Insurance Underwriter

Typical Work Tasks
People who work in this career often:

• Authorize financial actions.
• Analyze health-related data.
• Assess risks to business operations.
• Verify accuracy of records.
• Explain regulations, policies, or procedures.
• Assess financial status of clients.

Typical Working Conditions

• Using e-mail.
• Sitting.
• Working indoors in environmentally controlled conditions.
• Meeting strict deadlines.
• Frequent decision-making.
• The importance of being accurate or exact.
• Working with a group or team.
• Being in situations in which conflicts arise.

Tools & Technology used by Insurance Underwriter

Source: Minnesota CAREERwise

Most Important Skills for Insurance Underwriters

• Listening—Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
• Thinking Critically—Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
• Reading—Understanding written sentences and paragraphs in work related documents.
• Writing—Communicating effectively in writing as appropriate for the needs of the audience.
• Speaking—Talking to others to convey information effectively.
• Making Decisions—Considering the relative costs and benefits of potential actions to choose the most appropriate one.
• Learning New Things—Understanding the implications of new information for both current and future problem-solving and decision-making.
• Solving Complex Problems—Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
• Being Aware of Others—Being aware of others’ reactions and understanding why they react as they do.
• Evaluating a System or Organization—Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.

Most Important Knowledge Areas for Insurance Underwriters

• Customer and Personal Service—Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
• Mathematics—Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
• English Language—Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
• Sales and Marketing—Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
• Clerical—Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
• Computers and Electronics—Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
• Law and Government—Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
• Administration and Management—Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
• Economics and Accounting—Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
• Geography—Knowledge of principles and methods for describing the features of land, sea, and air masses, including their physical characteristics, locations, interrelationships, and distribution of plant, animal, and human life.

Interests
Different careers may be a good fit for your personality or interests. This career is:

• Conventional—Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
• Enterprising—Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Source: Minnesota CAREERwise

Low indicates 25% of workers earn less and 75% earn more. Median indicates 50% of workers earn less and 50% earn more. High indicates 75% of workers earn less and 25% earn more.

Demand
This career is seeing flat growth compared to other careers. There will be a -1.7% growth for Insurance Underwriters to meet market demand between 2018-2028. This includes the demand due to replacement (workers leaving the occupation or retiring) as well as growth.

Source: Minnesota CAREERwise

This career requires at least a bachelor’s degree. This career does require a license and there are certifications are helpful for growth.

View the local post-secondary education options from our partners: Central Lakes College & MSTATE.

Helpful High School Courses
Examples of helpful classes that help you prepare for this career:

• Accounting
• Algebra I and II
• Business Law
• Business Management
• Composition
• Economics
• International Business
• Marketing
• Office Procedures
• Public Speaking
• Statistics
• e-Commerce

Source: Minnesota CAREERwise