An insurance underwriter works for an insurance agency, and is responsible for the evaluation of the various applications filed to the company. This includes analyzing the risk attached to the person making the application, as well as properly calculating the value of their properties which they have listed in the application. The job of an insurance underwriter is crucial to the success of an insurance agency, as it’s very important for the agency’s business to correctly assess the dangers associated with working with particular clients.
A Bachelor’s degree in a field related to economics, mathematics or business is normally a good start for becoming an insurance underwriter – however, it may not be a guarantee for getting the job nowadays, as the requirements for the position have been rising quite a lot in recent years. In many cases, at least a Master’s degree would be required, and the candidate would have to demonstrate sufficient knowledge in the operations of an insurance agency.
The insurance underwriter at any insurance agency receives more or less the same salary, even counting the differences between the various agencies out there – this is due to the specific nature of the job. The average annual salary is between $41,000 – $59,000, and there’s hardly any flexibility in the scheduling of working hours and other similar factors. For the most part, the job is very rewarding even though the work it involves can sometimes become highly monotonous and repetitive.