Insurance Underwriters: Job Prospects & Career Options

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Being an Insurance underwriter is an excellent career option in the financial sector, to be more specific in the Insurance career. People who enjoy analyzing information and are detail oriented find underwriting a suitable and satisfying job option. It is expected that the need for underwriters will remain constant throughout time, as insurance is considered to be a necessity for individuals and businesses both in good times and in times of crisis. It is considered as a profession that is less subject to recession compared to other career fields.

Underwriters job include studying insurance proposals, gathering and assessing background information, calculating possible risk and determining the premium. Underwriters work as a mediator between the policy holder and insurance company. Underwriters are able to find optimum premium rates that satisfy policy holders as well as maintain profitability for their employing insurance companies. An underwriter's job basically, involves office work and client interaction over the phone.

Underwriting has many variations and each one involves different kind of work. So, after a person has decided to opt for underwriting, the next step is to choose which field of underwriting he wants to go for. The four main categories are: Life insurance, Health insurance, Mortgage insurance and Property/casualty insurance. Life and health insurance underwriters may further specialize in group or individual policies. Property and casualty underwriters usually specialize in either commercial or personal insurance and then by type of risk insured, as in fire, homeowners, automobile, marine, or liability insurance, or workers' compensation. A mortgage underwriter is an insurance professional responsible for evaluating the risk of a mortgage application, from the financial institution's perspective. Mortgage insurance underwriters are employed by financial or banking institutions. There are also Construction and Marine underwriters who frequently travel to inspect worksites and assess risks.

Underwriters work in insurance agencies or for organizations that offer insurance services to insurance companies and policyholders. A small number of underwriters work in agencies owned and operated by banks, mortgage companies, and real estate firms. Experienced underwriters may advance to senior underwriter or underwriting manager positions. Moving into core areas of insurance like risk management, broking etc, after gaining sufficient experience as underwriters is common in this career. If you speak one or more foreign languages, there are also possibilities for opportunities abroad.