by B.Lane » Thu May 24, 2007 08:00 am
Insurance Underwriting is a process by which the insurance companies determine the type of risk that a potential client poses before the company. When you apply for an insurance policy, the insurers do a thorough check based on the information you provide. They also do their own evaluation and allow you coverage after they find you favorable enough. Thus, insurance underwriting is the basic process that every individual has to go through when he purchases an insurance policy.
Where is it applicable?
Any and every insurance application has to go through the underwriting process. However, underwriting finds special significance for certain types of insurance as:How the process works?
Have a look at the below mention steps to understand how the underwriting process works:- The potential client sends in an application to the insurance company with the necessary details.
- The insurance company sends the application to an underwriter for review.
- The underwriter verifies the information provided in the application, after scrutinizing previous records, credit history, employment status, monthly income, driving records, photographs of the property that will be insured etc.
- The underwriter determines the eligibility of the potential client, and accordingly approves or rejects the insurance application. Instead of rejecting an application completely, the underwriters may also approve insurance applications but with specified conditions like lower coverage limits or higher rates etc.
- After the application is approved, then it is forwarded to the policy processing department, then to the insurance agent and the customer for evaluation. If it's rejected, then the customer and the agent receive the rejection letter.
Why is it so important?
The underwriting process finds special mention since it's important for both the insurer as well as for the insurance applicants.For the insurers:
- The underwriters maintain a check on the risk factor of the insurance company, i.e. figures out the company's tolerance for risks.
- They ensure the financial stability of the insurance company. They hold the responsibility of reducing the company's expenses and losses for the claims.
For the consumers:
- The underwriters determine whether or not to approve the insurance application of a potential consumer.
- They determine how much of a risk you are, and set the coverage limits and rates on your policy.
Who are the underwriters?
The underwriters are specialized personnel who determine the extent of an individual's risk when they apply for a policy. They review details of an insurance application to determine the accuracy of the information provided. Accordingly, they accept or reject a policy. They also decide on the premium structure for a consumer, if his/her application is approved.Are there specific standards that have to be maintained?
Usually, each insurance company maintains their specific set of guidelines. The underwriters approve or reject the insurance applications based on the company guidelines or limitations.Are there any specific eligibility criteria for an underwriter?
Insurance underwriting requires perfect analyzing skills, since an underwriter needs to manage, process and evaluate data. An insurance underwriter must have:- A graduation degree, favorably in business or finance
- Knowledge of accounting
- Understanding of economics
- Know-how of the insurance industry
- Basic computer skills
Related Discussions
What does underwriting mean in insurance? What type of training or experience does it take to become an Underwriter?
I was just curious.
Kindly,
Barry
I was just curious.
Kindly,
Barry
Posted: Mon Oct 01, 2007 04:41 pm Post Subject: fundamental to underwriting
why an understanding of the object and subject of insurance are fundamental to underwriting?
Posted: Tue Oct 02, 2007 08:39 am Post Subject: what does underwriting mean ?
Hi !
To become an underwriter one need to have a degree in finance or business administration with knowledge of accounting.
So as Cyrus has rightly mentioned that its all about finance, bu. adm. & accounts, hence we can understand that there is no need to understand insurance as such. But yeah, you would certainly need to gather knowledge about the insurance industry, once you decide to be an insurance underwriter!
regards, fatman
Posted: Wed Nov 14, 2007 06:05 am Post Subject: Welcome to the forums!
Hi Mouthpiece,
Your post has been shifted to the following url >> http://www.ampminsure.org/feedback/about3397.html (This is done to create a better user-response opportunity!).
Regards,
Lakemen
Posted: Sat Feb 16, 2008 11:12 am Post Subject:
Hi Easygirl,
Welcome to the forums. You can view your post here >>
http://www.ampminsure.org/feedback/about4255.html
Thanks,
Lakemen
Posted: Wed Mar 05, 2008 05:45 pm Post Subject:
Hi Sarita,
You will find your post over here >> http://www.ampminsure.org/feedback/about4413.html
Thanks,
Lakemen
Posted: Thu Mar 19, 2009 04:35 am Post Subject: hi experts
i am persuing associateship from III...only 1 paper of underwriting is left to be cleared...can i bcum underwriter after clearing that...i had done pgdm from marketing and right now working in life insurance brokring co as an operatins associates
Posted: Sun Oct 23, 2016 03:20 am Post Subject: internal underwriting criteria
what does this mean if ur trying to get a loan, " does not meet a serious of internal underwriting criteria" , is this something to do with identification
Posted: Sat Aug 19, 2017 08:59 pm Post Subject: Osmund, Charles, Keldron and Thorus Albania
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