Insurance underwriters determine risk and decide whether to provide insurance. They evaluate insurance applications and determine terms, conditions of coverage and premiums.

The role of an underwriter is primarily related to risk assessment. An underwriter must evaluate whether an application is likely to be profitable in the long term for the company. Most insurance companies will have a set range of criteria which must be considered in the underwriting process. There will normally be a pro-forma set of requirements that must be ticked off but in certain circumstance the underwriter will have to use their discretion to ensure that a policy is not too risky.

There will likely be a variety of relevant factors depending upon the type of insurance. For example, if someone was looking to take out health or critical illness insurance the underwriter might request details of any

• ongoing medical conditions

• previous claims

• occupation

• history of heart disease or other medical conditions within the immediate family

• lifestyle risks e.g. excessive drinking, smoking or dangerous hobbies

The underwriter in the above circumstances might also insist upon a medical examination or other health checks.

Factors like the above can pose a significant risk to an insurance company and if an underwriter perceives the risk as too great they may recommend that the company either rejects the application completely or offers a loaded or excluded policy. A loaded policy refers to a policy where the premiums are higher than standard. Exclusions refer to specific client provisions which may prevent the client from undertaking a specific activity or require them to follow a certain programme e.g. join a gym.

Most underwriters will specialise in a single field.


ANZSCO ID: 611211
   

Specialisations: Marine Underwriter, Senior Underwriter,

 

Knowledge, skills and attributes      

To become an insurance underwriter, you would need:

• an aptitude for numbers and calculations

• experience in working with statistical data

• the ability to analyse complex information

• accuracy and attention to detail

• decisiveness and good judgement - including the ability to say “no”

• an analytical mind and the ability to ascertain the truth

• strong computer skills

• good spoken and written communication skills

• technical knowledge of the insurance industry and specific areas e.g. health or critical illness

• the ability to make prudent business-focussed recommendations

• the ability to work to a deadline

• excellent interpersonal and customer care
  
  
  

(Source: Slideshare)

 

Duties and Tasks

As an insurance underwriter, you are responsible for assessing risk and maintaining profitability. You will be expected to:

• study insurance applications and screen applicants on the basis of set criteria

• work closely with actuaries to determine the risk of insuring a client

• use underwriting software to produce recommendations

• decide whether to offer insurance

• determine appropriate premiums and amounts of coverage - calculate premiums

• evaluate application forms and other corresponding evidence

• gather further information including liaising with other professionals such as doctors or lawyers

• make quantitative and qualitative judgements on the risks of a particular policy

• make recommendations as to whether a policy is reasonable and, if not, whether the policy should be accepted with an increased premium or whether certain elements of an application present too high a risk and should therefore be excluded

• make recommendations on whether the risk should be re-insured

• visit brokers, doctors and intermediaries to discuss products and assessment criteria

• negotiate terms with policyholders

• help to draft policies and advise lawyers of appropriate exclusion clauses

• keep meticulous records of individual policies and conditions

Working conditions

In a full-time job, you would work standard office hours, Monday to Friday. Part-time hours and flexible opportunities are sometimes available. You would be mainly office-based, but may also travel to attend meetings with insurance brokers or business clients.

Education and training/entrance requirements

To become an insurance underwriter, you would generally need a bachelor’s degree. However, insurance industry work experience may be sufficient for entry level roles. Degree level qualifications are necessary for advancement to senior underwriter and underwriter manager positions. To get into degree courses, you usually need to gain your senior secondary school certificate or equivalent.

Employment Opportunities

Automated underwriting software allows workers to process applications more quickly than before, reducing the need for underwriters. However, there still will be a need for underwriters to evaluate automated recommendations.

Most major firms will have hierarchical structures and it will be possible to move into supervisory or management roles. There is a multitude of insurance careers and you will be able to specialise in client facing or back office roles. There is also a wide range of insurance sectors from home and contents to marine and aviation.

 

 

   Banking, Finance & Insurance

 

The word “Underwriting” refers to protecting by way of insurance. Marine underwriting refers to providing marine insurance to the necessary clients. In today’s highly complex marine business, it is very important to have marine underwriting service.

The person who provides marine underwriting is known as a marine underwriter. These are professionals whose main expertise is to ensure that their client is protected by unforeseen losses and casualties.

 

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A marine underwriter offers insurance coverage for marine vessels like ships and boats. They help owners choose suitable insurance, considering factors such as vessel value, freight cost, and laws of regions the vessel operates in. Marine underwriters evaluate these factors to prepare a valuation for the vessel, cargo, crew, and transport. They often manage a book of business, aiming for profitability, and maintain relationships with agencies. They may also mentor new underwriters and conduct risk analysis to recommend appropriate premiums.

A Marine Underwriter is responsible for the acceptance or rejection of insurance proposals to cover cargo transported by ships, trucks, trains or aircraft. Their expertise is to ensure that their clients are protected against unforeseen losses and casualties.

Marine insurance covers the loss and damage of ship cargoes, terminals, ships and their properties. Underwriters evaluate the risk faced by potential clients and process their applications for insurance coverage accordingly.

