Underwriter Jobs

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The underwriter jobs are found in insurance companies that scatter all over the United States. Most underwriters work in their headquarters but some work as casualty or property area in branches or satellite offices. These workers have the weight to underwrite or guarantee most risk and ascertain the suitable rating without home office consultations. Insurance companies have about 105,000 employees, the majority as underwriters, while some work in broker firms and agencies. Underwriters usually work in the company’s headquarters or main offices but some travel to the regional branches and meet lots of people for prospective clients. There are many types of insurance underwriting including marine and construction.

The insurance companies offer underwriter jobs to help protect organizations and individuals who assume financial loss in risks like illness, accidents, property damage, and other incidents. It is the underwriter’s job to determine the terms of the insurance provided. They determine and estimate the risks of the policyholders, identify the policy holders, suggest the suitable premiums, and then write the policies to insure the risks. The insurance companies are taking measures to make balanced policies and to monitor each underwriter and determine whether they are making the appropriate underwriting.

Today, underwriter jobs have become modernized as well using the cutting edge underwriting software in the market today. This software has superb analyzing capabilities to assess risks or to determine whether insurance should be provided or not. These software applications are designed to analyze information including medical reports, vendor’s data, actual studies, and loss control reports. After they gather all of that information the underwriters decide to grant the policy or not. There are many factors that influence the decision of the underwriters. The main factors are the exposure of the properties and vulnerability to natural calamities, the age of the insurer, health, lifestyle, and family history.

The underwriter job roles vary considerably and technology is utilized to make it easier. The underwriters use computer applications to determine and estimate the risks accurately, quickly, and efficiently. The software also has indicators that indicate a low score and make suggestions not to insure an individual or property. These applications are not meant to replace human underwriters, but to eliminate errors and help the underwriter make the decisions quickly. As described above, many factors affect the underwriter’s decision to approve or counter the decision or seek more information from the clients. Some software applications have internet capabilities that allow the applicant to search the internet to supplement important information like statistics and records.

Lastly, underwriter jobs are categorized in four parts; casualty and property, life, mortgage, and health. Group and individual policies are the health and life underwriters’ specialty. Today, due to the increased sales in insurance, some health and life insurance policies are made into group policies contracts; it could be a premium or standard. Other underwriters may cater to senior groups with individualized policies. The casualty underwriters cover policies for automobiles. The casualty and property underwriters also specialize in personal or commercial insurances that cover risks such as fires, homes, boats, ATV’s, and automobiles.

There is no particular educational background for those who wish to have underwriter jobs. But some insurance companies prefer applicants with a bachelor’s degree and experience in selling insurance with ample computer skills. If you no experience, you can start as a trainee and absorb everything you can about insurance and using the software applications. Some prefer applicants with bachelor’s degree in mathematics, accounting, and business law in large insurance companies. Insurance underwriters should have good judgment, strong interpersonal skills, and be a good communicator. The job outlook of underwriters is good and there are many openings to replace retired underwriters and career changers.

The underwriter jobs for insurance companies depend on the size of the organization. According to the 2010 expected average annual salary of underwriter ranges from $58,000 to $78,000. The underwriters enjoy benefits such as insurance, retirement plans, travel incentives, and free training courses for employee advancements.

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