Today we are looking at what’s it like to be an underwriter, a key role in the insurance and pensions industry. All the following information comes from our reviews, gathered straight from employees in the industry.
1. What does an underwriter actually do, day-to-day?
“Currently I chase brokers for the missing details in our files, update the system, start renewal packs, transfer clients onto the new system, shadow other underwriters to gain from their experience.”
“Answering client phone calls, investigating potential claims, speaking to third parties or solicitors, negotiating pay outs and settling claims.”
“Prepare reports for the daily team peer review meetings, monitor premium income and signings, review market reform contracts and ensure their compliance with Lloyd’s standards, shadow underwriters at the box twice a day, data modelling, research “
2. What are the best and worst things about being an underwriter?
“Sociable Interesting Varied Challenging Good hours. Excellent marketplace to work in. Good opportunities. Can be quite administration heavy at times. Takes a long time to become an underwriter due to the expertise required.”
“You are regarded as being on the best underwriting graduate scheme in the London insurance market. There is a good allowance for study leave compared to what other companies offer. The company has a very friendly culture. You are expected to be proactive, but occasionally this can mean that there is not a clear structure on what you should be doing at a given time.”
“Quality and experience of the people that I work with. Interesting and varied work day to day.”
£25,000 – £27,000
4. What are the average working hours?
8am – 5pm
5. … and finallly, here are some interview tips for those interested in going further!
“Really do your research on the company and the role. Consider wider issues in the insurance industry and gain a good understanding of the Lloyd’s market and how it operates.”
“Be honest. They will see straight through you if you’re not. Look at the company values and make sure you understand why they are in place and whether you believe in them or not. It is frowned on to be ambitious at other peoples’ expense, however you MUST be driven.”
“Try to get work experience (even if voluntary) before applying, as it will help you to understand if it’s what you really want to do. Summer internships are a good way of getting a permanent role”
