National
| Median wages (2008) |
$27.31 hourly, $56,790 annual |
| Employment (2006) |
104,000 employees |
| Projected growth (2006-2016) |
Slower than average (3% to 6%)
|
| Projected need (2006-2016) |
35,000 additional employees |
13-2053.00 - Insurance Underwriters
Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Sample of reported job titles:
Underwriter, Account Underwriter, Customer Service Representative, Personal Lines Underwriter, Underwriting Director, Health Underwriter, Life Underwriter, Automobile and Property Underwriter, Commercial Lines Underwriter, Commercial Underwriter
Tasks
- Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe profitable distribution of risks, using reference materials.
- Decline excessive risks.
- Write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
- Examine documents to determine degree of risk from such factors as applicant financial standing and value and condition of property.
- Authorize reinsurance of policy when risk is high.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
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Tools & Technology
Tools used in this occupation:
| Calculators or accessories — 10-key calculators |
| Desktop computers |
| Notebook computers |
| Personal computers |
Technology used in this occupation:
| Document management software — FileNet Content Manager |
| Enterprise resource planning ERP software — Anodas Software Limited Phoenix; Consilience Software Maven Insurance Automation Suite; SIS SEMCI PARTNER; Skywire Software InsBridge |
| Financial analysis software — Fiserv Advanced Underwriting; LabOne NET; RGA Facultative Application Console; Valen Technologies Risk Manager |
| Presentation software — Microsoft PowerPoint |
| Spreadsheet software — Microsoft Excel |
| Word processing software — Microsoft Word |
