What Do Insurance Underwriters Do (including Their Typical Day At Work)

Job Description

Insurance Underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications. They also examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.

Other tasks include:

• Decline excessive risks.
• Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
• Evaluate possibility of losses due to catastrophe or excessive insurance.
• Review company records to determine amount of insurance in force on single risk or group of closely related risks.
• Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe, profitable distribution of risks, using reference materials.
• Authorize reinsurance of policy when risk is high.

We asked Insurance Underwriters how satisfied they are with their job. Here is what they said.

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70% of them said they were satisfied with their job and 37% said they find that their job makes the world a better place or helps to make someone else’s life better.

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Typical Day At Work

On a daily basis, Insurance Underwriters examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property. They write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.

A typical day for an Insurance Underwriter will also include:

• Evaluate possibility of losses due to catastrophe or excessive insurance.
• Review company records to determine amount of insurance in force on single risk or group of closely related risks.
• Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe, profitable distribution of risks, using reference materials.
• Decline excessive risks.
• Authorize reinsurance of policy when risk is high.

We asked some Insurance Underwriters a few questions to find out what else does their work day look like. Here is what we found.

	Do you have telephone conversations everyday in this job?	100% said yes
	How important is it to work in a team in this job?	31% said very important
	Do you have group discussions everyday in this job?	69% said yes
	Do you talk or work with customers everyday in this job?	31% said yes
	Do you have to deal with angry customers everyday in this job?	15% said yes
	Do you have to make decisions everyday in this job?	85% said yes

Other responsibilities

Besides their typical day, Insurance Underwriters also decline excessive risks. They may also authorize reinsurance of policy when risk is high.

On a weekly to monthly basis, Insurance Underwriters Review company records to determine amount of insurance in force on single risk or group of closely related risks. They might also Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe, profitable distribution of risks, using reference materials.

In addition, they Evaluate possibility of losses due to catastrophe or excessive insurance.

Although specific duties may vary, many of them Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.

To some Insurance Underwriters, it is also their responsibility to Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.

Working life

Standard 40 hour work week

Regular schedule like a 9 to 5

In a typical work week as an Insurance Underwriter, you can expect to work 40 hour work week.

Is this right for me

People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas..

They also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.

You can read more about these career personality types here.

Explore other careers

http://www.bls.gov/OOH/business-and-financial/insurance-underwriters.htm

http://www.iii.org/

http://www.theamericancollege.edu/

http://www.naifa.org/