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Insurance Underwriters Occupation Detailed Description

Insurance Underwriters career

General Job Description and Education/Training Levels for Insurance Underwriters

The main tasks and work activities of Insurance Underwriters are to authorize financial actions, explain regulations, policies, or procedures, assess risks to business operations, verify accuracy of records. In general, for the Insurance Underwriters, critical Thinking, writing, active Listening, reading Comprehension and other 9 skills are required.
Insurance Underwriters Job Description
EducationMost of these occupations require a four-year bachelor's degree, but some do not.
Related ExperienceA considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Job TrainingEmployees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
ExampleMany of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.
The following chart shows the education/training levels for Insurance Underwriters jobs. 10.00% of Insurance Underwriters have High School Diploma (or the equivalent) and 73.33% of Insurance Underwriters have Bachelor's Degree and Above.
Less than a High School Diploma
0.00%
High School Diploma (or the equivalent)
10.00%
Post-Secondary Certificate
0.00%
Some College Courses
6.67%
Associate's Degree (or other 2-year degree)
10.00%
Bachelor's Degree and Above
73.33%

Tasks and Work Activities of Insurance Underwriters

  • Decline excessive risks.
  • Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
  • Evaluate possibility of losses due to catastrophe or excessive insurance.
  • Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe, profitable distribution of risks, using reference materials.
  • Review company records to determine amount of insurance in force on single risk or group of closely related risks.
  • Authorize reinsurance of policy when risk is high.
  • Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
  • Getting InformationObserving, receiving, and otherwise obtaining information from all relevant sources.
  • Making Decisions and Solving ProblemsAnalyzing information and evaluating results to choose the best solution and solve problems.
  • Analyzing Data or InformationIdentifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
  • Interacting With ComputersUsing computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
  • Establishing and Maintaining Interpersonal RelationshipsDeveloping constructive and cooperative working relationships with others, and maintaining them over time.
  • Processing InformationCompiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Communicating with Persons Outside OrganizationCommunicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
  • Organizing, Planning, and Prioritizing WorkDeveloping specific goals and plans to prioritize, organize, and accomplish your work.
  • Communicating with Supervisors, Peers, or SubordinatesProviding information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
  • Evaluating Information to Determine Compliance with StandardsUsing relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
  • Authorize financial actions.
  • Explain regulations, policies, or procedures.
  • Assess risks to business operations.
  • Verify accuracy of records.
  • Analyze health-related data.
  • Assess financial status of clients.

Skills and Abilities for Insurance Underwriters

  • Critical ThinkingUsing logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • WritingCommunicating effectively in writing as appropriate for the needs of the audience.
  • Active ListeningGiving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Reading ComprehensionUnderstanding written sentences and paragraphs in work related documents.
  • SpeakingTalking to others to convey information effectively.
  • Judgment and Decision MakingConsidering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Complex Problem SolvingIdentifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Active LearningUnderstanding the implications of new information for both current and future problem-solving and decision-making.
  • Service OrientationActively looking for ways to help people.
  • CoordinationAdjusting actions in relation to others' actions.
  • Social PerceptivenessBeing aware of others' reactions and understanding why they react as they do.
  • MonitoringMonitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Written ComprehensionThe ability to read and understand information and ideas presented in writing.
  • Inductive ReasoningThe ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Written ExpressionThe ability to communicate information and ideas in writing so others will understand.
  • Oral ExpressionThe ability to communicate information and ideas in speaking so others will understand.
  • Deductive ReasoningThe ability to apply general rules to specific problems to produce answers that make sense.
  • Oral ComprehensionThe ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Problem SensitivityThe ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
  • Speech ClarityThe ability to speak clearly so others can understand you.
  • Near VisionThe ability to see details at close range (within a few feet of the observer).
  • Category FlexibilityThe ability to generate or use different sets of rules for combining or grouping things in different ways.
  • Speech RecognitionThe ability to identify and understand the speech of another person.
  • Information OrderingThe ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
  • Flexibility of ClosureThe ability to identify or detect a known pattern (a figure, object, word, or sound) that is hidden in other distracting material.
  • Desktop calculatore.g. 10-key calculators
  • Desktop computerse.g. Desktop computers
  • Notebook computerse.g. Laptop computers
  • Notebook computerse.g. Notebook computers
  • Personal computerse.g. Personal computers
  • English LanguageKnowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Customer and Personal ServiceKnowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • MathematicsKnowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Sales and MarketingKnowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.