Insurance companies are responsible for protecting individuals from financial losses as a result of injury or illness, and an underwriter will calculate the premium that a company should charge in order to write a claim. An underwriter may consider health, family history, and age, in addition to the past history of the applicant in order to make a proper determination of how much the insurance company should charge the client.
Most Insurance underwriters will now use computerized systems and government data in order to calculate the risks that an individual presents to the insurance company. The Internet has revolutionized the industry, as most individuals are now able to use online databases in order to gain real time information on policy quotes.
Underwriters may specialize in a particular area of insurance work, which can include health, life, and home, among others. It is becoming increasingly common for insurance underwriters to specialize in group contracts, often for corporations or unions.
Policy writers will also have to be familiar with a number of risks and different packages of insurance to offer clients, and estimating the risks of an entire corporation with many employees can be stressful.
These professionals will typically have comfy jobs, working a 40 hour week, and there are no formal educational requirements to gain employment in this field. Most insurance companies prefer that an underwriter have a bachelor's degree in finance or accounting, but some may simply learn on the job.
In 2006, these professionals occupied over 100,000 jobs in America, with most working in insurance branch offices around the country. Job growth for underwriters is expected to grow slowly due to advances in computer technology, which automates some of their traditional work.
In 2006, the middle 50th percentile of underwriters earn between $40,000 and $70,000 a year, with most receiving good benefits such as retirement plans and health insurance.
