Mark M is an Assistant Political Risk Underwriter at Chaucer Insurance - "We insure things like the risk of terrorist attacks, or political violence in trouble spots... What we do is travel to places where there's potential for things to go wrong." He came to the UK from Australia, intending to travel, but ended up working and studying in the UK. His degree, and his hobby, is ancient history and archeology and he hopes to take these up professionally again in the future. But in the meantime he enjoys his job and enjoys earning good money.
More information about insurance underwriters
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Insurance underwriters identify and measure the risks associated with an activity, determine whether this risk is insurable and issue insurance polices which provide financial compensation in the event of loss.
There are no formal academic requirements, although many employers expect entrants to study for and attain the associateship examinations of the Chartered Insurance Institute. Entrants to professional examinations usually require GCSEs/S grades and A levels/H grades, an Advanced GNVQ/GSVQ Level III, or a BTEC/SQA award.
- Receives and assesses proposals and propositions for insurance from brokers and clients
- Identifies and evaluates the risks associated with a proposal
- Liaises with insurance surveyors, actuaries and risk managers where the risks associated with a proposal are not clear
- Calculates premiums, provides quotations and, if acceptable to the client, issues policies
- Ensures that the insurance policy clearly defines the liabilities accepted and any exceptions or exclusions
- Negotiates terms of reinsurance contracts.
for this job
|Public admin. & defence||2,733|
|Head offices, etc||2,050|
|Services to buildings||1,274|
Where to go nextInformation and statistics for the financial services sectorChaucer InsuranceSector Skills Council for Financial Services
More information about financial accounts managers
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Job holders in this unit group manage client accounts or departments within financial institutions (such as banks and insurance companies) or manage a variety of financial accounts within other organisations.
There are no formal academic requirements although professional qualifications in accountancy may be required by some employers. These qualifications can be linked to NVQs/SVQs in Accounting at Levels 2, 3 and 4, and apprenticeships may be available in some areas.
- Develops and manages business accounts to increase sales of financial products
- Takes responsibility for the efficient and effective operation of several business accounts
- Manages teams handling insurance claims
- Checks customers’ credit rating with banks and credit reference agencies, and decides whether to offer credit
- Establishes terms of credit and ensures timely payment by customer, renegotiates payment terms and initiates legal action to recover debts if necessary
- Carries out and/or supervises general accounting and administrative work.
for this job
|Public admin. & defence||9,632|
|Head offices, etc||7,225|
|Services to buildings||4,493|