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How can I become an insurance underwriter?

How does an individual with 10 years in mortgage underwriting become an insurance underwriter?

  • I have been in mortgage underwriting since 1997, until just recently when I got laid off. The mortgage industry is pretty volatile right now. I was thinking of becoming an insurance underwriter. Where do I start? I have a bachelor's degre, but in Music( go figure- I don't work in my field of study!). I know what underwriting is all about, I just need to learn a new product .

  • Answer:

    Mortgage underwriting is a completely separate field from life insurance underwriting but there are jobs available in life and disability insurance underwriting. However, the opportunites are at the home offices of the large insurance companies so if you don't live near one you would have to be willing to relocate. I would start off with a company that is a geographic fit for you - New York Life, The Prudential, AIG, Hartford, Pacific Life - there are many life insurance companies but you would be making a commitment in job training so don't waste your time with any of the little companies. You can educate yourself on life insurance by taking the same courses you would take if you plan to sell life insurance. I suggest you take at least one of those courses to see if life insurance interests you. If it does, and you found an insurance company that you think is a good fit for you, send a letter to the HR department explaining your situation. The fact that you made the (small) investment to take a course in life insurance will impress them and I believe you will be able to obtain a meeting to talk about an underwriting position. No one graduates from college with a degree in underwriting so insurance companies have in-house training programs but insurance companies tend to have good benefits (life, health and retirement) but not the highest salaries.

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OK, well, insurance underwriting is COMPLETELY different from mortgage underwriting. If you're looking to get hired in at a company, it's not likely to happen - companies pretty much hire fresh college grads. HOWEVER, you can do underwriting/sales kinda stuff at an agency. You can go in at the ground floor, and make, well, not much money, until you get your property/casualty license. Then once you start selling - if you can sell - you can make a lot of money. Or you can stick to the customer service/account manager end of it, and get steady money, but I'll tell you right now - personal lines - like homeowners and auto, do NOT generate anywhere near the income for underwriters that COMMERCIAL lines does. Go sit down with the guy that writes your car/house insurance. Ask him if you can hang out at the office for a few days, see what it's like. That's how to get the best feel for it.

mbrcatz

You'll have a tremendous learning curve: You'll need to go from saying "YES YES YES YES!" to "NO NO NO NO NO!!! Heck NO!" Kidding aside, most insurance underwriters started in the insurance business at more entry level jobs: claims adjusters, customer service, sales agents. You may be able to find an entry lever underwriting assistant job, but to be an underwriter, they'll be looking for experience and professional designations (CIC, CPCU) before they turn you lose on a book of business. Good luck.

ernesto_tig

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