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Job Name

Insurance underwriter

Job Description
Insurance underwriters decide whether to insure a person or company, and set out the details of insurance policies.

Salary Low
£15,000 Starter

Salary high:
£100,000 Experienced

Typical hours:
36 to 38 a week

Typical Hours per Day:
between 8am and 6pm

How to become an insurance underwriter

You can get into this job through:

  • a university course
  • an apprenticeship
  • working towards this role
  • a graduate training scheme

University

You could take a degree before applying for a place on an insurance company's graduate training scheme. Relevant degrees include:

  • business studies
  • finance
  • economics
  • maths

It'll help to get some relevant work experience whilst you're studying, for example through an internship.

Entry requirements

You'll usually need:

  • 2 to 3 A levels, or equivalent, for a degree

Apprenticeship

You could start by doing an advanced apprenticeship in providing financial services insurance or an insurance practitioner advanced apprenticeship.

You could also take an insurance professional higher apprenticeship, depending on your background and qualifications.

Entry requirements

You'll usually need:

  • 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths, for an advanced apprenticeship
  • 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship

Work

You may be able to join an insurance company as a junior underwriter and work your way up by doing qualifications on the job, like those offered by the Chartered Insurance Institute.

Employers set their own entry requirements, but it'll help if you have GCSEs in English and maths, 1 or 2 A levels, and know how to use common office software, including spreadsheets.

Other Routes

You could apply to join a company's graduate training scheme if you've got a degree. Most subjects are accepted though you may have an advantage if you've studied business, maths or economics.

More Information

Professional and industry bodies

You could join the Chartered Insurance Institute for professional development and training opportunities.

Further information

You can find out more about working in insurance from the Chartered Insurance Institute and Discover Risk.

What it takes

Skills and knowledge

You'll need:

  • to be thorough and pay attention to detail
  • analytical thinking skills
  • patience and the ability to remain calm in stressful situations
  • the ability to work well with others
  • the ability to accept criticism and work well under pressure
  • knowledge of medicine and dentistry
  • excellent verbal communication skills
  • knowledge of English language
  • to be able to carry out basic tasks on a computer or hand-held device

What you'll do

Day-to-day tasks

Your day-to-day tasks may include:

  • studying insurance proposals
  • gathering background information like medical histories
  • analysing statistics from actuaries and other sources
  • getting specialist risk assessments from experts like surveyors or doctors
  • assessing risk (the likelihood of an insurance payout)
  • calculating the price of insurance premiums
  • judging whether to share the risk with another insurer
  • preparing quotes and negotiating terms with brokers or business clients
  • writing policies
  • maintaining accurate and detailed records

Working environment

You could work in an office.

Career path and progression

With experience, you could deal with more complex risks.

You could also move into management or apply for related jobs like risk management, loss adjusting and claims management.







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