London Insurance Underwriter Jobs
London is home to dozens of major insurance firms, all of which need highly-numerate underwriters to assess policies and determine levels of risk.
Also known as Risk Assessors, insurance underwriters determine whether an application for insurance should be accepted and, if so, on what basis. As well as providing quotes and working out possible premiums, the main responsibilities of this role include acting as a go-between for brokers and customers and carrying out thorough risk assessments.
As well as generalised insurance jobs, such as those involved with household or motoring cover, a number of more-specialised roles exist in this field, for example in the areas of maritime insurance and life assurance.
Professional and Academic Requirements
There is no single, definitive route for getting into insurance underwriting jobs in London, but employers generally look for evidence of good organisational and numerical skills.
To start out in the field, most employers will ask for good GCSEs and at least two good A-levels, though growing numbers require candidates to have a degree, preferably in maths or business or a similar subject area.
Much of the training is done on-the-job within insurance firms, though those looking to progress in this line of work generally undertake private study with the Chartered Insurance Institute (CII), which offers courses including the low-level Certificate or Diploma in insurance right up to the Advanced Diploma and Fellowships awarded to experienced professionals.
More specifically, professionals looking to work within the City will be required to complete the Lloyds and London Market Introductory Test (LLMIT).
Furthermore, employers often ask for evidence of expertise when filling specialist roles, for example, a good knowledge of logistics or international trade may be required for a career in maritime insurane.
Personal Attributes
Above all, good insurance underwriters are required to possess excellent numeracy and literacy skills as well as top-notch decision-making capabilities.
On a more personal level, the ability to work under pressure is important - particularly in the higher-level posts in London - as is the ability to be decisive and turn down applications.
Potential Rewards
Salaries within the insurance underwriting field vary markedly, though the most-talented professionals tend to be well-rewarded for their expertise.
As an example, underwriters working for high street car or home insurers tend to earn the least, while those working in the City - say, for Lloyds of London - can expect to earn significantly more.
One other advantage of this line of work is that experience and expertise is generally well-rewarded over the course of a career, with extra qualifications opening doors to lucrative promotions.
Additionally, work as an insurance writer in London tends to be straightforward, with no weekend or late shifts needed.
Possible Drawbacks
Though it may be possible to get a job in the heart of the City for a major multi-national firm, work as an insurance underwriter is rarely glamorous.
One other drawback for some could be the fact work tends to be purely office-based and involve little social interaction.
Biggest Employers
Dozens of major insurance companies have a presence in London, with all of the biggest ones likely to be recruiting on a near-constant basis.
As well as the world-famous Lloyds of London, the likes of Standard Life, Aviva, Axa-PPP and Chaucer all operate within Greater London, with these larger firms tending to offer the clearest career progression paths and benefits.
