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Insurance underwriters evaluate risks and suitability of potential clients, deciding whether they can be allowed to receive insurance cover. Underwriting is common practice within financial service provides, involving the measure of risk and subsequent calculation of the premium cost. Insurance underwriters work for insurance companies, reviewing client applications and giving quotes.
Applications for insurance cover are known as ‘risks’. Insurance underwriters need to weigh up the likelihood of a claim being made by the client, by evaluating the risks, and then coming up with an appropriate cost for the cover.
Insurance underwriters are well experienced in the insurance sector, knowing about all types of insurance policies and premiums. They can choose to specialise in a certain type of insurance, whether it is life, motor, travel, health or commercial insurance for companies.
Typical duties might involve:
Insurance underwriters need to gather a lot of information in order to make reasoned judgements and decisions. Therefore, they work closely with actuaries, claims and risk managers, brokers and other professionals.
There is a lot of background knowledge required of an insurance underwriter, and many start off working in other areas of insurance before working in this role.