What's a career as an underwriter like?

ENTRY LEVEL underwriter?

• Searching for more details regarding an underwriting career: *what does an entry level underwriter do? *i've read in some job descriptions that this involves sales... is that true? do ALL underwriting positions involve sales? is it cold calling? *what is an entry level underwriter salary range? (i do have a math and business degree with 5 years general business experience) *do companies hire entry-level? or do they usually only promote from within... ie: from claims adjusters, insurance salesmen, etc etc *what are bonuses based on? *is this a career that you feel overwhelmed with? and find yourself working late hours multiple times a week? *is this a career that you would recommend to a person looking to have 2 kids in the next 4 years? (i just got married) *do you feel accomplished at the end of the day? week? *what is the best thing about an underwriter career? *what is the worst thing about an underwriter career? Thanks in advance. i am really trying to thoroughly soul search to find a satisfying career. i'm 30 and i want to be done bouncing around and not knowing what i'm doing career-wise!!!!! :)

• Answer:

  A lot of people looking for insurance sales people, "code" the job as underwriting. Technically, they can get away with it. The KEY is, of course, are you paid based on sales, or salary? A traditional underwriter will have someone else, an agent, bring the risk to them to write, and be paid salary with performance bonuses. A SALES job, is straight commission. You do NOT need a license, technically, to be an underwriter. Entry level salaries for a personal lines underwriter is going to be around $25,000 a year. Check out at www.salary.com. Companies DO hire entry level people, usually at college job fairs. They don't, in my experience, hire underwriters without a bachelor's degree. Bonuses are based on a combination of underwriting premium written, retention rates (renewal rates), and most importantly, LOSS ratios - if you put on a ton of business, and renew it, but your book pays out $2 in claims for every $1 you take in, you're going to get fired. During peak renewal season - November and December, you WILL be putting in extra hours. I did insurance as a single mom for about 10 years. I was only a "company underwriter" for 18 months. It was by far, the MOST frustrating 18 months of my career. Hope that helps.