What's the day-to-day of being an underwriter? - Hey Insurance - Ep 87

[@JustAGrl007]

Less stressful than claims and better pay…. That’s exactly why I’m attempting to transfer from claims to UW. Almost 10 years as an adjuster and it’s definitely stressful!

[@InsuranceNerds]

Grab some time at ChatWithTony.com and I'll help you strategize the search

[@davidng7278]

LOL! I am in the same boat - I'm an adjuster too trying to get into UW

[@wvuhoss15]

I’m a mid market commercial lines UW for a major carrier and have been since college (17 years ago). I produce business so manage broker partnerships as well. It’s enjoyable and pays well. It’s basically a 9-5 type job (no crazy hours) and after bonuses I make around $180K per year. Great job to get into!

[@michaelmcshane6050]

Claims was awful I worked in auto after college and I quit after a couple months

[@avono5330]

did you do it?

[@TheMessCalledJess]

Thank you Tony! I found your whole channel so helpful. I am a 26yo with ADHD and I start as a UW Tech for a Worker’s Comp Insurance company next week. A lot of your videos have helped me channel “my super power” and get excited to do my job, as well as start searching for pathways in my company once I start. Literally binged your page! Thanks a million for bring resources to hyper focused individuals like myself

[@InsuranceNerds]

Thank you so much for the comment. This is exactly what keeps us going. If you ever want to chat, always feel free to grab some time on ChatwithTony.com

[@karimabridges8537]

Best to you! You are awesome

[@markram7421]

Tony is very knowledgeable and brings a lot of folks in to the conversation to get a better understanding. But I have trouble following him, between the many edits and fast speech. His accent is easy to adjust to, but to be better understood make a written outline with main points with detail reminders and slow down. The outline isn't for us, just keep it in where you can see it, and follow it. Use this method to prevent trying to remember everything while speaking. Also the old: Intro: what I'm going to tell you about; Topics: main points with detail in each; then Summary: What I just described structure allows speaker to focus and use the presentation in any environment, with detail behind Topics all that may change, or note in into & summary what important changes have happened. But interviewing others is a great skill, instead of presenting this directly, get someone to interview you. That will slow you down and ensure must important points are made. A very solid foundation of knowledge & experience that needs a more organized delivery.

[@BasicHumnWrites]

This video is excellent. Quick, concise, straight to the point. Very helpful for me while I steer the ship into a new area of insurance. Tony, you're a real mensch!

[@karimabridges8537]

Thank you I have my 2nd interview and I really need to hear this. Best to you!

[@507Soccer]

I have a phone interview for an Underwriter position in a couple days, thanks for the video I didn't even know what the job was about.

[@d3motivatedmewalton29]

you get it

[@illinoisboy5327]

Thanks for the information man! I have a 3rd interview for a UW Technician 1 in 2 days. I really appreciate the time you have put into these videos!

[@InsuranceNerds]

You are more than welcome. Happy to chat one on one if you need help with the job search. You can grab time at ChatWithTony.com and yes it's free.

[@bobfox4437]

Have an interview on Monday for a FinLines underwriter position, so I've been looking out for a video just like this. Really smart breakdown, makes it all make a lot more sense to me now! If I get this job I'll want to thank you personally!!

[@InsuranceNerds]

Good luck!

[@kennethkuo6339]

Thanks for highlighting the differences between the underwriting types

[@austinnguyen5136]

How to get start in underwriter? What kind of experience do I need?

[@LionHeartCUBANO]

Checking it back again; thanks for the mini-meeting, Tony

[@joebryde8929]

Love me the video. Just graduated with a degree in Risk Management & Insurance last week. Got an UW interview in the construction division Monday. Wish me luck!

[@InsuranceNerds]

Congratulations, let me know how it goes!

[@sindarinelrond9275]

Hi! I don't know if anyone still looks at this video as its fairly old, I have been working in Cyber and Tech E&O for around 5 months now, I will say my day to day is pretty much speaking to brokers about accounts or networking. For cyber and Tech I would say it takes a few hours for a single account, and I look at 3-5 a day depending on my workload, but its very fun as every account is different and if we plan to move to quoting and binding usually comes with a fun talk with a broker

[@PsLvnHpyns]

Is there a lot of negotiations, high call volumes?

[@007NowOnline]

Damn, good info. But can you make a video that's more dumbed down as to what they actually do and maybe some actual walk through examples of a specific task.

