What does an underwriter do
Job description and tasks:
The underwriter (insurance) has the risk in view and the insurance solution at hand. This is how you can briefly describe the job description of an underwriter (insurance company). The training requires a specialist degree in a specialist discipline outside of the insurance industry. The core competency of an underwriter is underwriting risk assessment. In addition to analyzing and assessing insurance contracts, an underwriter has the task of drafting insurance contracts.
Press reports are to be analyzed and indications from technological progress are to be followed up. According to the risk to be insured, reports are to be prepared for the various areas and premiums to be calculated. An underwriter (insurance company) has to calculate theoretical and possibly possible damage scenarios. He must have a feeling for explicit risks and a constant use of numbers should be a matter of course. The development of computer models is a prerequisite for fulfilling his job description. Nevertheless, he works closely with colleagues and is efficient with negotiating partners.
Salary and wages:
Of course, the requirements for a junior underwriter (insurance) are correspondingly complex and are met quite individually in terms of earnings and wages. In this job, an annual income of 45,000 to 50,000 euros is quite possible. This is to be understood without a bonus. As a qualified senior underwriter, an annual income of up to 85,000 euros can be achieved.
Training and further education:
An underwriter (insurance) works in the insurance business. For this reason, training in the form of a further education course in insurance is also planned. Because other specialist skills are often seen as a main course of study. Insurance can be viewed as continuing education or retraining. Non-insurance applicants are welcome to complete some kind of internship. A possible applicant has to obtain specific information about a special training position from a selected company in order to be able to take advantage of a dual course of study. Separate company-specific information must also be obtained with regard to the application submission area and, in connection with this, the question of a targeted application and the salary.
Job offers are mainly advertised by reinsurers. Since a detailed analytical approach is required here in particular. But social and property insurers also hire underwriters (insurance companies).
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