Career Advice: Becoming an Insurance Underwriter
Introduction to the Career
Insurance underwriting is an important part of the insurance industry. Underwriters are responsible for evaluating potential policyholders and determining their levels of risk. Based on their assessments, they recommend policy terms and pricing. Underwriters work in many different areas of insurance, including property and casualty, life, and health.
Career Values, Traits, and Skills
As an insurance underwriter, you should possess the following traits:
- Attention to detail: You’ll need to be meticulous and able to spot even the smallest discrepancies.
- Analytical skills: You’ll need to be able to take complex information and extract meaningful insights from it.
- Financial acumen: You’ll need to understand the insurance industry and have a solid understanding of financial principles.
- Strong communication skills: You’ll need to interact with clients, agents, and other underwriters. Clear, professional communication skills are essential.
- Adaptability: The insurance industry is always changing, and underwriters need to be able to adjust to new technologies, products, and trends.
Career Path
Most insurance underwriters start their careers with a bachelor’s degree in business, finance, or a related field. Many companies offer training programs for new hires, as well as mentorship opportunities. As you gain experience, you can advance into more senior underwriting roles or take on supervisory positions.
Salary Range
According to the Bureau of Labor Statistics, insurance underwriters earn a median annual salary of $70,020. Top earners in the field can make more than $120,000 per year.
Tips for Success
If you’re interested in pursuing a career in insurance underwriting, here are some tips for success:
- Gain experience: Look for internships or entry-level positions in the insurance industry. Building experience will help you learn the ropes and become a competent underwriter.
- Earn certifications: Consider earning certifications to set yourself apart from other job candidates. Some popular certifications for underwriters include Chartered Property Casualty Underwriter (CPCU) and Associate in Commercial Underwriting (AU).
- Network: Attend industry conferences and events to meet other professionals in the field. Building connections can help you find job opportunities and advance your career.
- Stay up-to-date: The insurance industry is always changing, and it’s important to keep up with the latest trends and technologies. Read industry publications and attend training sessions to stay informed.
References
- US Bureau of Labor Statistics. (2020). Insurance Underwriters. Occupational Outlook Handbook. Retrieved from https://www.bls.gov/ooh/business-and-financial/insurance-underwriters.htm.