[@lindseyy320]

Interesting video. I am not an underwriter but work closely with them, but my background is almost all in large (national, multinational) account commercial and in treaty reinsurance. So basically, much much more time spent per account than some of the more transactional smaller account stuff you describe. And often, a marketing/sales component, and also a portfolio management component. Interesting to hear the difference.

[@InsuranceNerds]

Thanks for sharing. It’s interesting to hear how it works in treaty re.

[@insidiouschaos812]

thank you for this overview! i am currently an underwriter assistant looking to move into underwriting in the next couple of years so it is good to know my options!

[@InsuranceNerds]

Would be happy to chat and help you come up with a plan. Grab some time on ChatwithTony.com if you want.

[@a.r.4093]

How is being an underwriting assistant? I have no formal experience in insurance and don't have a degree in a related field (like economics, for example) but potentially have an interview coming up for this position. Any advice or tips for the interview? Or is the position primarily "training-based"?

[@insidiouschaos812]

@@a.r.4093 i have a degree in theatre, it wasnt very difficult to learn. my company mostly has them doing data entry and paperwork, so as long as you can type and follow instructions its pretty easy

[@a.r.4093]

@@insidiouschaos812 ahh ok. I was hoping that I wouldn't need a background in insurance! It sounds like a good entry level opportunity. Thanks for the advice! God bless you.

[@NcumieCokoto]

Hey, what do you need to even be an Underwriting assistant. I've been in the Insurance industry for 6 years, I've been an agent for sales, customer service and retention. I wanna move to UW! It seems so hard to get my foot in the door.

[@cala.5572]

This video is very accurate and informed...keep it up

[@phoebemoore1516]

I have an interview today. ☺️

[@karimabridges8537]

How was it? Any suggestions? I also have an interview.

[@dreyuhmeows]

@@karimabridges8537 how did your interview go ? I have one tomorrow

[@nelsonmartinez8136]

Any update

[@lonematrix]

Wish that i had pursued underwriting early in my insurance career. Have you heard of claims adjusters switching to an underwriting role ?

[@InsuranceNerds]

Yes, it most certainly happens, but it's harder the longer you've been in claims, especially because it means you'd have to take a significant temporary paycut.

[@IhateAlot718]

I was in claims 5 years and it was tough to get any response applying to underwriting roles for the major carriers , i applied for almost 2 years. I accepted a role as UW assistant and negotiated salary with them as it was a pay cut and they met my claims salary up to almost 95% since I was requesting salary above their pay band for the UW assistant. I communicated to them my role as a claims adjuster my role in identifying coverage issues and my exp. handling misrepresentation on insurance application with an unlisted driver and how the company may have not written a policy for their personal auto policy if we have known about the unknown risk variables( household members who can drive, DUIs, and etc). I built on the conversation of how claims investigation for coverage ties into underwriting policies and etc. Also, part of my coverage investigation I would have to interview unlisted drivers, the agency who submitted the application for insurance and etc. It may help to goto smaller insurance carriers who are not the big name brand insurance carriers to try to get that entry level exposure.

[@ryanneville4530]

Hey, watched this out of interest - I'm actually on my way out of the industry at the minute and found this out of interest, but this is a really good explanation, especially on the move towards portfolio underwriting and removal of touch points. Good stuff 👌

[@InsuranceNerds]

Why are you leaving us? 😢

[@avono5330]

why did you leave

[@brianramm2020]

How much/what type of social interaction can I expect in the day to day?

[@all_things_beautiful6905]

I have my BSBA and it's not opening many doors. I want to get into UW, but no clue which way to head or how to get started.

[@InsuranceNerds]

Let’s chat: grab some time at ChatWithTony.com

[@YuvarajHimanshuSharma]

Hi ! What role Underwriters have in Sales cycle ? and what activities do they do or involved in Sales ?

[@karimabridges8537]

Take a shot everytime you hear underwriting....Tony, what do you recommend for me? I have an interview next week and had no idea of the different levels within the field.

[@quiksilver0715]

I'm currently in claims and I have been for 3 years. I'd like to move around in the insurance realm and dip my toes into different depts. Would underwriting be right for me?

[@InsuranceNerds]

Underwriting has a few advantages over claims but it can be hard to get into. I’m happy to chat about your specific situation. Grab some time at ChatWithTony.com

[@creoshascharklet6334]

Im an insurance agent but wants to get into underwriting do I have to Go back to school?!

