Insurance underwriter apprenticeships - where to start
You can get into this job through
a university course
an apprenticeship
working towards this role
a graduate training scheme
University
You could take a degree before applying for a place on an insurance company's training scheme. Relevant degrees include business studies, finance, economics and maths. It'll help to get some relevant work experience while you're studying, for example, through an internship.
You'll usually need 2 to 3 A-Levels, or the equivalent, for a degree.
Apprenticeship
You could start by doing an insurance practitioner Level 3 (advanced) apprenticeship.
You could also take an insurance professional higher apprenticeship, depending on your background and qualifications.
These take between 24 to 36 months to complete with a mix of workplace learning and study.
You'll usually need 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths, for a Level 3 (advanced) apprenticeship. You'll need 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A-Levels, or equivalent, for a higher or Level 6 (degree) apprenticeship.
Work
You may be able to join an insurance company as a junior underwriter and work your way up by doing qualifications on the job, for example, like those offered by the Chartered Insurance Institute.
Employers set their own entry requirements, but it will help if you have GCSEs in English and maths, 1 or 2 A-Levels, and know how to use common office software, including spreadsheets.
Other Routes
You could apply to join a company's graduate training scheme if you've got a degree. Most subjects are accepted though you may have an advantage if you've studied business, maths or economics.
Professional and industry bodies
You could join the Chartered Insurance Institute for professional development and training opportunities.
Insurance underwriter apprenticeships - what it takes
Skills and knowledge
You'll need:
- to be thorough and pay attention to detail
- analytical thinking skills
- the ability to work well with others
- excellent verbal communication skills
- maths knowledge
- the ability to use your judgement and make decisions
- customer service skills
- administration skills
- to be able to use a computer and the main software packages confidently
Insurance underwriter apprenticeships - what you'll do
Day-to-day tasks
In your day-to-day tasks you could:
- study insurance proposals
- gather background information like medical histories
- analyse statistics from actuaries and other sources
- get specialist risk assessments from experts like surveyors or doctors
- assess the likelihood of an insurance payout
- calculate the price of insurance premiums
- judge whether to share the risk with another insurer
- prepare quotes and negotiate terms with brokers or business clients
- write policies
Working environment
You could work in an office.
Career path and progression - Insurance underwriter apprenticeships
With experience, you could deal with more complex risks.
You could also move into management or apply for related jobs like risk management, loss adjusting and claims management.