Becoming An Insurance Underwriter: Your Guide To Success

If you're interested in becoming an insurance underwriter in Georgia, there are a few steps you need to take. First, you'll need to obtain a bachelor's degree in a relevant field such as business, finance, accounting, or mathematics. This will provide you with the necessary educational foundation to understand the complexities of insurance underwriting. During your degree, consider taking courses in data analysis and computer literacy, as these skills are highly valued by employers.

Once you've earned your degree, you can start building professional experience. Entry-level positions within insurance organizations can provide valuable industry knowledge and help you develop competencies sought-after by underwriters. From there, you can gain further experience through on-the-job training, which is often provided by employers and can last up to 6-12 months.

While not always necessary for entry-level positions, earning certifications in insurance underwriting can enhance your resume and open doors to more advanced roles. These certifications demonstrate your expertise and dedication to the field.

Finally, with your educational and professional qualifications in hand, you can start applying for insurance underwriter roles in Georgia. Reach out to local insurance companies, leverage your professional network, and keep an eye on job boards to find the right opportunity for you.

Pursue a bachelor's degree in a relevant field, such as business, finance, or accounting

To become an insurance underwriter in Georgia, you'll need to obtain a bachelor's degree in a relevant field such as business, finance, or accounting. This educational step is crucial as it provides you with the necessary knowledge and skills to excel in the role of an insurance underwriter. Here are some detailed insights into why pursuing a bachelor's degree in these fields is essential:

Business Degree:

Pursuing a bachelor's degree in business can be an excellent choice for aspiring insurance underwriters. This degree will provide you with a strong foundation in core business concepts, including financial services, business administration, valuation, financial modelling, and allocation of financial resources. By understanding these concepts, you will be well-equipped to analyse financial data, assess risks, and make informed decisions about insurance policies. Additionally, a business degree will enhance your communication and leadership skills, which are valuable in building relationships and collaborating with clients, agents, and colleagues in the insurance industry.

Finance Degree:

A bachelor's degree in finance is another excellent choice for aspiring insurance underwriters. This degree will equip you with strong mathematical and analytical skills, enabling you to assess financial data, calculate risks, and determine appropriate insurance premiums. During your studies, you will delve into topics such as accounting principles, financial statement preparation, managerial accounting, and business statistics. You will also gain insights into business finance, including asset valuation, capital budgeting, and financial markets. This knowledge will empower you to make data-driven decisions and provide valuable insights to insurance companies and their clients.

Accounting Degree:

An accounting degree is a versatile option that can set you up for success as an insurance underwriter. This degree will enhance your mathematical and analytical skills, enabling you to assess financial information, identify risks, and make informed decisions about insurance policies. In your accounting courses, you will study topics such as accounting principles, the accounting cycle, managerial accounting, and business statistics. Additionally, you will gain an understanding of business procedures and practices, which will help you navigate the complex world of insurance and make strategic decisions.

While pursuing your bachelor's degree, it is beneficial to take courses in data analysis or computer literacy. These additional skills will prepare you for the data-intensive nature of insurance underwriting and the frequent use of analytics technology and programming in the industry. Remember, the combination of a solid educational foundation and a passion for analysing data will put you on the path to becoming a successful insurance underwriter in Georgia.

Gain professional experience in entry-level insurance positions

To gain professional experience in entry-level insurance positions in Georgia, you can explore roles such as insurance policy processing clerks, procurement clerks, customer service associates, or underwriting assistants. These positions can provide a solid foundation for understanding the insurance industry and developing the skills necessary for a career in insurance underwriting.

For example, as an insurance policy processing clerk or procurement clerk, you will become familiar with the back-office operations of insurance companies, including policy processing and data management. This experience will help you understand the full lifecycle of insurance policies and gain exposure to different departments within insurance organizations.

Customer service associate roles, such as those available at State Farm Insurance, can help you develop strong communication and interpersonal skills. You will learn to address customer inquiries, provide accurate information, and build relationships with clients. These skills are essential for insurance underwriters, who often collaborate with field representatives and interact with clients.

Underwriting assistant positions offer a more direct path towards becoming an insurance underwriter. In this role, you will assist underwriters in processing new business submissions, rating sheets, and other administrative tasks. You will gain valuable insights into the underwriting process, work closely with underwriters, and develop an understanding of risk assessment and policy evaluation.

Entry-level insurance positions in Georgia often require a high school diploma or an associate's degree. Some positions may require specific licenses or certifications, such as a health insurance license for a Licensed Healthcare Insurance Agent role. Gaining professional experience in these entry-level roles can provide a strong foundation for a career in insurance underwriting and help you develop the skills and knowledge necessary to succeed in the field.

Seek relevant certifications to qualify for advanced roles

While a certification is not necessary for becoming an insurance underwriter, it can help you secure senior-level positions in the field. Certifications can demonstrate your skills and dedication to the field, as well as your understanding of the basic techniques, principles, and software tools of underwriting. They can also qualify you for advanced insurance underwriting roles and make your resume more competitive.

