To become a health underwriter, applicants need a bachelor’s degree, industry designation, and completion of a trainee program. They must learn to review medical history and undergo a medical evaluation. After completing training, obtaining a license, and receiving an industry designation, they can become a health underwriter.
Many companies require an applicant to have completed a bachelor’s degree and a trainee program and have earned an industry designation if they want to become a health underwriter. A degree in insurance, risk management or finance is preferred for those wishing to become a health insurer, although other degrees are accepted. Industry designations include Fellow, Academy of Life Underwriting (FALU); Registered Health Registrar (RHU); and Underwriter Chartered Life (CLU). Many companies also require insurance license to become health insurers.
Health insurers determine the risk potential of customers looking for life, health or disability products. To become a health underwriter, one must learn to review medical history, health indicators, and mortality and morbidity tables. Health insurers may request that the applicant undergo a medical evaluation and complete a detailed medical questionnaire. The assessment results, questionnaire, and candidate’s medical history are the primary tools the health insurer uses to determine whether the candidate is a good risk for the company.
After graduation from college, the first step for a person who wants to become a health insurer is to work as a health insurer trainee. The trainee will undergo an intensive course of study to learn the basics of underwriting health products. The course will also teach the trainee about company-specific underwriting, product and marketing guidelines.
Some companies require a candidate to be licensed to sell insurance before being hired. Other companies will allow an underwriting intern to be licensed while employed and may even pay for coursework and licensing fees. The licenses required to become a health insurer typically require completing a course of study and passing an exam administered by a government agency.
The healthcare intern typically subscribes to one to three years as an intern, learning industry and company specific standards. During this time, the intern will help process applications, interact with brokers and clients, and continue to add product knowledge. The intern will also begin earning an industry designation and may be asked to join a professional association such as the National Association of Health Insurers (NAHU) and attend local chapter meetings.
To earn industry designations, the intern must follow a course of study and successfully complete exams administered by the issuing body. Health insurers deal in a wide range of life and health products, so trainees can often tailor the courses they take to suit a specific branch or specialty. Some specialties include life underwriting, health care underwriting, disability underwriting, and specified illness underwriting.
Once a candidate completes training, obtains a license, and receives an industry designation, he or she is qualified to become a health underwriter. The company that invested in the trainee will normally retain its services as a full-fledged underwriter. The underwriter will have autonomy and authority to link coverages and issue policies.
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