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So is it all sitting at a desk crunching numbers?  

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And taking guys like me to lunch

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It sucks

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P&C agent

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Each company has different underwriting formulas based on the different variables, based on risk, Principal amount of what is being insured, Coverage limits, etc.  

I used to be an insurance adjuster and never fully understood our companies formulas, but it varies from company to company.  

Just a shit ton of formulas and algorithms

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My wife is a CPCU(Certifed Professional Commercial Underwriter).  She would go to stadiums, zoos, aquariums, businesses, etc. and do on site reviews of the hazards of the business.  Then she goes back to the office and compiles a report of the hazards.  The actuaries take it from there.  I'm sure it is more complicated than that, but this gives you an idea of what they do.  It sounds cool, and the pay isn't too bad.

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My wife is a CPCU(Certifed Professional Commercial Underwriter).  She would go to stadiums, zoos, aquariums, businesses, etc. and do on site reviews of the hazards of the business.  Then she goes back to the office and compiles a report of the hazards.  The actuaries take it from there.  I'm sure it is more complicated than that, but this gives you an idea of what they do.  It sounds cool, and the pay isn't too bad.

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CPCU stands for Chartered Property Casualty Underwriters.

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I believe my wife has always been salaried.  The agents might work on commission, though.  I could call her and ask if you're interested.

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take it with a grain of salt because I work on the Finance side of a Property Casualty insurer. Also, I'm talking about underwriting mid sized to larger business, not small commercial policies or life and health type stuff. Bigger businesses are individually underwritten.



Underwriting is a combination of number crunching and sales. Underwriters in this business are referred to as an Account Executive. One major responsibly they have is going out into the field and drumming up new business. This involves schmoozing with agents and brokers, by going out to lunches and dinners, cocktail events, professional events, games/golfing, etc. Of course, there's also the going out to the sites and meeting with the actual insured too. I would call this the more interesting side and as long as you don't mind having to travel/be out of the office a fair amount, most people like it. It does run into after work time as well though. A fair amount of time is spent on the phone with agents and insureds. Again, everything from just making small talk to handling problems going on with an account, to talking renewal strategy etc.



The underwriting part is complex, but at the same time insurance companies spend untold sums on actuaries and systems to make it as 'dummy proof' as possible. For new accounts and renewal accounts, the AE has to gather a bunch of documents. Basically everything from loss history to exposures (payrolls, total revenues, number of automobiles) to information for other internal departments (actuarial, risk control, claim, etc). Typically, an Account Executive has an Account Manager who handles all this paperwork gathering and technical stuff. The Account Executive has the ability to adjust the premium they're going to charge based on their own input/thoughts on the account. The amount they can affect the final outcome is limited though. One they get the premium amount they want to 'quote' the account at, it involves more pitching to the agent and the company looking for insurance.



In a nutshell, the positives to the job would be the amount of way from desk stuff you get involved in and also the 'fun' stuff that someone sitting in the home office will never get to do like wining and dining agents. Also, underwriters get salary, but also a more significant bonus based on their book of business since they're a revenue stream rather than someone like me sitting in a supporting role. The downside would be all the traveling you have to do, the fact that some agents and brokers are just plain old dicks, dealing with BS from them and the insured, as well as the fact that its largely a selling type role (as long as you're okay with that, not really an issue).



For me, I see it as pretty interesting and would consider something more along the financial underwriting side of the house (Construction Surety Bonds, underwriting Financial Institutions, etc).



Happy to answer any other questions, but like I said I'm not actually an underwriter. Just someone who works with them and has considered making the leap.