What is Underwriting?
Insurance underwriters decide whether applications for insurance cover (risks) should be accepted and on what terms. They assess a risk according to the likelihood of a claim being made by weighing up a number of factors by gathering and assessing detailed information from prospective clients. The underwriter’s main aim is to set premiums at a level to deliver the insured’s required level of profitability. Daily activities will vary according to the type of insurances the underwriter is responsible for, but may include:
- studying various insurance proposals;
- gathering and assessing background information;
- calculating possible risk and deciding how much individuals or organisations should pay for insurance;
- deciding whether the risk should be shared with a re-insurer;
- calculating results for appropriate premiums using actuarial information, other statistics and own judgement;
- visiting brokers or potential customers and preparing quotes;
- liaising with specialists such as surveyors to gather information for risk assessment;
- negotiating terms with policyholder or their brokers;
- ensuring that premiums are competitive;
- specifying conditions to be imposed on different types of policies;
- negotiating with brokers and drawing up contracts.
What will I do and where will I be based?
For 2008 we are looking for graduates in Operational Underwriting (Broker Division) an Technical Underwriting.
You will get a chance to deal with all elements of Commercial underwriting in the UK – from insuring the Olympics through to insuring local authorities, charities and voluntary organisations and getting the experience of 35 different types of insurance. Our business area sets the underwriting strategy, pricing and technical guidance for all of the UK, so this is a unique chance to gain a wide ranging view of Commercial insurance.
You will be assisting in and ultimately leading a number of projects including investigating business opportunities and researching emerging issues - such as climate change and nano technology - whilst learning the core elements of insurance underwriting.
The roles will be based in Birmingham and Farnborough, however as we have locations and clients across the UK you are expected to be geographically mobile.
Please note that the application will take approximately 30 minutes to complete so please set aside sufficient time as you will be unable to save and complete your application at a later date.
