Overview
An underwriter examines a person's history to determine whether or not he or she is eligible for insurance and on what terms. They evaluate insurance applications and calculate coverage amounts and premiums using actuarial science-based mathematics. Underwriters are the primary point of contact between an insurance company and an agent. Underwriters make determinations about whether to approve an applicant using computer software programmes.
Typical day at work
Typically, underwriters perform the following tasks:
Abilities and Aptitude needed
Underwriters each have their own distinct personality. They are typically conservative individuals, which means they are conscientious and prudent. They are logical, efficient, well-organized, and well-ordered. Additionally, some are enterprising, which means they are courageous, ambitious, assertive, extroverted, energetic, enthusiastic, confident, and optimistic. Insurance underwriters must possess specific skill sets in addition to educational credentials. They must take an analytical and investigative approach to their work. Computer literacy is required, as is business, finance, and accounting knowledge. In addition, they must be sociable and possess strong communication skills.
Pathways
Entrance Exam
IGIE Exam (By Insurance Institute of India)
Courses
Best Colleges
Industries
internship
Career outlook
Insurance companies constantly evaluate new risks and develop policies to address changing circumstances. Underwriters are required, particularly in product development, where they evaluate risks and set premiums for new insurance lines. Long-term care insurance is a new type of insurance offered by life insurance companies that may create job opportunities for underwriters. Demand for underwriters is also expected to increase as insurance carriers attempt to recoup their losses following many underwriting losses in recent years. Because insurance is viewed as a necessity for individuals and businesses, there will always be a demand for underwriters. This field is less susceptible to recession and layoffs than other fields.