Categories: FinanceInsurance

Underwriter for Financial and Insurance Industries

Underwriting is a vital part of the financial and insurance industries. An underwriter is effectively the person that assesses risk, and determines the suitability of potential clients looking to avail of whatever service their employer provides, be it insurance, a loan, or capital. Underwriters have the responsibility of defining the terms within which the service will be offered. And, because of this, they are in very high demand. After all, without a qualified underwriter, lenders and insurance agencies would be lost. But how do you become an underwriter? And can underwriters work independently as a small business?

What do you have to do to become an underwriter?

Normally, you at least need a bachelor’s degree in finance, or another business-related field. Underwriters also have to be meticulous, detail-oriented, and thorough. An underwriter has to make a lot of major decisions and, if they don’t have the information to back those decisions up, they won’t do well. Underwriters also use specialized software, so experience with, and education in, those sorts of programs are also vital. Finally, there are certain certifications that underwriters can pursue, depending on what they asses for.

Can underwriters work independently of larger companies?

It’s always a good idea for an underwriter to start working for a larger insurance company or financial institution. Agency experience is invaluable, and they’ll normally foot the bill to get you trained in the latest software. Further, they’ll help you feel your way through risk assessment during your early years. But, if you’d like to eventually branch out, you certainly can, and just offer your services to different agencies. Just make sure that you have enough experience and certifications to make hiring you worthwhile – after all, most insurance companies and banks do have underwriters on staff.

How healthy is the underwriting industry?

It’s becoming more and more vital for underwriters to set themselves apart because underwriting software is becoming so sophisticated. Most people can plug in information and then report on the result a computer spits out. But if you have a good eye for assessing risk, and have the experience and knowledge to make yourself an asset, you can do very well as an underwriter.

Interested in starting your own firm? Need a little help? Give us a call at 1-877-692-6772!

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.