The job of an insurance underwriter is to assess risks associated with insuring a person or business and determine what the rates for coverage will be. Insurance underwriters must have strong mathematical, statistical and analytical skills. Because a significant amount of data collection and analysis is required, being detail-oriented is important as well.
Rating of applicants for life insurance, health insurance and other types is a primary function of an underwriter. An underwriter must have the ability to assimilate large amounts of data into a coherent report that provides sound recommendations regarding an applicant’s eligibility for coverage. The underwriter has to know the guidelines and regulations of the company they work for. In addition, they have to be aware of what other companies in their industry allow so that they can stay competitive.
The underwriter also has to communicate effectively with agents and insurance applicants to explain issues related to coverage or eligibility. This includes the ability to listen carefully to a person’s situation and ask pertinent questions in order to fully understand a client’s needs.
The time commitment to the job is usually full-time, but this can vary according to the size of the company and its location. Hours are typically flexible as well, allowing employees some autonomy in their work schedule. This allows for a better work/life balance, which enables underwriters to have a personal life outside of work while still meeting their company’s needs.
How much does an Insurance Underwriter make?
The highest salary for an Insurance Underwriter in India is ₹9,76,199 per year. The lowest salary for an Insurance Underwriter in India is ₹4,07,263 per year. Average salaries for those who have worked as an Insurance Underwriter range from roughly ₹3,69,958 to ₹9,23,937.
Insurance Underwriter’s salaries in the United States are the equivalent of around $61,064. The highest salary for an Insurance Underwriter in the United States is US$147,836. The lowest salary for an Insurance Underwriter in the United States is US$42,479 . Average salaries for those who have worked as an Insurance Underwriter range from roughly US$68,000 to US$138,219.