I am responsible for underwriting, marketing, and managing a book of business to meet strategies and personal performance goals. I collaborate across all lines of the business to provide a total account solution for Travelers' current and future clients. I also perform in-depth competitor analysis through monitoring rate actions, underwriting guidelines, and product design for both current and future products.
CAREER
Insurance Underwriters
Overview
Salary Median (2020)
$71,790
Projected Job Growth (2019-2029)
-6.2% (decline)
Most Common Level of Education
Bachelor's degree
Career
Roadtrip Nation Leaders in This Career
What Insurance Underwriters Do
Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Other Job Titles Insurance Underwriters May Have
Account Underwriter, Automobile and Property Underwriter, Commercial Lines Underwriter, Health Underwriter, Life Underwriter, Personal Lines Underwriter, Underwriter, Underwriting Consultant
How Leaders Describe a Typical Day at Work
A great day at work is based on productivity- That said, I work off of a running To Do list that I extract items from on a daily basis to focus my tasks for specific day. That daily list should include specific task related to the current transaction that I am working on, which ultimately rolls up to a 12-plan for evaluating the entire transaction. The day would also include responding to internal/external customer requests and regular monthly reporting that may be due.
Tasks & Responsibilities May Include
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
- Decline excessive risks.
- Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
Education
Level of Education Attained by Insurance Underwriters
Most common level of education among people in
this career: Bachelor's degree (50%)
High school diploma or equivalent
Some college, no degree
Bachelor's degree
Other*
*All other responses combined for clarity.
Majors Related to Career
Educational Paths Suggested by Leaders
Suggested Path
High School
Bachelor
Finance, General
Suggested Path
High School
Bachelor
Real Estate
Additional Skills & Experiences That Can Help You Excel
Time management and be able to multitask effectively.
Skills - customer service (external and internal), time management, problem solving, critical thinking, strong work ethic, ability to be a "self starter"/work independently.
Training/Knowledge of - the Low Income Housing Tax Credit Program; the Community Reinvestment Act; generally, real estate finance, commercial/multifamily residential operations, commercial/multifamily residential construction.
Getting Started
Recommended First Step for:
High School Students
The most important first step is to develop critical thinking, writing, and analytical skills.
Concentrate on writing and analytical skills and, most importantly, focus on relating to others and trying to empathize with their situations.
Learn about housing/real estate, both apartments and homes. Also, read about the history and growth of cities.
Be willing to try something that may not be a perfect fit day one but can provide opportunities in the longer term!
College Students
Everyone
This page includes information from theO*NET 26.1 Databaseby the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under theCC BY 4.0license. O*NET® is a trademark of USDOL/ETA.
