Become an insurance underwriter with promising salary!!
Insurance is a field where there can be no dearth of good paying jobs. There are many people who want to get jobs in the field of insurance. But, before getting a job you have to take into account as to what are your possibilities on the job. One such promising job, which is highly sought after is the insurance underwriter. Insurance underwriter salary is also higher than those of the agents and on top of that it has regular working hours which makes it such an attractive job offer.
What is an insurance underwriter?
Insurance companies are all about risks. So when a company gives away a policy to its client, it has to take into account how much is the risk factor. Depending on the risk factor the client will get the policies and accordingly his premium amount will be decided. This is exactly what an insurance underwriter does. He takes into account all the factors and hence decides the risk factor. He has to be very objective about taking into account the risk factor. Too much generosity means that the company will face losses and too much sternness means that the company will lose its customer base.
What are the requirements for such a job?
Normally all you need is just a college degree for attaining an insurance underwriter job. But nowadays, there are many insurance companies who want some specialization degree. So if you have degrees in law, accountancy or in marketing, you stand a good chance in procuring the job. However, there are also many specialized underwriter courses being offered in some universities at present and you can easily opt for those. Experience matters the most in this industry, so start off as soon as possible and gain experience as trainees or as assistants.
What are the prospects, which you can expect?
The job of an underwriter has many diverse prospects. First of all, insurance underwriter salary is much higher than the basic agent’s salary. Thus, it makes this job a very satisfying one at least in terms of the financial aspect. Moreover, unlike an agent you seldom have targets. So you can do your job without the additional pressure of fulfilling a given target. Thirdly, it is a desk job with working hours of about 40 hours a day. Seldom you have to work more but in case of pending assignments you may spend some extra hours in office. Most of the time insurance underwriters have to work in the regional head offices or the head branches of the insurance agency. The prospect of promotion hence is also very high.
So, if you want to enter the insurance industry then the job of an insurance underwriter is one of the best ways to start, especially if you have an interest in calculating risk factors.