They assess a potential client's risk and exposures and determine how much coverage the customer should have, how much they should pay for it, and if the risk should be accepted at all.
What do they do?
An Underwriter does not require a specific bachelor's degree, however studies in maths, economics, business and finance are helpful in this sector.
Educational background
Business, mathematics, science, accounting, finance, economics, probability and statistics, computer technology, and engineering are the finest courses of study for insurance underwriters.
Courses of study
If hired straight out of college, underwriters undergo considerable on-the-job training and coaching.
Possible outcome
To learn about rules, procedures, and strategies, underwriting trainees are usually paired with experienced underwriters.
Learn from experienced one’s
Many organisations encourage or require underwriting certificates, which can be obtained by taking courses.
Certification
The most applicable maths skill is probably a grasp of statistics and probabilities.
Maths
A large part of the job entails calculating an appropriate rate for an applicant based on the likelihood of the applicant filing a claim based on available data.
Important part of the job
Much of the statistical analysis is performed using industry-specific software.
Software and Statistics
While some selections are straightforward, many scenarios have insurance underwriters weighing various aspects relating to a single applicant.
One-to-One
Each candidate is unique, and each data point might have a varied impact on applications.
Always keep in mind