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Category: Industry News
The insurance and long-term savings sector is one of the UK’s most productive industries, adding more than £40 billion a year to the economy and helping Britain thrive. It is also the world’s leading exporter of insurance and long-term savings, selling £13 billion more to the rest of the world than we buy from them.
A core role within the provision of insurance services is that of an underwriter. They essentially manage risk for their employers. Underwriting insurance is where the insurance company accepts financial responsibility for potential losses by offering the client a policy. Underwriters are employed by the insurance companies to make that decision. They look at all the risk factors, and client history, to decide whether to accept an insurance application and offer a policy. And perhaps most importantly, what the terms, conditions and cost of that policy would be.
How to become an underwriter
There are a few core skills you need to do this job well:
This role offers a set working pattern of normal business hours (Monday to Friday, 9am to 5pm) and will involve working with members of the public. This could be based in a call centre or an office, providing immediate quotations and straightforward insurance cover.
There are no specific qualifications that get you a job in underwriting, though a degree in business, maths or economics is helpful. Entry-level posts are also available for apprentices. You will definitely need a head for numbers.
Salaries for underwriters
Salaries vary depending on experience and seniority. As of November 2018, they ranged from £15,000 to £100,000 average per year. Other similar jobs in insurance include risk management, loss adjusting and claims management.
Search our database for available vacancies here. Many of our employers offer skills and training. All our employers ae committed to equality and diversity in the workplace.