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How to be A Successful Underwriter

2 December 2021

Thinking of a Career in Underwriting?

If you are thinking about embarking on a career in insurance, you may very well have thought about becoming an underwriter. If you have, some of the questions that you may be asking yourself are: “Do I have what it takes to succeed in an underwriting job? What makes an underwriter successful in their role?” From our experience, we have identified a few personality traits that are common amongst successful underwriters.

The Role of the Underwriter

The role of an underwriter is to determine the risk of a particular insurance policy and whether or not it should be accepted. There is a range of different factors that need to be taken into consideration, and deciding whether or not to insure a person or organisation can be a tricky task. With this in mind, some of the qualities that you need in order to become a successful underwriter are as follows:

Analytical – The ability to analyse and process large amounts of data, calculating premiums, whilst being able to take into account different pricing structures, may seem like a daunting task, but as an underwriter, this is a core part of the job. Those that have strong mathematical and logical minds can more accurately calculate a premium based on the level of risk.

Confidence – Whilst important to most other jobs within the insurance industry as well as outside of it, confidence is certainly needed when underwriting. The underwriter is responsible in accepting or declining policies and making a mistake could cost the insurances company hundreds, thousands or perhaps even millions. Having the confidence in yourself and the ability to make those decisions, is an important factor in being a successful underwriter.

Organisation – No truly successful underwriter is disorganised. If accuracy is paramount to the job, making sure that all bases are covered is a must. An underwriter needs to be able to methodically work through all risk factors associated with a given policy, so being highly organised is important in doing this efficiently and accurately.

Lloyd’s of London also released a paper on how to be a top-performing underwriter – a great read for anyone looking to join the profession.

Still, looking for insider knowledge on what the role entails? Here’s an insight into being a commercial underwriter.

Whilst the skills listed are important in underwriting jobs, it takes time to perfect the art. The above articles will also give you tips as well as an idea on the day-to-day happenings of an underwriter.

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