Insurance Underwriter

An insurance underwriter helps assess risks, analyze payment and premiums related to those risks, and determine if a business or entity should be insured. Insurance underwriters typically work in an insurance company and must have strong accounting and statistical analysis skills.

The underwriter may be asked to assess insurance companies' policy decisions that are outside the role or capability of field agents. They assess risk and either accept, reject, or modify potential policy applications. In addition, most companies want their underwriters to help build business by seeking new potential customers that fall within the risk analysis scenario of the insurer. As such, underwriters must be able to not only think analytically, but also be able to find possible new opportunities for their organization.

Insurance underwriters may be asked to look at existing policies and situations as well, particularly after a settlement has occurred. The underwriter must determine if new risk applies and then must make policy decisions to modify, continue, or decline further coverage.

This position typically requires, at minimum, a bachelor’s degree in finance or accounting. In addition, further company or field-specific training and certification may be required. Many companies choose to hire insurance underwriters only after a person has first gained experience in the industry as an associate underwriter.

As an Insurance Underwriter with 0-3 years of experience in Singapore, your main responsibilities include:

• Evaluate insurance applications, gather necessary information, and assess risks to determine appropriate coverage.Analyze applicant information, assess their risk profile, and make underwriting decisions accordingly.
• Review insurance policies, ensure compliance with company guidelines and regulatory requirements, and make necessary adjustments.Verify policy details, update coverage terms, and make modifications as needed to maintain compliance.
• Collaborate with insurance agents and brokers to provide guidance, answer queries, and negotiate terms.Work closely with agents and brokers, address their queries, and negotiate terms to achieve mutually beneficial agreements.
• Monitor industry trends, perform risk assessments, and recommend changes to underwriting guidelines to mitigate risks.

For an Insurance Underwriter job role, the following qualifications are required:

• In-depth knowledge of insurance policies and underwriting guidelines to assess risks and determine appropriate coverage and premiums.
• Strong analytical skills to evaluate complex data and make informed decisions regarding risk acceptance, pricing, and policy terms.
• Excellent communication and interpersonal skills to interact with clients, brokers, and other stakeholders, ensuring clear understanding of policy terms and accurate documentation.
• Attention to detail and accuracy in reviewing applications, documents, and reports to identify discrepancies and assess the potential risks accurately.

For an Insurance Underwriter job role with 0-3 years of experience in Singapore, there are several alternative roles to consider within the insurance industry. Here are following options worth exploring:

• Claims Specialist: A role focused on assessing and processing insurance claims, ensuring accuracy and adherence to policy terms and conditions.
• Risk Analyst: A position that involves evaluating and analyzing potential risks associated with insurance policies and developing strategies to mitigate them.
• Loss Adjuster: A role that involves investigating and assessing insurance claims and determining the extent of coverage and compensation to be provided.
• Underwriting Assistant: A position providing support to senior underwriters, including reviewing applications, preparing quotes, and conducting research to assist in the underwriting process.

The job role of an Insurance Underwriter in Singapore is projected to experience strong growth in the market. According to a 10-year analysis, employment opportunities for Insurance Underwriters will significantly increase in the future. This growth can be attributed to the demand for insurance products and the need for skilled professionals to assess risks and determine premium rates. With Singapore's position as a global financial hub, the insurance industry is expected to thrive, leading to a rise in job openings for Insurance Underwriters. This growth trend aligns with the overall expansion of the insurance sector in Singapore.