Insurance underwriter
Insurance underwriters assess applications, decide whether to insure a person or company, and set out the details of policies.
- Starter salary£27,000 a year
- Experienced£65,000 a year
- Typical hours37 to 40 a week
What you'll do
As an insurance underwriter, you could:
- inspect insurance applications
- gather background information, like medical histories and credit ratings
- analyse statistics and data from actuaries and other sources
- request specialist assessments from experts, such as risk surveyors
- work out the likelihood of an insurance payout
- calculate the price of insurance premiums
- judge whether to share the risk with another insurer
- prepare quotes and negotiate terms with brokers or clients
- draft policy wording, including terms and conditions
- maintain accurate records of decisions made
Working environment
You could work in an office.
Skills and knowledge you'll need
You'll need:
- to be thorough and pay attention to detail
- analytical thinking skills
- customer service skills
- the ability to work well with others
- excellent verbal communication skills
- maths knowledge
- the ability to use your judgement and make decisions
- administration skills
- to be able to use a computer and the main software packages confidently
How to become a insurance underwriter
You can get into this job through:
- a university course
- a college course
- an apprenticeship
- working towards this role
University
You can take a degree before applying for a place on an insurance company's graduate training scheme.
Useful subjects include:
- business studies
- finance
- economics
- maths
- law
It can help to get some relevant work experience whilst you're studying, for example through an internship or placement.
Your university careers service will be able to help you with this.
Entry requirements
You'll usually need:
- 2 to 3 A levels, or equivalent, for a degree
College
You could do a college course, which would teach you some of the skills and knowledge needed to get a trainee position with an insurance company.
Courses include:
- providing financial services
- T Level in Finance
Entry requirements
Entry requirements for these courses vary.
- 4 or 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths for a T Level
Apprenticeship
You can apply to do an apprenticeship with an insurance company, such as:
- Insurance Practitioner Level 3 Advanced Apprenticeship
- Insurance Professional Level 4 Higher Apprenticeship
- Senior Insurance Professional Level 6 Degree Apprenticeship
These take between 1 and 3 years to complete and combine workplace training and study.
Entry requirements
You'll usually need:
- 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths, for an advanced apprenticeship
- 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship
Work
You may be able to join an underwriting team as an assistant and work your way up through training and promotion.
Employers will usually look for a minimum of GCSEs at grades 9 to 4 (A* to C), including English and maths, 1 or 2 A levels, and good IT skills, especially in using spreadsheets.
Once working, you could take qualifications offered by the Chartered Insurance Institute (CII) , such as:
- Certificate in Insurance
- Diploma in Insurance
- Advanced Diploma in Insurance
Career path and progression
With experience, you could deal with more complex policies and risks, as a senior underwriter.
You could also move into related jobs in risk management, loss adjustment and senior account management.
Career tips
As you gain experience, you may begin to specialise in certain types of insurance, for example:
- property
- healthcare
- business liability
- cyber
Professional and industry bodies
You can join the Chartered Insurance Institute for professional development opportunities and to build up your contacts in the industry.
Guides for this industry
Related roles
- Job roleInsurance broker
- Job roleInsurance loss adjuster
- Job roleInsurance claims handler
- Job roleInsurance account manager
- Job roleActuary
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