How Do I Become an Underwriter Trainee?

Underwriting trainees may be hired by organizations such as insurance companies or other financial services firms. These organizations usually look for trainees with degrees in related fields as well as computer and communication skills. Someone who would like to become an underwriter trainee might find it easier to be hired in cities with a large concentration of insurance and financial companies.

Business law, accounting, mathematics, statistics, finance, and general business degrees will be helpful for anyone who wants to become an underwriter trainee. Analytic and computer skills, especially skills in spreadsheet software, are also valued in trainees. A successful trainee should also develop excellent communication skills because as an underwriter she may be working with clients. Discussions with clients may cover sensitive topics, such as the client’s finances and health, which can become personal and emotional.

A few of the larger companies may offer work-study programs for trainees. This can allow a college student to gain experience in the field while finishing up her course work. For college graduates, many larger organizations offer intensive training programs for employees in assistant underwriting roles.

The underwriter trainee should learn to fairly and accurately assess the risk a client may pose to the company. Along with this risk, the trainee should also be able to assess whether the company can appropriately offer its services to the client. Factors that can be part of the analysis are health of the client, age, credit report type information, the client’s past payment history, and the client’s financial resources, such as salary and assets.

Someone who wants to become an underwriter trainee may wish to research companies that use underwriters to determine which ones have trainee programs. Insurance companies in particular may offer trainee positions. Financial services trade organizations may also help potential trainees keep abreast of hiring trends.

Depending on the country, a job seeker who wants to become an underwriter trainee may find that insurance companies tend to have large offices in particular cities. Someone interested in this field may have an easier time finding a job if he or she is resides in one of these regions. In the U.S., some of the cities with a large number of insurance companies include New York City, New York, Chicago, Illinois, and Los Angeles, California. In Australia, the city of Sidney is home to several large insurance companies.

Typical tasks for underwriter trainees include collecting applicant information. While being supervised, they may also review uncomplicated applications. Some organizations may task their trainees with studying older cases to learn from those examples.