Insurance underwriter

Entry Requirements:

You can get into this job through:

• a university course
• a college course
• an apprenticeship
• working towards this role
• a graduate training scheme

University

You could take a degree before applying for a place on an insurance company's training scheme. Relevant degrees include:

• business studies
• finance
• economics
• maths

It will help to get some relevant work experience whilst you're studying, for example through an internship.

Entry requirements:

• 2 to 3 A levels, or equivalent, for a degree

College

You could do a T Level in Finance and then apply for trainee insurance underwriter roles and work towards further qualifications on the job.

Entry requirements:

• 4 or 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths for a T level

Apprenticeship

You could start by doing an insurance practitioner advanced apprenticeship.

You could also take an insurance professional higher apprenticeship, depending on your background and qualifications.

These take between 24 to 36 months to complete with a mix of workplace learning and study.

Entry requirements:

• 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 insurance company as a junior underwriter and work your way up by doing qualifications on the job, for example, like those offered by the Chartered Insurance Institute .

Employers set their own entry requirements, but it will help if you have GCSEs in English and maths, 1 or 2 A levels, and know how to use common office software, including spreadsheets.

OtherRoutes

You could apply to join a company's graduate training scheme if you've got a degree. Most subjects are accepted though you may have an advantage if you've studied business, maths or economics.

Required Skills:

Digital skills : to be able to use a computer and the main software packages confidently

Skills:

• to be thorough and pay attention to detail
• analytical thinking skills
• the ability to work well with others
• excellent verbal communication skills
• maths knowledge
• the ability to use your judgement and make decisions
• customer service skills
• administration skills
• knowledge of medicine and dentistry
• active listening skills
• the ability to read English
• the ability to accept criticism and work well under pressure
• excellent written communication skills
• knowledge of English language
• patience and the ability to remain calm in stressful situations
• the ability to think clearly using logic and reasoning
• thinking and reasoning skills
• knowledge of teaching and the ability to design courses
• concentration skills
• the ability to work well with your hands

What you'll do:

Insurance underwriters decide whether to insure a person or company, and set out the details of insurance policies.

In your day-to-day tasks you could:

• study insurance proposals
• gather background information like medical histories
• analyse statistics from actuaries and other sources
• get specialist risk assessments from experts like surveyors or doctors
• assess 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 business clients
• write policies

Location : You could work in an office.

Salary:

Starter : £18,000
Experienced : £65,000

These figures are a guide

Working hours:

36 - 38 hours a week

Working Pattern is between 8am and 6pm

Career Path:

With experience, you could deal with more complex risks.

You could also move into management or apply for related jobs like risk management, loss adjusting and claims management.