Insurance Underwriter

Insurance Underwriter Job Description Insurance Underwriters Decide If Applications For Insurance Cover (risks) Should Be Accepted And If So, What The Terms Of That Acceptance Are. They Assess A Risk According To The Likelihood Of A Claim Being Made By Weighing Up A Number Of Factors And Asking For Detailed Information From Prospective Clients (policyholders). The Aim Is To Minimise Losses For Their Company And Help To Make A Profit.Most Underwriters Specialise In One Type Of Insurance. The Main Types Of Insurance Are: reinsurance: Part Of The Risk Is Placed With Another Insurer. life Insurance/assurance: Covers Illness, Injury, Death; general Insurance: Covers Household, Pet, Motor, Travel; commercial Insurance: Covers Companies; Insurance Underwriters Work Closely With Actuaries, Risk And Claims Managers To Ensure A Balance Between Attracting And Retaining Customers Through Competitive Insurance Premiums (fees) And Being Able To Cover Any Potential Losses From Claims. Insurance Underwriter Duties/Functions/Responsibilities negotiating with brokers and drawing up contracts; writing policies; keeping detailed and accurate records of policies underwritten and decisions made. studying various insurance proposals; gathering and assessing background information in order to effectively assess the risk involved; deciding whether the risk should be shared with a reinsurer; computing results for appropriate premiums using actuarial information, other statistics and own judgement; visiting brokers or potential customers and preparing quotes; liaising with specialists, such as surveyors or doctors, for risk assessment; calculating possible risk and deciding how much individuals or organisations should pay for insurance (the premium); gathering information and various types of reports (e.g. medical records) from specialists; negotiating terms with policyholders or their brokers; ensuring that premiums are competitive; specifying conditions to be imposed on different types of policies, for example, asking that a property owner install a security alarm;