Underwriter (Insurance) experiences?
 

Anybody have done this before or has profoudn knowledge about it?

I understand an underwriter is just basically assessing the risks of a business and taking the risks for the business in exchange for a premium... well, not just business, but also personal and maybe specialty as well.

What i want to ask is do you like what you do and basically a step by step process of how it works on a daily basis...

Do you need to sell a lot of products? Or just offering the "right" one for them... IMO, offering them the "right" one is different from cold-selling them a product that the business doesn't really need. Yes, the more products you sell, the more income you generate, the better you are... but really, i just want your insight on your job.

And if I plan on going into banking in the future, is it really relevant to take up an underwriter job in the summer or fall?

Thanks in advance

anyone?

Underwriting is pretty useful if you want to get into the insurance or financial industries.

My friend is currently taking a course in underwriting (he works for ICBC). It's actually quite difficult and you have to be really good, or get good at understanding legalese.

The selling part is the same for every industry that provides a good or service. It depends on the business/owner and individual in the end. If the owner runs his business in an ethical way, you'll sell products that are needed and offer up others that could be useful to the individual. If they're just in it for the money, then they'll try to get everything out of the customer they can, whether they need it or not. In the end, it's up to you to decide what's right or wrong. It is, in the end, a very grey area... profit versus ethics are a very subjective things to most businesses.

underwriters don't sell insurance, they underwrite risks and determine the correct premiums. Agents, or brokers sell insurance. Broker sends in a risk, underwriter looks at the risk and see if its profitable or insurable, and then determines a premium.

Eg,

20 yr old roof, broker wants to make money so he tries to push a sell. Underwriter turns it down because the chances of a 20 year old roof leaking or blowing off is high.

No coverage, or extremely high premiums with a high deductible.
Couple places you can go to learn is CAIB, CIP or take FCIP at BCIT.

INTACT insurance, and a bunch of others offer junior underwriter trainee positions.

I think u mixed up direct writer n underwriter.. Both needs license. u can be an agent/broker/or direct writer after taking the GIE course or Cape 1 insurance course, once u pass ur license exam, u can find a job being as an agent/broker/or direct writer. Underwriter's license takes yrs of experience to obtain

My wife's been an underwriter for almost 10 years now, she's currently got her Level 2 license. Didn't take that long for her to get her Level 1; in fact, you pretty much have to have it even to be a clerk in an underwriter's office.