Insurance Underwriter
What is the work like?
As an insurance underwriter, you would assess insurance risk and decide whether to offer cover. It would be your job to set the terms and conditions of policies, and decide how much to charge for insurance premiums. You would make sure that policies were priced competitively for the customer but high enough for the insurance company to cover claims and make a profit.
You would normally specialise in life assurance or one of several types of general insurance. Your work could include:
- studying insurance proposals
- gathering background information such as medical histories
- analysing statistics from actuaries and other sources
- getting specialist risk assessments from experts such as surveyors or doctors
- assessing risk and calculating the price of premiums
- judging whether some of the risk should be shared with another insurer (known as ‘re-insurance’)
- preparing quotes and negotiating terms with insurance brokers or commercial clients
- deciding if any special conditions should apply to policies
- writing policies.
You would work closely with actuaries, claims managers, brokers and other insurance professionals.
What qualifications and experience will employers look for?
Often, you would become an underwriter by starting as a trainee insurance technician or claims administrator and working your way up through the industry.
Entry requirements can vary between employers. You can help your chances of promotion by gaining insurance industry qualifications, such as:
- Chartered Insurance Institute (CII) Certificate in Insurance, or
- ifs School of Finance Certificate in Regulated General Insurance (CeRGI).
You may be able to get into the insurance industry through an Apprenticeship scheme. The range of Apprenticeships available in your area will depend on the local jobs market and the types of skills employers need from their workers. To find out more about Apprenticeships, visit www.apprenticeships.org.uk.
Alternatively, you could join a company's management training scheme directly. For this, you will usually need a good degree (class 2:2 or above), although some may accept you with A levels or equivalent qualifications such as a BTEC National Diploma. You may have an advantage with a business or maths-related degree. Science, engineering or healthcare degrees may be useful for specialist types of insurance.
What further training and development can I do?
Once you are working for an insurance company, you will be trained through a mixture of in-house courses and learning on the job from experienced underwriters. You may spend up to two years learning about various types of insurance and claims, followed by up to three years’ further training in a specialist area of risk.
Your training is likely to include study for professional qualifications from the Chartered Insurance Institute (CII). The CII provides a clear career structure from trainee to professional level, with qualifications as follows:
- CII Certificate in Insurance
- CII Diploma in Insurance
- CII Advanced Diploma in Insurance, which leads to Associate membership of the CII (known as ACII).
As an underwriter, most employers will expect you to have or be working towards full ACII status.
If you deal with specialist risk in the London Insurance Market, you can also take the CII’s Lloyd’s and London Market Introductory Test (LLMIT). See the Lloyd’s website for more information about the London Insurance Market, and the CII website for details about the LLMIT.
Where can I go for more information?
25 The North ColonnadeCanary Wharf
London
E14 5HS
Tel: 020 7066 1000
4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609
London
EC2V 7HQ
Tel: 0845 257 3772
London
EC3M 7HA
Tel: 020 7327 1000
South Woodford
London
E18 2JP
Tel: 020 8989 8464
If you would like to discuss your career options with a learning adviser, call 0800 100 900 or use our online enquiry form
Alternatively, you can visit our website at: www.direct.gov.uk/careersadvice
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What salary and other benefits can I expect?
- Starting salaries can be between £16,000 and £20,000 a year.
- Experienced underwriters are likely to earn £25,000 to £40,000 a year.
- Specialist underwriters or underwriting managers can earn up to £70,000 or more.
Figures are a guideline only.
What are the hours and working conditions?
Your typical working hours would be 9am to 5pm, Monday to Friday. You would be mainly office-based, but may also travel to attend meetings with insurance brokers or business clients.
What skills and knowledge will I need?
- good spoken and written communication skills
- an analytical mind
- decisiveness and good judgement
- accuracy and attention to detail
- creative problem-solving skills
- confident negotiation skills
- good mathematical and computer skills
- the ability to work under pressure and to deadlines
- respect for confidential information.
What opportunities are there?
You could work for insurance companies, health insurers, banks or credit agencies. Jobs may be advertised in the local press, in industry magazines and by financial services recruitment agencies.
With experience, you could deal with more complex risks, or move into general management. Specialist knowledge can improve promotion prospects.
You may find the following links useful for job vacancies and general reading (links open new window):
ID Newscentre
Post
Insurance Age
Insurance Times
We do not accept responsibility for the content of external sites.
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