[@travismull944]

accurate description, at least for me - Small Commercial UW

[@Jynxziworksatmcdonalds]

What’s the best route to go to getting an underwriter position right out of college.. experience, commercial or personalized, and how to speed up the transitions up the ranking ladder

[@InsuranceNerds]

Easiest way is graduate with an RMI major. If you weren't lucky enough for that, getting your AU might be a good way to skip starting in claims. Otherwise starting in claims is a good starting place. It's also easier to get Personal Lines underwriting or Small Commercial Underwriting than Middle Market or a specialty.

[@AmbiixROX]

I’m wondering how difficult it is to break into UW with only experience as an P&C ISR. I worked for a small independent agency (2 agents, 3 ISR in the office) for about 5 years, but now I’m managing an e-commerce music store for the last 2 years. My job requires a lot of travel so I’m looking to get back to a regular office setting. What tips do you have for resume catering and interviewing for commercial UW position?

[@InsuranceNerds]

Let's chat and I'll help you come with a plan: ChatWithTony.com

[@agerman135]

I’m currently a consumer lending underwriter and am considering moving over to the life Insurance industry

[@InsuranceNerds]

I'm a P&C guy but Life insurance underwriters seem to be in high demand, so it appears to be a great career.

[@xJanay]

Hi, is maths a significant component of being an underwriter?

[@jennam3892]

As an E&S commercial underwriter this is the super vague, kind of 101 video. There’s so much more that I would’ve preferred you covered. I understand you’re limited with time but I would follow this up with KEY questions to ask. If a risk has had losses, what has that insured done to prevent future claims like the ones occurred? Agency relationships are defined as carrier to MGA, not the actual insurance agency. Define these things so specialty markets are defined.

[@InsuranceNerds]

Thanks for the comment. Yeah it’s very much an intro video. Also, since I never did E&S myself didn’t have much to add there. Would love to work with you on a “What does an E&S Underwriter do” video! Lemme know if you might be interested.

[@ashleyk3602]

Is there any way you can talk about your experiences at Liberty Mutual vs Nationwide. I’ve been working at one of the companies you mentioned for 6 years and am curious about how other companies compare. Thanks!

[@InsuranceNerds]

Hmm I'm wondering whether to make a whole video about this or just reply to your message... For now let me say they're both great companies with good hearts. As with any other company, your manager and department is more important to your day to day happiness than the overall company. I worked at 4 different Nationwide offices, in 4 different departments and my experiences were radically different. None were bad. Some were awesome. I got to know the company well. At Liberty I only worked as a Middle Market Underwriter in a small office and never got to visit Boston headquarters. My experience was great, I had a great team, great manager and great UA, but I felt disconnected from Liberty in Boston... Nationwide had internal social media tools which made it easier to get connected even if you weren't in Columbus or DSM.

[@teamskunkonly2763]

Hello! I've been in the health insurance industry for the last 6 years. No claims experience but medicare sales experience. I wanna to get into underwriting. What steps do you recommend so i can get closer to my goal?

[@joellentz2798]

Looking to move out of accounting into commercial underwriting. I've been working at an insurer for 6 years and obtained my CPCU. Would it reasonable to get a $75k base salary? That's what I'm at in accounting.

[@InsuranceNerds]

Most entry level CL underwriter roles are probably $65k to $70k so you're not far off. With CPCU in hand and your experience I'd confidently ask for $80k and let them negotiate me down to $75k. Congrats on your CPCU!

[@tripleeyeemoji2685]

I am a Mortgage underwriter and we do anywhere from 3-6 files a day. Does insurance UWing have audit? That is the only part I don’t like about mortgage underwriting.

[@InsuranceNerds]

Yes, like everywhere else in the financial industry, we do get audited.

[@MattyZan]

What does that mean?

[@devankurmitra4118]

Hey would you happen to know about catostraphic (re) insurance?

[@travisscott4051]

What’s your opinion of a Life and Health UW

[@InsuranceNerds]

It's probably a great role. I'm a P&C guy, not too familiar with Life and Health.

[@ShravyaGeetha-s9u]

Hi . Can you please tell me how to get into Health Underwriting ?

[@TJ-mv2kd]

I’m currently a CSR intern, I’m a year away from graduating with my bachelors. I want to transition into underwriting. So my question is, will the skills I am learning as a CSR be transferable to underwriting or should I look to get out of my current role asap and try to learn as much as I can about underwriting this summer?

