Perhaps you have wondered, “How do I become an underwriter?” In a difficult economy, people often consider new career paths. They may want to consider being an underwriter for the plentiful opportunities there are in this career field. Insurance underwriting is a great career for people who pay attention to detail, are good at math and enjoy finance.
What’s it like to be an underwriter?
Insurance underwriters are responsible for meeting with clients and helping them renew or start a new insurance policy. They will explain the risks associated with having different types of coverage so that a person can choose the best insurance policy. The underwriter plays an important role in the greater insurance company. An underwriter must know when to give extensive coverage to a high-risk individual, as well as the right policy for a “safe” candidate. Those who want to become an underwriter are also usually able to have a good sense about whether clients are being truthful within interviews regarding the status of past accidents, health history and other factors taken into consideration for a policy. The typical underwriter will work a 40-hour work week. He or she should have a knowledge of the computer system that an insurance company relies upon for its daily applications. You will also have to be experienced in using computer programs that assess risk for individuals.
Insurance companies frequently require that individuals now possess an undergraduate degree. If you do not have a college degree and possess experience in the insurance industry, then this may qualify you for a position at an insurance company. Accounting, law and business experience are all very helpful skills to have in an insurance position. If you want to become an underwriter, then you should hone your accounting skills for the profession. You may also be required to complete a training program for a position at an insurance company, especially if you work for one of the national insurance corporations. It is also helpful if you have strong computer skills when working for an insurance company.
Salary & Job Opportunities
According to the U.S. Bureau of Labor Statistics, the average underwriter makes about $57,000 a year. Insurance companies are also known for providing great benefits to their workers. You can also expect to enjoy substantial discounts on health insurance, life insurance and other types of policies if you decide to purchase one from the company. Many parents ultimately go into the insurance profession in order to obtain substantial discounts on insurance policies for all of their family members. Your family members will be able to take advantage of insurance policy options offered by your company.
There are a variety of job opportunities available, depending on the type of insurance company that you want to work for. The health insurance field is expected to experience a great demand for qualified individuals in the future. Some companies offer every type of insurance policy, while other companies specialize in offering health insurance or business insurance. You can become an underwriter who also works in a solo practice.
When you want to become an underwriter, you can bolster your chances by trying to gain experience as a secretary or assistant for an insurance company. This career can provide you with great flexibility in making your own schedule if you can stick it out. You may also find that you enjoy the freedom to schedule meetings with clients from different backgrounds and interview them. This is a great career for friendly individuals who like to help people make their way through life by obtaining one of life’s necessities- an insurance policy.