Current Job Scenario
One is paid based on experience and area of specialization. Working in banks and insurance companies can expect for good remuneration than one working in private agencies and real estate firms. They are also benefitted by allowances, commission or brokerage, insurance coverage, retirement benefits, etc. Starting salary ranging from Rs. 6,000 – 8,000 PM plus brokerage.
Top Recruiters
- LIC
- HDFC Life
- Birla Sunlife
- GIC
- ICICI Prudential
Course Synopsis
Any graduate with training and reasonable experience in back office can enter into this field.
Career prospect
- Assistant administrative officer in LIC
- Sales agent trainee
- Claims processing manager trainee
- Underwriting manager trainee
Industries where Insurance Underwriter can work:
- Insurance agencies
- Health departments
- Banks
- Financial institutions
Entrance Exam
- ACET(Actuarial common entrance test)
Success stories