The loss to the body or hull of the ship and the cargo it contained, the reasons or the causes of the loss, the place where the loss occurred and most importantly the amount that needs to be settled are the main areas that a marine underwriter needs to focus on. It is a well-known fact that insurance claims are very uncertain and there needs to be a complete knowledge of all the elements involved before placing a claim for compensation purposes.

There are generally 5 types of insurance cover:

Marine Hull Insurance

Marine Liability Insurance

Marine Cargo Insurance

Offshore/Energy

Protection & Indemnity

The Australian Maritime Safety Authority (AMSA) will investigate how a Singaporean cargo ship lost 40 containers off Australia's east coast when it docks in Brisbane today.
The APL England was en route from Ningbo, China to Melbourne when it lost dozens of containers after hitting rough seas about 73 kilometres south-east of Sydney, early on Sunday morning.

AMSA said the ship experienced a temporary loss of propulsion and during that time it was rolling heavily which caused container stacks to collapse and 40 containers to fall overboard.
(Source: ABC News 27 May 2020)

 

ANZSCO ID: 611211
  
Alternative names: Marine Insurance Underwriter (Maritime), Maritime Insurance Underwriter,
  
Specialisations: Senior Marine Underwriter,
  
Knowledge, skills and attributes

• Technical knowledge of marine products –cargo and hull

• Meticulousness - exhibit keen attention to detail in all tasks

• Strong numerical abilities

• Excellent interpersonal, communication skills, negotiation, and conflict resolution abilities. for dealing with brokers and other insurance professionals

• Commercial acumen

• Ability to work under pressure and within tight deadlines

• Capable of working independently while also fostering teamwork and collaboration.

• Literacy in technology and systems in current use in the Insurance industry including basic understanding of CAT peril modelling/pricing.
  

 

(Source: Boss Hunting 30 May 2022)

  
Duties and Tasks

A marine underwriter needs to be aware of not just rules and regulations of the country to which the ship belongs but also about other countries where potential incidents could occur. To explain it simple terms, the maritime rules and regulations of all countries needs to be noted down by a marine underwriter so that clients do not face any problems regarding the settlement of the claim.

In order to make the process of marine underwriting simple and feasible, many professional marine underwriting companies have been set up in many countries. These companies hire professional marine underwriters to make the clients get more reliability and benefit.

 

As a Marine Underwriter, you will play a crucial role in evaluating and managing the risks associated with marine-related policies. Your primary responsibilities will include:

• Analyzing complex marine-related risks, such as cargo, hull, and protection and indemnity (P&I) coverage

•  Assessing the financial viability of potential clients and their operations

•  Negotiating policy terms and conditions to ensure appropriate coverage and profitability

•  Monitoring and managing existing marine policies, including claims handling and policy renewals

•  Collaborating with brokers, clients, and other stakeholders to provide exceptional customer service

• Settling claims arising from policies

• Making recommendations for claim handlers with guidance from solicitors and other third parties on the best course of action

• Continually assessing risk and pricing to ensure that underwriting policies, procedures and guidelines meet the company's expectations

• Manage a Marine specialised portfolio, focusing on optimising relationships with clients and insurers.

• Ensure timely and thorough client servicing, including renewal negotiations and review meetings.

• Handle multiple tasks simultaneously in a fast-paced environment, adapting to changing priorities.

• Collaborate with the General Manager on renewal strategies and efficiently manage renewal processes.

• Facilitate premium funding acquisition, manage credit control, and oversee declaration management and client invoicing.

• Cultivate strong relationships with clients, colleagues, and suppliers, providing training and education on insurance protocols and policies

Working conditions

Marine Insurance Underwriters (Maritime) typically work in offices. They generally work within normal office hours.

Tools and technologies

Marine Underwriter Tools List:

• Risk Analysis and Assessment

• Regulatory Compliance Software

• Underwriting Workflow Platforms

• Customer Relationship Management (CRM)

• Document Management and Storage

• Data Analytics and Reporting
  

Education and training/entrance requirements

It typically takes 4-6 years to become a marine underwriter:

Years 1-4: Obtaining a Bachelor's degree in a relevant field, such as Maritime Studies, Accounting, Business, Finance, Economics, Actuarial Studies or Law
   .
Years 5-6: Accumulating the necessary work experience in duties such as risk assessment, underwriting policies, and understanding maritime regulations.

Note: This timeline includes the minimum required/25th percentile for experience and assumes some overlap with on-site/on-the-job training requirements.

Employment Opportunities

A marine underwriter can progress to various roles. They can become an underwriter in other areas or a senior underwriter, overseeing a team. Another path is management, such as an underwriting manager, responsible for the underwriting process as a whole.

 

(Source: Zippia)

 

 

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Material sourced from
Web Archive Only - CareerHQ [Insurance Underwriter;]
Web Archive Only - My Job Search [Insurance Underwriter; ]
Zippia [Marine Underwriter; ]
BH Speciality [Senior Underwriter Marine; ]
Seek [Marine Underwriter; ]
Maritime One [Marine Insurance Underwriter; ]
Zettlor [Marine Underwriter; ]
AXA [Marine Underwriter; ]
Marine Insight [Marine Underwriting; ]