To become an underwriter one need to have a degree in finance or business administration with knowledge of accounting.
The job of an underwriter is to measure the risk involved in offering a policy to an individual. At the beginning, you will join as a trainee or asst. underwriter. You have to study the claim files to understand the facts associated with different types of losses. _________________ I am and always will be a sinner. But that's the beautiful thing about Jesus. I'll always try to be a better person in the eyes of God. But I'm not all of a sudden stepping up on a pedestal and saying I'm holier than thou, 'cause I'm not!
Underwriters evaluate the risk associated with offering you a policy. Every year the insurance companies are putting billions of dollars at risks trusting upon the decisions made by the underwriters.
One can become an underwriter for general insurance (auto, home, business, health) or for life insurance. Some underwriters may also choose to specialize in a particular type of insurance. However, the eligibility criteria remain same.
You should be a graduate to become an underwriter. Additionally, you should have
-knowledge in accounting,
-good understanding of economics
- idea about the insurance industry
-basic computer skills
A degree in finance or business can be an added advantage.
Hope this will help you. If you have any more queries, please feel free to ask us. We are always there to help each other.
Posted: Thu Jun 14, 2007 7:06 am Post subject: Yeah!!
Yeah guys...you all are quite right at throwing light upon the different spheres upon which an underwriter works. I'd just like to mention over here that an under-writer has the duty to offer coverages on the basis of standard terms & conditions.
He may introduce additional conditions or charges as & when required. He is subject to overlook that part of the risk which may be termed as foreseen. He might as well share to insure a part of any specific risk with another insurer.
Thus we may clearly understand the fact that his main objective is to reduce the company's expenses or minimise the losses to be borne out of claims.
Hope that makes it a bit more vivid!
Fatman
Posted: Thu Jun 14, 2007 8:47 am Post subject: Workarea of an underwriter..
Hi!
The basic work area of an underwriter may include the following functions:
# Analyze the different insurance propositions.
# Study the personal informations about prospective clients
# Ascertaining the risk factor associated with a prospective policy or a claim.
# Deciding about sharing a risk with a re-insurer.
# Take a call on premium-calculations on the basis of personal vision & actuarial informations.
# Deciding the conditions with the policyholders and the agents
# Designing a practical premium structure.
# Designing policies.
I'm sure the above mentioned piece of information would help you achieve better understanding about the facts related to underwriting. Thanks! Evan .T. Smith
What type of training or experience does it take to become an Underwriter?
He must be actuary. It's not so easy, but if for one underwriting you get 100 dollars - and it's frequently - you can even top working =)
Posted: Sat Jul 28, 2007 3:37 pm Post subject: Becoming an underwriter
Hi experts,
I have an engineering background and I am currently working for a major european classification society in the field of technical risk assessment for large industrial projects and installations. In the future I would like to enter the (re)-insurance business and become an underwriter. Does it make sense to get an MBA in order to acquire background knowledge in finance, accounting etc. ? _________________ Register Now to have your Insurance queries solved.
Posted: Mon Oct 01, 2007 4:41 pm Post subject: fundamental to underwriting
why an understanding of the object and subject of insurance are fundamental to underwriting? _________________ Register Now to have your Insurance queries solved.
Posted: Tue Oct 02, 2007 8:39 am Post subject: make sure..
Hi !
Quote:
To become an underwriter one need to have a degree in finance or business administration with knowledge of accounting.
So as Cyrus has rightly mentioned that its all about finance, bu. adm. & accounts, hence we can understand that there is no need to understand insurance as such. But yeah, you would certainly need to gather knowledge about the insurance industry, once you decide to be an insurance underwriter!
regards, fatman
