How can you become a successful underwriter?

1 Education and certification

The minimum educational requirement for most underwriting positions is a bachelor's degree, preferably in a field related to finance, economics, mathematics, or statistics. However, having a degree is not enough to stand out in the competitive market. You also need to obtain relevant certifications and licenses that demonstrate your expertise and credibility in the insurance field. For example, you can pursue the Chartered Property Casualty Underwriter (CPCU) designation, which covers topics such as risk management, insurance operations, policy analysis, and ethics. Alternatively, you can opt for the Associate in Commercial Underwriting (AU) or the Associate in Personal Insurance (API) designations, which focus on specific types of insurance products.

2 Analytical and technical skills

As an underwriter, you need to have strong analytical and technical skills to evaluate and process large amounts of data and information. You need to be able to use various software and tools to collect, organize, and analyze data from different sources, such as credit reports, loss histories, financial statements, and market trends. You also need to be able to apply mathematical and statistical methods to calculate the probability and severity of losses, and to determine the appropriate rates and premiums. Moreover, you need to be familiar with the insurance laws, regulations, and standards that govern your area of specialization.

3 Communication and interpersonal skills

Another essential skill for underwriters is communication and interpersonal skills. You need to be able to communicate clearly and effectively with various stakeholders, such as agents, brokers, clients, and managers. You need to be able to explain your underwriting decisions and recommendations, as well as negotiate and resolve any issues or disputes. You also need to be able to build and maintain positive and professional relationships with your colleagues and clients, and to work collaboratively as part of a team. Furthermore, you need to be able to handle feedback and criticism, and to adapt to changing situations and demands.

4 Attention to detail and accuracy

One of the most important attributes of a successful underwriter is attention to detail and accuracy. You need to be able to pay close attention to the details and nuances of each insurance policy and application, and to ensure that they are consistent, complete, and correct. You need to be able to spot any errors, inconsistencies, or discrepancies that might affect the underwriting outcome or expose the company to potential losses or liabilities. You also need to be able to follow the established policies and procedures, and to document and record your underwriting actions and results.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?