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  1. #1
    Registered User minicat's Avatar
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    Anyone work in insurance?

    Especially interested if anyone does underwriting. Graduating in May with a finance degree, which I hate with a burning passion. I've taken a risk management class and enjoyed it, so I've been applying for jobs as an underwriter assistant/trainee. If anyone does this I'd love to hear your thoughts. Do you like your job? Do you find it worthwhile?

    I know what the general job entails, but it doesn't seem to be a very popular career so I haven't been able to find much info on the basic day to day. lol
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  2. #2
    Sports Investor Drew1105's Avatar
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    Originally Posted by minicat View Post
    Especially interested if anyone does underwriting. Graduating in May with a finance degree, which I hate with a burning passion. I've taken a risk management class and enjoyed it, so I've been applying for jobs as an underwriter assistant/trainee. If anyone does this I'd love to hear your thoughts. Do you like your job? Do you find it worthwhile?

    I know what the general job entails, but it doesn't seem to be a very popular career so I haven't been able to find much info on the basic day to day. lol
    I work in insurance, in liability / training. Never have any firsthand experience in U/W but I do collaborate and work with people in our U/W department almost every day. If U/W is what you want to get into, I would reccomend start preparing and working toward your CPCU
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  3. #3
    Throbbing Member jamalfudge's Avatar
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    I work for a big name insurance carrier on the agency level and deal with underwriters regularly. IIRC entry level pay for low level underwriters is around 30k so be ready to work your way up. There are lots of numbnuts which might make it frustrating to deal with, but I imagine if you're competent you'll get noticed easier. I've applied for underwriting positions with different companies (I've got 5 years in insurance) and didn't even get a look. So you might want to aim higher otherwise you might end up looking over qualified. Good luck.
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  4. #4
    Registered User minicat's Avatar
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    Originally Posted by jamalfudge View Post
    I work for a big name insurance carrier on the agency level and deal with underwriters regularly. IIRC entry level pay for low level underwriters is around 30k so be ready to work your way up. There are lots of numbnuts which might make it frustrating to deal with, but I imagine if you're competent you'll get noticed easier. I've applied for underwriting positions with different companies (I've got 5 years in insurance) and didn't even get a look. So you might want to aim higher otherwise you might end up looking over qualified. Good luck.
    Aim higher than underwriting? I don't think I'd look overqualified yet with just a degree, meh gpa, and no internships lol. I do plan on working my way up.
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  5. #5
    Registered User minicat's Avatar
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    Originally Posted by Drew1105 View Post
    I work in insurance, in liability / training. Never have any firsthand experience in U/W but I do collaborate and work with people in our U/W department almost every day. If U/W is what you want to get into, I would reccomend start preparing and working toward your CPCU
    Thanks! Although I have heard getting the CPCU isn't necessary? I guess it would help to make my resume stand out.
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  6. #6
    Registered User lsiberian's Avatar
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    Underwriting is being automated so I'd not hitch your wagons to that field as a career.
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    Throbbing Member jamalfudge's Avatar
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    Originally Posted by minicat View Post
    Aim higher than underwriting? I don't think I'd look overqualified yet with just a degree, meh gpa, and no internships lol. I do plan on working my way up.
    Well there are generally 2 levels, lower levels are kind of equivalent to "tech support" and they do some processing/communicating with the agency. Back end is a little more advanced and does a little more processing and handling complex issues.
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  8. #8
    Registered User minicat's Avatar
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    Originally Posted by lsiberian View Post
    Underwriting is being automated so I'd not hitch your wagons to that field as a career.
    I don't really want to stay in it long-term. I just need a stepping stone into the insurance industry that isn't sales. Eventually want to start taking actuary exams, but I don't have enough math background to do that right now.
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  9. #9
    SUPERNOVA SouthDakotaBrah's Avatar
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    Have a buddy who is an underwriter at AIG and they start around 50-60k out of college and work like 35-40 hours a week... not a bad gig, especially if your goal is to get a few years of experience and pivot to something else like a MS/MBA or something
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  10. #10
    Sports Investor Drew1105's Avatar
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    Originally Posted by minicat View Post
    Thanks! Although I have heard getting the CPCU isn't necessary? I guess it would help to make my resume stand out.
    If you dont have a CPCU or any expeirence you would probably have to start as an Underwriting Assistant making $30 to $40k a year. I doubt any reputable insurance company would consider promoting anyone who doesnt have or isnt working toward a CPCU
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  11. #11
    Registered User Hg7998's Avatar
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    I work for a major ins company, work as an underwriting assistant, make 44k per year. No degree. About 3 1/2 years exp. I enjoy the job. Automation is only taking care of simple issues and i don't see that changing in the near to mid future. Especially when dealing with more complex lines of insurance such as commercial lines.
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  12. #12
    spell of iron de_barathrum's Avatar
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    i'm an actuary and i work with underwriters pretty regularly. My observation is that insurance (life) is slowly moving towards adopting external metrics of risk (credit scores etc) and moving away from traditional underwriting to some degree, so this will likely dampen job prospects in the future. Unless you are good with data.

    if you are thinking of going into health then you have my sympathy.
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    Registered User HtotheOV's Avatar
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    very boring and repetitive work. insurance is definition of office work. some of my family are in it.

    however, very good work/life balance and can make in the upwards of 100K if make manager/director at one of the big guns.
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    My wife is an underwriter at Mercury Insurance and she hates it. She is good at her job and her boss doesn't question her if we need to take time off due to things with the kids ect... Repetitive job and can get boring.
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    hard work at the right company will net you 200k+ per year
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