What is an entry level underwriter job?
An entry level underwriter job is a position in the insurance industry that involves assessing and evaluating risk factors to determine whether to approve or deny an insurance application. Underwriters typically work for insurance companies, and they use their expertise to determine the potential risks and rewards of insuring a particular person, business or property. Entry level underwriters are typically new to the industry and may be responsible for reviewing applications and making recommendations to senior underwriters.
What usually do in this position?
An entry level underwriter's job responsibilities can vary depending on the company and industry they work in, but typically they will:
- Review insurance applications and assess the risk of insuring the applicant
- Gather and analyze information about the applicant's background, financial history, and other relevant factors
- Determine the appropriate coverage and premium rates for the applicant
- Collaborate with other underwriters and insurance professionals to make decisions
- Prepare reports and documentation related to the underwriting process
Top 5 skills for the position
- Strong analytical skills
- Excellent attention to detail
- Good communication and interpersonal skills
- Ability to work in a team environment
- Basic knowledge of insurance industry principles and practices
How to become this type of specialist
To become an entry level underwriter, you typically need a bachelor's degree in a related field, such as business, finance, or economics. Some companies may also require professional certifications or licenses. Relevant work experience in the insurance industry can also be helpful for securing an entry level position. Additionally, strong analytical and communication skills are essential for success in this field.
Average salary
The average salary for an entry level underwriter in the United States is around $50,000 per year. However, salaries can vary depending on factors such as location, industry, and level of experience.
Roles and types
There are various types of underwriter roles, including property and casualty underwriters, life and health underwriters, and mortgage underwriters. Each type of underwriter evaluates different types of risks and may work for different types of insurance companies. Entry level underwriters typically start in a general underwriting role and may specialize in a particular area as they gain experience.
Locations with the most popular jobs in USA
Some of the locations with the most opportunities for entry level underwriter jobs in the United States include:
- New York, NY
- Chicago, IL
- Houston, TX
- Los Angeles, CA
- Atlanta, GA
What are the typical tools
Entry level underwriters typically use a variety of tools and software to perform their job duties. Some of the most common tools include:
- Underwriting software and databases
- Spreadsheets and other data analysis tools
- Customer relationship management (CRM) software
- Email and other communication tools
- Document management software
In conclusion
Entry level underwriter jobs can be a great way to launch a career in the insurance industry. These positions typically require a bachelor's degree and strong analytical and communication skills. With experience, underwriters can specialize in specific areas within the industry and may have opportunities for career advancement. Salaries for entry level underwriters vary depending on location and other factors, but the average salary is around $50,000 per year.