Underwriter -- what makes a great underwriter?
- Analytical thinker
- Enjoys learning about different types of businesses
- Able to understand impact of decisions on stability of company
- Strong negotiation skills
An underwriter is responsible for deciding which insurance applications to insure or reject. Underwriters must be able to read and analyze insurance applications, ask the right questions to determine the true exposures presented and determine the appropriate price for insurance based on the exposures of the applicant.
The underwriter is in a position to obligate the company's assets to pay for claims and also to increase its income with profitable business, so it is crucial they understand the entire risk involved. Underwriters are responsible for selection, underwriting, pricing, negotiating and servicing of business for the agent.
- Examine insurance proposals and collect background information necessary to do so
- Determine premiums
- Be a liaison for insurance brokers and customers
High school degree a must, Associate or Bachelor's degree preferred.
The U.S. Bureau of Labor Statistics predicts employment will grow at a lesser rate than average for occupations through 2024.
Based on the U.S. Department of Labor, the average underwriter makes over $64,000 annually. Of course this varies by where you live, your work experience and how much passion you bring to your job!