gradsingapore 'Finance' Career Guide 2021

Page 70

FINANCIAL SERVICES - Areas of Work

INSURANCE UNDERWRITING Determine a client’s eligibility for an insurance policy and the amount of premium to be paid.

E

ssential to the insurance industry, underwriters analyse insurance proposals for risks, write policy terms and calculate the amount of premium to be paid by a client using actuarial, statistical and other relevant information. Evaluating the amount of risks associated with any insurance policy is complex as it requires good judgment from an underwriter with a keen eye for detail. Moreover, it is an underwriter’s responsibility to ensure that the customer will receive a competitive quote worth considering, yet still maintain the company’s profit margins.

68 | gradsingapore Finance Career Guide 2021

General overview While underwriting is open to graduates of any discipline, those of a certain background are at an advantage, as employers prefer underwriters with numerate degrees such as finance, accounting, mathematics, or economics, though law or business degrees. Some recruiters even require specific backgrounds for some vacancies – for instance, a science-based degree, such as biology, may be required in order to write life insurance policies. Although graduates usually start out as junior underwriters or assistants in insurance agencies such as AIG, Manulife, AXA, Allianz and Etiqa, certification through coursework is a must for career progression to senior underwriting positions, more specialised areas of underwriting, or management. Career progression also hinges on an underwriter’s capability to evaluate risk and build relationships with other departments, such as the actuarial division. Keeping abreast of new insurance policies and products, regulations and technology is also vital.

Required skills Detail-oriented graduates will find their talents being put to good use in this role, though numeracy, analytical, writing and IT skills are needed as well. Because an underwriter is also responsible for the preparation of the terms and conditions of the insurance policies and may occasionally liaise with insurance brokers and clients, strong interpersonal skills are essential too.

Pros and cons

On top of offering a friendly environment, there are many opportunities to build relationships between both colleagues and clients. On top of that, remuneration is also fairly high. The position is not suitable for candidates who dislike routine and structure, though. Moreover, due to rapid advancements in technology, demand for underwriters are slowly declining. Extensive knowledge, experience and skill are also necessary for the job.


Turn static files into dynamic content formats.

Create a flipbook

Articles inside

Risk Assessment

2min
page 93

Tax

2min
pages 94-95

Management Accounting

2min
page 92

Internal Audit

2min
page 91

Forensic Accounting

2min
page 90

Financial Accounting

2min
page 89

Corporate Finance

2min
page 86

Corporate Treasury

2min
page 88

Commercial Finance

2min
page 85

Assurance

3min
page 84

Corporate Recovery

1min
page 87

A Graduate’s Guide to Accountancy Jargon

10min
pages 81-83

Professional Accountant

1min
page 80

Statistics

2min
page 72

Getting a Graduate Job in Accounting

2min
page 79

Financial Management

2min
pages 75-76

Retail Banking

2min
page 71

Wealth Management

2min
pages 73-74

Insurance Underwriting

1min
page 70

Insurance

4min
pages 68-69

Actuarial Science

3min
page 67

The Financial Services Alphabet

8min
pages 64-66

Finance Industry

5min
pages 62-63

Structured Finance

3min
pages 56-57

At a Glance: Financial Services

2min
pages 58-59

Stockbroking

1min
page 55

Choosing Your Role and Company in Financial Services Different Ways to Get into the

2min
pages 60-61

Specialist Markets

2min
page 54

Risk Management and Control

2min
page 53

Private Wealth Management

2min
page 52

Inter-Dealer Broking

2min
page 47

Investment Analyst

2min
page 48

Investment Banking

2min
page 49

Operations

1min
page 51

Financial Markets

2min
page 46

Investment Management

2min
page 50

Economist

2min
page 44

Finance IT

2min
page 45

Corporate Banking

2min
page 43

Banking and Investment Unique Skills The Banking and

2min
pages 36-37

Investment Industry Needs

7min
pages 38-39

At a Glance: Banking and Investment

2min
pages 34-35

A Graduate’s Guide to Banking and Investment Job-Speak

8min
pages 40-42

Tackling Assessment Centres

3min
pages 30-31

Acing Your Interview

4min
pages 28-29

Dealing with Live Video Interviews

5min
pages 26-27

Is a Career in Finance for Me?

2min
pages 12-13

Postgraduate Pathways in the Financial Sector

3min
pages 16-17

A Survival Guide to Applying for a Job in the Finance Sector

4min
pages 18-19

Preparing Your Cover Letter

3min
pages 24-25

Industries in the Finance Sector

2min
pages 10-11

Pros and Cons of Pursuing a Career in the Finance Industry

1min
pages 20-21

How to Pursue a Career in Finance Without a Finance Degree

3min
pages 14-15

Crafting Your Resume

3min
pages 22-23
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.