Underwriter
Underwriters are professionals found in the insurance and financial industry. Their purpose is to process insurance policies, loans, and mortgages. They assess and analyze the risks associated with loan and insurance applications from various individuals. Underwriters use statistical data and client history to assess the risk brought by accepting a loan or insurance application from a certain individual. They check whether the information submitted by the applicant is accurate and truthful. They do this checking process by examining the applicant`s background information using various assessment strategies. Underwriters work with other insurance professionals such as insurance agents and actuarial scientists to assess the eligibility of an applicant.
To be an underwriter you need to be analytical and pay attention to detail to the finest of margins. Underwriters must have good investigation and mathematical skills. As for educational qualifications, a degree in finance, risk management, or equivalent is required. Furthermore, underwriters must be able to interpolate data into meaningful useful information. They must be able to detect trends and patterns from data. Also, good communication and interpersonal skills are needed in the profession as underwriters work alongside different stakeholders, from clients to fellow employees. An underwriter receives an annual salary of R237,432 per year in South Africa.
Roles of an underwriter
- Reviewing and processing claims.
- Backing claims through research and investigation
- Client communication
- The Preparation and negotiation of settlements.
- Examine existing policies for compliance with company guidelines.
- Decide whether or not to offer insurance
- Determine the amount of coverage and premiums
Qualifications and requirements
For one to be an underwriter, a degree in finance, risk management, or equivalent is needed.
Skills required
- interpersonal and communication skills
- investigative skills
- negotiation and decision-making skills
- analytical skills
- active listening skills
- time management skills
- the ability to work well under pressure
- attention to detail
- excellent report-writing skills
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