How to be an underwriter

how to be an underwriter

Answers

Best Answer: Although there are no formal education requirements for becoming an underwriter, many employers prefer candidates with a bachelor’s degree or professional designation, some insurance-related experience, and strong computer skills. Much of what an underwriter does may be learned through on-the-job training, so the majority of underwriters start their careers as trainees.

Education and training. For entry-level underwriting jobs, most large insurance companies prefer college graduates who have a degree in business administration or finance with courses or experience in accounting. However, a bachelor’s degree in almost any field—plus courses in business law and accounting—provides a good general background and may be sufficient to qualify an individual. Because computers are an integral part of most underwriters’ jobs, some coursework with computers is also beneficial. Many employers prefer to hire candidates with several years of related experience in underwriting or insurance.

New employees usually start as underwriter trainees or assistant underwriters. They may help collect information on

applicants and evaluate routine applications under the supervision of an experienced risk analyst. Property and casualty trainees study claims files to become familiar with factors associated with certain types of losses. Many larger insurers offer work-study training programs, lasting from a few months to a year. As trainees gain experience, they are assigned policy applications that are more complex and cover greater risks.

The computer programs many underwriters use to assess risk are always being improved upon and updated, so on-the-job computer training may continue throughout an underwriter’s career.

Other qualifications. Underwriting can be a satisfying career for people who enjoy analyzing information and paying attention to detail. In addition, underwriters must possess good judgment in order to make sound decisions. Excellent communication and interpersonal skills also are essential, as much of the underwriter’s work involves dealing with agents and other insurance professionals.

Source(s): Read more about the occupation @ http://www.bls.gov/oco/ocos026.htm

Tom Z · 6 years ago

Source: au.answers.yahoo.com

Category: Insurance

Similar articles: