Insurance underwriters analyse risk in insurance proposals, determine policy terms and calculate premiums on the basis of careful analysis of previous records, objective statistics, and potential risks the client may face. They decide if applications for insurance cover (risks) should be accepted and if so, what the terms of that acceptance are. They assess a risk according to the likelihood of a claim being made by weighing up a number of factors and asking for detailed information from prospective clients (policyholders). The aim is to minimise losses for their company and help to make a profit.

Most underwriters specialise in one type of insurance. The main types of insurance include:

  • General insurance: covers household, pet, motor, travel
  • Life insurance/assurance: covers illness, injury, death
  • Commercial insurance: covers companies
  • Re-insurance: part of the risk is placed with another insurer

Life and health insurance underwriters collect information about clients' past and present living conditions to determine the type of policies they need. An underwriter will carefully examine a client's medical records, investigate his or her working environment, and consider the needs of his or her immediate family. Statistics about a person's age, health status, and family history are compared with those of other policyholders. The underwriter calculates an appropriate policy amount and premium that must be paid by the client.

In property and casualty insurance companies, underwriters assess the risks of property damage due to natural disasters, fires, and thefts. When insuring a home or business, an underwriter considers the type, location, and condition of the establishment. He or she might investigate safety records and order an inspection before creating a policy. The underwriter must make careful decisions regarding the worth of a business or home and the potential amount the insurance company may be compelled to pay in the event of an accident.

Underwriters in the automobile insurance industry take several precautions before insuring a driver. An underwriter must perform exhaustive background checks on an individual to ensure that past driving records are accurate and not marred by several accidents and citations. He or she considers the type of car to be insured, the area in which it will primarily be driven, and the experience level of the driver. The underwriter compares data collected about the driver and vehicle with statistics for similar drivers, and creates a new policy accordingly.

This area of work is open to graduates of all disciplines, however a degree in the following subject areas may help to gain a place on a graduate training scheme:

  • Accounting or Finance
  • Business or Management
  • Economics
  • Financial Services
  • Insurance
  • Law
  • Mathematics
  • Statistics

More information: SECOND YEAR INTERNSHIPS IN INSURANCE 

More information: GRADUATE SCHEMES IN INSURANCE  

  • Amplify Trading. Their six-week Internship Training Programme is one of the country’s most prestigious programmes for interns, with financial giants including Citigroup, HSBC, Deutsche Bank, Morgan Stanley and Pimco asking Amplify to recommend their most successful trainees at the end of each course, proving its worth in today’s market.  It will provide you with professional front office trading experience that will give you a real edge when applying for jobs in the financial sector  Graduates will now also receive a Level 5 Diploma in Trading & Financial Markets Analysis. This is in addition to the invaluable training and experience each class gains in financial market research, hedge fund trading, investment bank sales & trading and portfolio management. A programme where students undertake the exact same training that Amplify deliver to their global investment banking clients as part of their graduate training schemes. There is a cost to the programme: £1400 + VAT per stage and there are 2 stages.
  • Bank Of America Merrill Lynch: running for ten weeks between June and August, a summer internship provides a thorough introduction to the financial services industry. Full-time and internship programmes are available in the following areas: Compliance, Corporate Audit, Global Banking and Markets Wholesale Credit, Global Corporate & Investment Banking, Global Liquidity Risk Management - Corporate Treasury, Global Loan Products, Global Markets, Global Research, Global Transaction Services, Market Risk, Quantitative Management and Technology. Learn more about Bank of America's assessment process and online tests HERE.
  • Barclays: 8-10 week internships are available in Global Markets, Investment Banking, Technology and a broad range of other business functions such as Compliance, HR, IT, Global Events, Risk Management, Corporate Communications, Legal and Operations. Find out more about how to prepare for the job assessment process for Barclays here.. 
  • BNP Paribas: London, New York, Hong Kong or Singapore offices recruit summer interns for 10-12 weeks. 
  • Citi: opportunities across capital markets, corporate banking, sales & trading, private banking, HR, operations, transaction services, technology & risk. Learn more about Citi's assessment process and online tests HERE.
  • Commerzbank: internships available in most areas including fixed income sales & trading, market risk and IT. 8 weeks+ at any time of the year.
  • Credit Suisse: a range on internships available within investment banking, equities, fixed income, alternative investments, global markets solutions, operations & IT. Learn more about Credit Suisse assessment process and online tests HERE.
  • Deutsche Bank: internships available in asset management,corporate finance, markets, transaction banking, technology & operations, HR & risk. Learn more about Deutsche Bank assessment process and online tests HERE.
  • Goldman Sachs: 10 week programme. Find out more about how to prepare for the job assessment process of Goldman Sachs HERE.
  • HSBC: programmes include banking advisory, capital markets, leveraged finance, global markets, research, asset management, finance, technology, operations & private banking. Practice tailored psychometric tests similar to the ones used by HSBC HERE.
  • ICAP: 8 week structured programme. Practice tailored psychometric tests similar to the ones used by ICAP HERE.
  • Jefferies. they offer a 10 week programme in Investment Banking in Europe. You will receive division specific training as well as classroom training, seminars, social events and mentoring.
  • JP Morgan: intern positions are available within asset management, finance, HR, Risk, Investment banking, Operations, sales & trading, research, technology & treasury.
  • Lazard: their 10 week Analyst programme is based in their London office. There are also opportunities in Paris and other offices globally. Applications open in August. 
  • Macquarie Bank: opportunities exist within fixed income, commodities, funds group, capital, securities, risk and IT. 
  • Mitsubishi UFJ Securities International: 10 week programme. Summer Internships. Opportunities exist within Global Markets, Investment Banking, Corporate Infrastructure and Technology. They take 10-12 interns each year. 
  • Morgan Stanley: 10 week internships available across the bank in institutional securities, investment management, wealth management, technology & operations, corporate. Find out more about how to prepare for the job assessment process of Morgan Stanley HERE.
  • Nomura: programmes available in sales, trading, research and structuring. Find out more about how to prepare for the job assessment process of Nomura HERE.. 
  • RBC Capital Markets: 8 week programme in investment banking
  • RBS Group: programmes available in markets & banking, retail & wealth and central areas such as business services, risk, finance, technology and operations. They also offer a 12 week winter internship starting in January. 
  • Standard Chartered Bank: programmes available only in Asia, Africa and The Middle East.
  • Societe Generale: 10-12 weeks in length in either Corporate or Investment Banking. 
  • UBS: positions available across sales, trading, research, corporate, global capital markets, finance, HR, IT, operations, risk and legal. Learn more about UBS assessment process and online tests HERE.
  • Unicredit: They offer an intrenational Internship Programme. The program, is sponsored by the Foundation UniCredit & Universities in cooperation with UniCredit and offers the opportunity for students in economics, finance, banking, management, engineering or law to do a 3-months summer internship. Jobs are available in different areas of the bank. Positions exist throughout Europe. 

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