Work Nature

Underwriter:

  • Studying insurance proposals.
  • Gathering and assessing background information in order to effectively assess the risk involved.
  • Calculating possible risk and deciding how much individuals or organizations should pay for insurance (the premium).
  • 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.
  • 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.
  • Negotiating with brokers and drawing up contracts.
  • Writing policies.
  • Keeping detailed and accurate records of policies underwritten and decisions made.
  • Specifically, actuaries in their day-to-day work may be responsible for the following:

    • Developing new financial products.
    • Conducting valuations of assets and liabilities.
    • Analysing risks related to locations for catastrophe claims.
    • Measuring, monitoring and mitigating portfolio and enterprise risks.
    • Overseeing asset and liability modelling, product development and profit testing.
    • Preparing presentations, reports, valuations and quarterly updates.

Key Skills

  • Actuarial
  • Microsoft Excel
  • Statistical Analysis

Occupations

  • Claims Investigator
  • Customer Service - Property Insurance Financial Officer
  • Group Benefits Producer
  • Insurance Appraiser
  • Insurance Claims Clerks
  • Insurance Policy Processing Clerks
  • Insurance Product Manager
  • Insurance Sales Agents
  • Insurance Underwriters
  • Office Machine Operators Except Computer
  • Actuaries

Career Analysis

1 Fees
Low
2 Demand
High
3 Salary
High
4 Level Of Preparation
Medium

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