Insurance & Superannuation
Insurance underwriters evaluate insurance applications, and determine conditions of coverage and whether to provide insurance.
What does an Insurance Underwriter do?
Insurance underwriters determine risk and decide whether to provide insurance. They evaluate insurance applications and determine terms, conditions of coverage and premiums.
As an insurance underwriter, you would:
- study insurance applications and screen applicants on the basis of set criteria
- work closely with actuaries to determine the risk of insuring a client
- use underwriting software to produce recommendations
- decide whether to offer insurance
- determine appropriate premiums and amounts of coverage.
Key skills and interests
To become an insurance underwriter, you would need:
- an aptitude for numbers and calculations
- experience in working with statistical data
- the ability to analyse complex information
- accuracy and attention to detail
- decisiveness and good judgement
- strong computer skills
- good spoken and written communication skills.
Working hours and conditions
In a full-time job, you would work standard office hours, Monday to Friday. Part-time hours and flexible opportunities are sometimes available.
You would be mainly office-based, but may also travel to attend meetings with insurance brokers or business clients.
How to become an Insurance Underwriter?
Entry Level Education
To become an insurance underwriter, you would generally need a bachelor’s degree. However, insurance industry work experience may be sufficient for entry level roles. Degree level qualifications are necessary for advancement to senior underwriter and underwriter manager positions. To get into degree courses, you usually need to gain your senior secondary school certificate or equivalent.
Employment of insurance underwriters is projected to decline over the next few years.
Automated underwriting software allows workers to process applications more quickly than before, reducing the need for underwriters. However, there still will be a need for underwriters to evaluate automated recommendations.