Underwriter

Insurance is already part of everything you do.

Find your career in it.

UNDERWRITER

What do underwriters do?

Underwriters accept or reject risks on behalf of the insurance company. Brokers and agents submit applications for insurance on behalf of individuals or businesses and an underwriter reviews the applications and decides whether to offer insurance to the applicants (that is, whether to accept or reject the risk). Underwriters also:

Determine what coverage is available, the premium to be paid and other terms required in accepting the risk.
Counsel clients on risk management solutions, negotiates terms and contracts, and develops relationships with key clients (ie brokers).
Review existing client portfolios and determine whether the insurance company should continue to provide insurance coverage for the risk.
Remain aware of current industry trends through development of a good working relationship with brokers and other sources of industry news and developments.

Is this career for me?

The following qualifications may be required for a career as an underwriter. Do these statements describe you?

A college diploma or university degree in business administration, economics or commerce is an asset
Aptitude in mathematics and problem-solving
Proficiency in computer software
Excellent written and oral communication skills
Strong analytical and judgment skills required
Attention to detail
Negotiation skills and willingness to work towards the CIP designation (while working in the sector)

If you answered yes to these statements, then a career as an underwriter might be the perfect fit!

How do I get there?

A variety of skills sets are necessary within the Underwriting profession. Your experience in one of the fields listed can lead you to a successful career in the insurance industry.

Transportation:

Your experience working with personal and commercial vehicles may have provided you with a detailed knowledge of the risks inherent in owning and operating modes of transportation, making you an excellent candidate for assessing commercial or personal automobile policies. Some insurance knowledge will likely greatly increase your success in this role, and is quite often a requirement for advancement in the underwriting profession. Set a goal to acquire this while you are working in the industry - get connected to the Insurance Institute for more information about its programs and offerings.

Manufacturing:

Your experience working within the manufacturing industry may have provided you with specialized knowledge of the risks inherent in operating a manufacturing business. This may make you an excellent candidate for assessing commercial property policies. Some insurance knowledge will likely greatly increase your success in this role and is quite often a requirement for advancement in the underwriting profession. Set a goal to acquire this while you are working in the industry - get connected to the Insurance Institute for more information about its programs and offerings.

Construction:

Your experience working within the construction industry may have provided you with detailed knowledge of the risks inherent in many different structures and buildings, making you an excellent candidate for assessing property insurance policies. Some insurance knowledge will likely greatly increase your success in this role and is quite often a requirement for advancement in the underwriting profession. Set a goal to acquire this while you are working in the industry - get connected to the Insurance Institute for more information about its programs and offerings.

Agriculture:

Your experience working within the agricultural industry may have provided you with detailed knowledge of the risks inherent in farming operations. This may make you an excellent candidate for assessing agricultural insurance policies. Some insurance knowledge will likely greatly increase your success in this role and is quite often a requirement for advancement in the underwriting profession. Set a goal to acquire this while you are working in the industry - get connected to the Insurance Institute for more information about is programs and offerings.

Law Enforcement:

Your experience in the law enforcement industry may have strengthened your investigative and critical thinking skills. You can apply these skills to a career in underwriting, as you investigate and analyze potential risks. Your previous career may have also honed your decision-making skills, which will aid you greatly in your role as an underwriter. Some insurance knowledge will likely greatly increase your success in this role and is quite often a requirement for advancement in the underwriting profession. Set a goal to acquire this knowledge while you are working in the industry - get connected to the Insurance Institute for more information about its programs and offerings.

What does the future hold?

Earning potential for this role depends on education, experience, and geographic region. Much weight is given to those with specialized experience and achievement in associate and many companies offer bonuses linked to performance goals and achievement of industry recognized designations, such as the CIP and CRM designations.

Experienced underwriters may find opportunities in brokering, claims, risk management, or actuarial sciences. Underwriters could choose to move into reinsurance to handle complex cases and high levels of risk. They might also progress into specialized fields, such as marine or aviation insurance. If you speak one or more languages, there are also possibilities to work globally.

There is already a growing demand for underwriters due to population growth and retirement. In the industry, underwriters would find employment at insurance companies, reinsurance companies, and in government with opportunities to specialize in areas such as aviation, marine and municipality