Insurance Underwriting A Growing Field For Online Graduates!
Underwriting is not a young field. History likes to remind how it started in the 17th Century at a London, UK coffeehouse and matured into a global industry so big it's now the center of a congressional investigation. That still doesn't mean the general public understands what it is or how it's still a thriving occupation. It also doesn't mean that just anyone can walk into this field and start working. A degree, often obtained through online programs, is necessary.
The basics of the insurance industry are to assume risk. A company, often called a carrier, that takes on a policy will accepts a fee, generally paid monthly, against the possibility of some kind of disaster, whether it's illness, death, property damage or something similar. If the disaster does happen, the carrier compensates the injured a predetermined amount of money. Underwriters, with the aid of actuaries, evaluate applications to determine the risk, then accept or reject an application, and determine the appropriate premium for each policy.
While there is no formal degree for underwriting, carriers prefer candidates have a Bachelor's of Science in economics, management, marketing or some similar discipline. Employers look for people who pay attention to detail, possess good judgment, and have good communication and interpersonal skills because much of an underwriter's work involves dealing with agents and other professionals. If you need more information about online graduate schools, look on the internet.
Underwriters are generally in two key subdivisions: life/health and property/casualty, although there is a third key kind of policy, financial. That third group caused a lot of news recently due to the AIG fiasco, but is really a smaller specialty. What they have in common is they are a white-collar job that is generally considered a five days a week, nine-to-five occupation.
If any occupation personifies constant change, it's underwriting. In the last few decades alone, the creation of HMO's, no fault insurance and President Obama's health legislation causes sweeping changes to the job. As such, underwriters are constantly going back to online colleges for seminars and new courses to stay up to date on the latest federal and state legislation or any other thing that affect their job.
The salaries in this field start at roughly $35,000 per year and can move upwards of $90,000. Benefits, as would be expected, are often substantially better than other occupations, including insurance. With many presently in the field retiring, advancing through promotion, or changing occupations after education, the Bureau of Labor Statistics reports a pretty even growth projection, with stability for years to come. 70% of the jobs are provided by insurance carriers, however, there are also spots in the federal government and other financial institutions. There is an abundance of information about college grants and scholarships on the web.
As one can imagine, the profession is getting ready to go through another volley of changes. What they may not realize is computer innovations will end up having as much an impact as the Obama health initiative. For more information, a good place to start is with the professional organizations, the two main ones being the Insurance Institute of America and the Insurance Information Institute. Students can also talk to their online college career counselor about the field.
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