An underwriter trainee learns how to assess risk and price it for clients, as well as work with brokers and other departments. They must complete a course of study and pass an exam to become licensed. Trainees spend at least a year in a training program and must be tech-savvy and detail-oriented.
The underwriter trainee position is an entry-level job in an insurance company. An underwriter trainee learns how to examine the risk and determine if it is acceptable to the insurance company. He or she also learns how to price the risk for the client if the risk is deemed acceptable. An underwriter trainee is also taught how to work with brokers, clients and other departments of the insurance company.
Typically, an underwriter intern is expected to be licensed in the particular field they specialize in. There are two main fields. The first is property and victim, and the second is life and health. To become licensed, an underwriter typically completes a comprehensive course of study and then must pass an exam administered by a governing body.
An underwriter trainee spends much of his time completing courses and learning the insurance company’s specific underwriting rules and guidelines. Most interns spend at least a year, and usually two, in a training program before they are considered full-fledged underwriters. The underwriter’s trainee may be allowed to study and take a licensing exam while employed, although some companies wait for the trainee to be licensed before being hired.
The underwriter intern will spend a great deal of his time learning about the specific market the insurance company specializes in. There are many factors that determine what risks insurance companies are willing to insure, and the intern must learn how to assess these factors and judge whether the risk is right for the company. The trainee is also expected to learn how to negotiate prices with brokers and clients.
In addition, underwriters are generally responsible for ensuring compliance with the provisions of the insurance contract. The trainee will learn to schedule loss control surveys and premium audits. He or she will have to make judgments about what security protocols or loss control recommendations, if any, should be implemented.
Underwriters interns need to be tech-savvy. Many of the tools used to assess a risk are software-based. Underwriters need to be proficient with word processing programs, spreadsheets and presentation software. They also need to know how to communicate effectively via email, phone systems and traditional written correspondence.
Underwriters also need to be very detailed. They rely heavily on the information included in apps and questionnaires to assess a risk. They must also diligently follow up with brokers and clients to ensure that all information necessary to assess a risk is known.
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