Insurance Underwriter

Insurance Underwriter Job Description

Insurance Underwriters Decide If Applications For Insurance Cover (risks) Should Be Accepted And If So, What The Terms Of That Acceptance Are. They Assess A Risk According To The Likelihood Of A Claim Being Made By Weighing Up A Number Of Factors And Asking For Detailed Information From Prospective Clients (policyholders). The Aim Is To Minimise Losses For Their Company And Help To Make A Profit.

Most Underwriters Specialise In One Type Of Insurance. The Main Types Of Insurance Are:

  • reinsurance: Part Of The Risk Is Placed With Another Insurer.
  • life Insurance/assurance: Covers Illness, Injury, Death;
  • general Insurance: Covers Household, Pet, Motor, Travel;
  • commercial Insurance: Covers Companies;

Insurance Underwriters Work Closely With Actuaries, Risk And Claims Managers To Ensure A Balance Between Attracting And Retaining Customers Through Competitive Insurance Premiums (fees) And Being Able To Cover Any Potential Losses From Claims.

Insurance Underwriter Duties/Functions/Responsibilities

  • negotiating with brokers and drawing up contracts;
  • writing policies;
  • keeping detailed and accurate records of policies underwritten and decisions made.
  • studying various insurance proposals;
  • gathering and assessing background information in order to effectively assess the risk involved;
  • deciding whether the risk should be shared with a reinsurer;
  • computing results for appropriate premiums using actuarial information, other statistics and own judgement;
  • visiting brokers or potential customers and preparing quotes;
  • liaising with specialists, such as surveyors or doctors, for risk assessment;
  • calculating possible risk and deciding how much individuals or organisations should pay for insurance (the premium);
  • gathering information and various types of reports (e.g. medical records) from specialists;
  • negotiating terms with policyholders or their brokers;
  • ensuring that premiums are competitive;
  • specifying conditions to be imposed on different types of policies, for example, asking that a property owner install a security alarm;

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