• Chartered Property Casualty Underwriter (CPCU): This certification is offered by The Institutes and is considered the premier designation in property-casualty insurance. It demonstrates your knowledge and dedication as a professional in the field. To obtain this certification, you need more than two years of work experience and a passing grade on the exam.
• Associate in Commercial Underwriting (AU): This certification is also offered by The Institutes and focuses on commercial underwriting topics such as financial statements, risk analysis, and premium determination. It consists of four core classes, along with elective and concentration courses, and typically takes about a year to complete.
• Associate in Insurance (AINS): This certification is administered by The Institutes and provides a comprehensive understanding of insurance principles, practices, policies, and coverages. It includes optional electives that allow specialisation in areas relevant to your professional goals.
• Life Underwriter Training Council Fellow (LUTCF): This certification is offered by the National Association of Insurance and Financial Advisors. It consists of three pre-recorded courses with digital learning resources and a final exam. Each course provides 180 days of access and costs $950, with 60-day extensions available for an additional fee.
• Chartered Life Underwriter (CLU): This certification is offered by the American College of Financial Services and focuses on techniques in the life insurance field. It consists of eight self-paced courses in digital or printed textbook form. The full course costs about $5,000.
• Certified Medical Office Manager: This certification is suitable for those seeking to work in health insurance. It covers medical management topics such as medical record-keeping, managed care contracting, and risk management. The course is mostly online, with one in-person class, and costs $999 for 15 hours of instruction.
• Associate in Risk Management (ARM): This certification is designed for underwriters aiming to enhance their risk management skills. It is offered by The Institutes and covers risk assessment and financing over three main courses, typically completed in a year.
• Registered Professional Liability Underwriter: This certification is offered by the Professional Liability Underwriting Society for professionals working with professional liability insurance. It takes one to two years to complete and requires at least two years of professional experience before applying.
• Certified Underwriter: This is a 12-hour, fully online course offered by Vskills, a commercial certification company. It covers basic underwriting principles and costs around $50.

These certifications can provide you with specialised knowledge, enhance your resume, and open doors to more advanced job positions in insurance underwriting.

Develop a professional network and reach out to local insurance companies

Developing a professional network is an investment in yourself and your business. It takes time and effort, but the payoff can be substantial. A strong network can help you learn about alternative ways to operate or improve your business, and it can also lead to new relationships and friendships. It can boost your career and personal growth, and it can help open the door to new sales opportunities. Here are some tips to develop your professional network and reach out to local insurance companies:

• Make the most of your existing contacts: Think about your family, friends, neighbours, cousins, in-laws, or siblings. See what shared interests you have and find common ground. Arrange a coffee meeting and talk about what you do and what they do. You may be surprised at how you can benefit each other.
• Identify people you want to connect with: Make a list of people you want to get to know and have a reasonable expectation of reaching out to. These could be people on LinkedIn, industry professionals you can reach through a trade group, alumni association, or industry event. Figure out how you're connected or could be connected and craft a careful introduction message.
• Practice your introduction: Develop and rehearse your pitch. How you introduce yourself may change depending on who you're talking to and the circumstances, but the core message should be consistent. Start with a simple "hello", share information about who you are and what you do, discuss what you want to improve or focus on in the future, and talk about how you can help others.
• Take part in networking events: Attend in-person or online networking events to expand your professional network. Look for events sponsored by trade groups, business groups (including Chambers of Commerce), EventBrite, school alumni associations, and other similar organizations.
• Get involved with professional and community organizations: Joining and being active in a professional or community organization is a great way to build your profile and expand your network. Many organizations are always looking for event organizers or Board Members. Consider getting involved with your school board, church or other religious group, local or regional health insurance trade association, food bank, or animal shelter.
• Boost your social media presence: Use social media platforms such as Facebook, LinkedIn, Twitter, YouTube, Instagram, and Google Business Profile to build connections and promote your services. Share helpful tips and advice to establish yourself as a credible expert, making it easier for prospective customers to trust you.
• Stay active in your community: Volunteering is a great way to meet new people and establish social connections. It allows you to demonstrate your skills and expertise while also showcasing your human side and letting people know that you care.
• Attend insurance conferences and events: Industry events such as conferences provide excellent networking opportunities with other professionals. You can connect with like-minded individuals who share your passion for making positive changes in people's lives.
• Ask for referrals: A referral from a satisfied client is one of the best ways to promote your services. Ask people who already trust you, including your family, friends, and former co-workers, to refer you to potential clients. You can also partner with other professionals, such as financial planners, mortgage brokers, and real estate agents, to establish a lead-sharing collaboration.

Apply for insurance underwriter roles and be prepared for interviews

Once you've gained the necessary qualifications and experience to become an insurance underwriter, it's time to start applying for roles. You can search for open positions at local insurance companies or reach out to your professional network to inquire about any available roles. When you've found positions that match your requirements, send in your application, which should include a professional resume and a cover letter detailing your educational background, professional experiences, skills, certifications, and career objectives.

Preparing for the Interview

When your application is successful, and you've been called in for an interview, there are several steps you can take to prepare:

• Understand the company: Research the company's history, culture, values, recent performance, and any news or initiatives they're involved in. This will help you understand what the company is about and how they operate.
• Understand the role: Be clear about what the role of an underwriter entails at this specific company. Review the job posting, noting the required skills and responsibilities. Important skills for insurance underwriters include analytical skills, decision-making abilities, effective communication, and negotiation skills.
• Understand how you fit: Reflect on how your skills, experiences, and career goals align with the role and the company. Be prepared to provide examples from your academic or professional life that demonstrate you possess the necessary skills and abilities.
• Prepare your responses: Anticipate common interview questions and prepare your responses. These may include questions about your experience with insurance operations, your preferred line of insurance, your ability to manage time and prioritize tasks, and your ability to handle stressful situations or tight deadlines.
• Prepare questions to ask the interviewer: Demonstrate your interest in the role and company by preparing some questions of your own. You might inquire about the company culture, a typical day for an underwriter at the company, the challenges the role might entail, and opportunities for professional development or advancement within the company.
• Conduct mock interviews: Practice your interview with friends or family, or even in front of a mirror. This will help you refine your answers and boost your confidence.
• Prepare the logistics: Know where and when the interview is, plan your route, and decide what you will wear. Bring copies of your resume and a list of references to the interview.

Frequently asked questions