Introduction to Underwriting Practices

Course Introduction

This interactive insurance training session is designed to build knowledge and skills within Underwriting, from how to interpret the initial submission to quoting the risk.  It includes identifying ‘good risks & bad risks’ across multiple classes, understanding common deductible, excess and aggregate terms, premium bases and the underwriting factors for these.

Who should attend

This session is suitable for junior level brokers and underwriters, and anyone within other departments looking to build knowledge of underwriting practices.

Course Contents

• Submissions:
  • Different formats of submission
  • Understand how to identify key information.
  • Identifying the risk & values
  • Key questions to ask
• ‘Good Risk / Bad Risk’:
  • Identify underwriting concerns for sample of risks
  • Multi class
  • Develop understanding of cross selling and class factors
• Retention, Deductibles & Aggregates:
  • Understand deductible terms
  • Retentions and limits and how they work.
  • Understand how aggregates work and terms used.
• Claims:
  • Reviewing claims information
  • Frequency vs Severity
  • Underwriting considerations
• Underwriting Factors:
  • Base premiums & base rates
  • Underwriting factors and how to apply
  • Applying knowledge to working examples