[@InsuranceNerds]

CSR is a good start. An Assistant Underwriter role would be even better prep. Getting your AU or CPCU would be the best prep.

[@abaresoul1487]

So does the agent or broker do any of the actual underwriting? Working on getting my life & health license currently

[@InsuranceNerds]

The agent “pre-underwrites” by finding good risks to insure and decides on which companies to submit to.

[@abaresoul1487]

@@InsuranceNerds thanks for clarifying!

[@dizzyrot]

great video! i’d be awesome if you could respond, i’m a sophomore right now finishing out my spring semester. i switched my major from finance to risk management&insurance because the intro to risk class really interested me. after doing a little more research i’ve decided that i want to pursue a career as an underwriter once i graduate, but my question is is it necessary for me to graduate with a degree in risk, or would switching back to finance be just fine. the biggest factor for me is at my school rmi happens to be one of the hardest business majors. sorry for the long question, thanks!

[@InsuranceNerds]

Hi. Thank you for the comment and I always respond if I can. Congrats on switching to RMI and deciding on Underwriting. If I could do it all over again knowing what I know now I’d go for RMI instead of any other business major. Most underwriters don’t have an RMI degree. There is quite simply no better start to your underwriting career than an RMI degree. Majoring in RMI, even if it’s harder, you maximize your chances of getting into an Underwriting Training Program at graduation and that’s the difference in being a full on underwriter 6 months after college or potentially taking 3 to 5 years in claims, customer service, or whatever other area of insurance to get there. An RMI major is not mandatory for an underwriting career, but it’s the best path there with the least detours.

[@dizzyrot]

@@InsuranceNerds thank you for the response!

[@InsuranceNerds]

@@dizzyrot Anytime. And happy to chat anytime: ChatWithTony.com

[@dubb9020]

how hard is this career?

[@TheRealFoggy]

looking into underwriting brought me here

[@Sasha_0813]

How does one get an underwriting job?

[@nishali7895]

Can a nurse be a medical underwriter?

[@InsuranceNerds]

Yes, might have to start on the claims side but we certainly have lots of work for nurses who no longer want a clinical position. Look at Medpay/PIP Claims Adjuster, orWorkers Compensation Claims Adjuster as great entry points. Then get your CPCU and start applying for underwriter type roles. This is from the Property Casualty insurance perspective, I don't know how health insurance companies work, but I'm sure nurses are necessary on that side too.

[@esmeraldaministro8208]

im looking for a bus insurance in new jersey can you help me? im a P&C producer

[@InsuranceNerds]

Let's chat, grab some time at ChatWithTony.com

[@gozimusable1]

I'm more confused watching this as I was going into it

[@InsuranceNerds]

Alrighty, I'll make it super simple: Underwriters decide which risks insurance companies will insure (within guidelines) and how much to charge for that insurance (within guidelines). Better?

[@guineapigluver10]

I’m sorry, but I can barely understand because you’re talking soo fast!!

[@lisabrauer_]

Huh? I had to speed it up because he’s talking so slow

[@THEoneWITHaFACE]

Slow it down. Press the cog symbol, set the playback speed lower

[@VideoJunkee]

Where is the part of the video of the underwriters dressed in a skin-tight leather gimp suit drinking the tears of the applicants whose loans they deny?

[@InsuranceNerds]

Wrong underwriters. Ours don't do loans at all. They wear skin-tight leather gimp suits drinking the tears of applications whose INSURANCE they deny 🤣

[@Angelbae191]

You talks so fast and you don't finish one topic before going to another, please slow down next time and go straight to the point.

[@micahcolbert3611]

One can always go back 10 seconds to rewatch. This content is meant to be compact and I like that!

[@tamarafarmer7040]

You can speed up or slow down videos by changing the playback speed. This is helpful for studying lectures or videos on KZbin.

[@ImMobile2014]

White collar burger king!

[@InsuranceNerds]

How so?

[@rsiner89]

You talk way too fast, I'm sure there is great info here. But if you would annuciate and speak slower that would be great.

[@InsuranceNerds]

KZbin does allow you to play it at .75 speed...

[@bshelh]

You talk way too fast

[@jimbaker5110]

Why is this guy talking so fast? Slow down…gather your thoughts.