Posted: Wed May 14, 2008 2:58 pm Post subject: Underwriting Insurance Risks
The objective of insurance underwriting is to analyze information in insurance applications to determine whether a risk is acceptable and will not result in a loss by an Insurance company. The underwriters decide the terms and conditions in which the insurance can be provided. Insurance underwriting is needed in order to identify and calculate the risk of loss from policyholders, establish who receives a policy, determine the appropriate premium, and write policies that cover this risk.
The insurance underwriters determine the risks involved in a number of ways. For example, an underwriter working in health insurance may consider age, family history, and current health whereas an underwriter working for a property-casualty insurance company is concerned with the causes of loss to which property is exposed and the protection taken by the applicant. Therefore, underwriters serve as the main link between the insurance carrier and the insurance agent. On occasion, they accompany sales agents to make presentations to prospective clients.
The job is of utmost significance to the insurance company mainly because an insurance company may lose business to competitors if the underwriter appraises risks too conservatively, or it may have to pay excessive claims if the underwriting actions are too liberal. The market for insurance underwriting has experienced a number of changes in the past. Only some companies could withstand this change through an innovative approach and a diverse product range. Among the companies that have survived include Deep South Holding, led by David Disiere as its Chief Executive Officer, which has consistently responded to these changes through innovation in product offerings, organization and technology driven by an ongoing commitment to delivering exceptional value to our customers.
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