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Underwriting Jobs

Underwriting Jobs

Exchange Street Executive Search is one of the leading recruiters in the UK for underwriting jobs.

What are underwriting jobs?

Underwriting jobs involve deciding if applications for insurance cover should be accepted and if so, what the terms of that acceptance are. Underwriters 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 policyholders. The aim of underwriting jobs is to minimise losses for the company and help to make a profit.

Underwriting jobs typically involve:

  • studying insurance proposals
  • gathering and assessing background information
  • calculating possible risk and determining the premium
  • visiting brokers or potential customers and preparing quotes
  • liaising with specialists, such as surveyors or doctors, for risk assessment
  • gathering information and various types of reports (e.g. medical records) from specialists
  • negotiating terms with policyholders or their brokers and drawing up contracts
  • writing policies
  • Types of Underwriting Jobs

    Insurance underwriting jobs are found in two main sectors:

  • general insurance: which covers personal; commercial; and re-insurance
  • general insurance: which covers personal; commercial; and re-insurance
  • Most underwriting jobs specialise in one type of insurance.

    Underwriting jobs can also be found in specialist sectors including marine, aviation and contingency.

    Skills & Personal Qualities required in Underwriting Jobs:

    Underwriting jobs require the following:

  • the ability to absorb technical information
  • an analytical mind
  • the ability to make decisions
  • numeracy
  • sound judgement
  • the ability to work to tight deadlines
  • willingness to work using your own initiative
  • good interpersonal and communication skills to negotiate terms with brokers
  • Entry Requirements for Underwriting Jobs

    Entry to underwriting jobs may be through an insurance company's graduate training scheme or, quite commonly, via promotion from an administrative job within insurance. Some insurance companies recruit for underwriting jobs internally and will consider applicants with general insurance experience. Many graduates start their careers this way, moving into underwriting jobs at the end of their training scheme.

    Underwriting jobs are open to graduates all disciplines, however the subjects accounting/finance; business/management; economics; financial services; insurance; law; mathematics; statistics; may be advantageous. A foundation degree/HND in accounting/finance; business/management; financial services; legal studies may also help. Entry without a degree or HND is sometimes possible.

    Relevant work experience with an insurance company may improve your chances. For some posts in life assurance, biological or medical knowledge may be helpful.

    Typical Career Path for Underwriting Jobs

    Underwriting jobs can lead to opportunities to move into other core areas of insurance - for example, risk management, claims or broking offering scope for general management roles.

    Alternatively, underwriting jobs can lead to a move into re-insurance to deal with very complex cases and high levels of risk, or progress into a specialist field, such as marine or aviation insurance. Progression can be made into senior underwriting jobs, specialising in a particular field, or to a team leader or manager.

    Some holders of underwriting jobs move into the sales field, developing their relationship-building skills to meet sales targets for specific types of insurance.

    Typical Employers for Underwriting Jobs

    There are approximately 750 organisations conducting insurance activities in the UK in which underwriting jobs might be available. They are generally divided into four main types of insurance functions:

  • large companies: offering a wide range of general insurance cover
  • smaller companies: specialising in one type of insurance, e.g. motor
  • life assurance companies
  • Lloyd's of London
  • Other employers with underwriting jobs include:

  • re-insurance companies
  • permanent health insurance companies
  • banks
  • credit agencies.
  • Salaries and Benefits for Underwriting Jobs

    These figures are only intended as a guide: (salary data collected Jan 2008)

  • Starting salaries for underwriting jobs range from 18,000 - 20,000 plus
  • Senior level salaries for underwriting jobs range from 38,000 - 60,000
  • Salaries may vary between employers and regions, and may include benefits such as subsidised mortgages, discounted insurance, share and pension schemes.

    To see our range of underwriting jobs browse our list here.

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