Profession insurance underwriter

Insurance underwriters assess business risks and liability policies and make decisions about commercial property. They inspect the conditions of businesses’ properties, analyse inspection policies, assist with real estate and rent issues, prepare loan contracts and handle commercial risks in order to align them with business practices. Insurance underwriters analyse various information from prospective customers in order to assess the likelihood that they will report a claim. They work to minimise risk for the insurance company and make sure that the insurance premium aligns with the associated risks.

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Personality Type

  • Conventional / Enterprising

Knowledge

  • Principles of insurance

    Understand the principles of insurance, including third party liability, stock and facilities.

  • Modern portfolio theory

    The theory of finance that attempts to either maximise the profit of an investment equivalent to the risk taken or to reduce the risk for the expected profit of an investment by judiciously choosing the right combination of financial products.

  • Types of insurance

    The various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.

  • Property law

    The law and legislation that regulates all the different ways to handle property, such as the types of property, how to handle property disputes and property contract rules.

  • Claims procedures

    The different procedures that are used to formally request a payment for a suffered loss from an insurance company.

  • Business loans

    Loans which are intended for business purposes and which can either be secured or unsecured depending on whether a collatoral is involved. The different types of business loans such as bank loans, mezzanine finance, asset-based finance, and invoice finance.

  • Real estate underwriting

    The process of evaluating applications for loans in real estate activities in which not only the prospective borrower but also the property being traded in is evaluated in order to assess whether the property will be capable of redeeming its value.

  • Insurance law

    The law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation of insurance claims and the business of insurance.

  • Actuarial science

    The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.

Skills

  • Create insurance policies

    Write a contract that includes all the necessary data, such as the insured product, the payment to be made, how often the payment is needed, the personal details of the insured and on what conditions the insurance is valid or invalid.

  • Provide support in financial calculation

    Provide colleagues, clients or other parties with financial support for complex files or calculations.

  • Manage financial risk

    Predict and manage financial risks, and identify procedures to avoid or minimise their impact.

  • Obtain financial information

    Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.

  • Analyse financial risk

    Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.

  • Collect property financial information

    Collect information concerning the previous transactions involving the property, such as the prices at which the property had been previously sold and the costs that went into renovations and repairs, in order to obtain a clear image of the property's value.

  • Review insurance process

    Analyse all documentation related to a specific insurance case in order to ensure that the application for insurance or the claims process was handled according to guidelines and regulations, that the case will not pose significant risk to the insurer or whether claims assessment was correct, and to assess the further course of action.

  • Assess financial viability

    Revise and analyse financial information and requirements of projects such as their budget appraisal, expected turnover, and risk assessment for determining the benefits and costs of the project. Assess if the agreement or project will redeem its investment, and whether the potential profit is worth the financial risk.

  • Decide on insurance applications

    Assess applications for an insurance policy, taking into account the risk analyses and client information, in order to deny or approve the application and set in motion the necessary procedures following the decision.

  • Create cooperation modalities

    Prepare, determine and agree on the conditions for cooperation contracts with a company, by comparing products, following evolutions or shifts in the market and negotiating terms and prices.

  • Create a financial plan

    Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.

Optional knowledge and skills

perform property market research manage contract disputes credit control processes insurance market conduct financial audits communicate with customers examine credit ratings financial statements assess customer credibility calculate insurance rate prepare financial auditing reports assist in loan applications compare property values explain financial technicalities to clients apply technical communication skills ensure proper document management analyse insurance needs organise a damage assessment negotiate loan agreements identify clients' needs manage contracts create underwriting guidelines interpret financial statements inform on renting agreements handle financial disputes synthesise financial information market analysis analyse insurance risk real estate market develop investment portfolio review investment portfolios estimate damage

Common job titles

  • Entry-level underwriter
  • Underwriting assistant - entry level
  • Commercial underwriter i
  • Underwriting assistant
  • Underwriter
  • Education underwriter - work from home!
  • Underwriter assistant
  • Property/casualty underwriter
  • Life underwriter – remote opportunity!