How to Become an Insurance Underwriter Trainee

Companies prefer insurance underwriter trainees to have college degrees.

Insurance underwriters are responsible for determining the terms of insurance policies, including whether insurance policies will be issued to individuals or not. Underwriters make these decisions based on their calculations of risk assessment. It is their job to make sure the insurance company they work for doesn't lose money. At the same time, they also need to make sure the company stays competitive with its offers to prevent losing customers to the competition. Typically, this amounts to high-risk policyholders being assigned higher premiums than low-risk policyholders for comparable policies.

Instructions

1. Obtain a bachelor's degree. While not absolutely necessary, insurance companies prefer their insurance underwriting trainees to have college degrees. Ideal degrees include business administration, accounting, legal studies and finance. However, any degree will suffice.

2. Apply for internships and work-study positions to gain experience. Many insurance companies, especially the large ones, will offer internships and work-study opportunities to students and recent graduates who are looking to start careers in the field of insurance underwriting.

3. Apply for an entry-level insurance underwriting position. These positions are typically listed as underwriter trainees or assistant underwriters. In this position, you'll work directly under a risk analyst supervisor who will be able to guide you as they give you increased levels of responsibility until you qualify to work on your own.

4. Apply for insurance underwriter positions. After you've gained adequate experience as a trainee, you'll be able to work as a full-fledged insurance underwriter. In many cases, trainees will be promoted automatically into these positions when they are deemed qualified to work on their own by the insurance company.

Tips & Warnings

• After you complete your insurance underwriter training, you may want to consider furthering your education or obtaining certifications to advance your career even further.

References

• United States Department of Labor: Insurance Underwriters
• Higher Salary: Insurance Underwriter Salary