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The Current State of Underwriting and What it Means for Leaders

Wed, 31 May 2017 17:01:00 +0000 / by Miguel Ceron

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The Insurance Industry is changing every day. These changes present themselves in our collective value offerings, in the methods of how we are able to buy and sell insurance, or even in how insurers are able to underwrite and classify risk. Regardless of the change, they all have implications on the evolving roles of Life Underwriters.

What does this mean for Underwriting Leaders?

It means that there is a growing need to develop highly motivated and adaptable teams
of Underwriters. However, with the upcoming wave of retiring insurance professionals and a subsequent
lack of knowledge of career paths for millennials, this is easier said than done.

A recent survey conducted by The Hartford shows that only 4% of millennials would consider a career in the insurance industry. 4%!

With such a low number responding to a general career in insurance, it is safe to assume that underwriting is not top of mind for the new generation entering the workforce.

When you consider this in conjunction with the 2013 ALU Life Underwriter Census findings that "23%
of life underwriters expect to continue working in a Life Underwriting role for 5 years or less”
(at the date of publishing – we are already 4 years into that 5-year period) the shortfall in
talent is both apparent and staggering.

The importance of a strong Underwriting Team

Underwriting remains an integral part of any organization’s insurance function. A team of expert
underwriters ensures that your risk exposure is properly managed while maintaining a high degree of
time service levels that allow your business operations to run smoothly and efficiently.

Building a team of high-performing underwriters does not begin and end with hiring the most
experienced or most qualified candidates. Anyone who has been involved in the hiring process knows
that someone who seems perfect on paper does not always translate that way into your environment.

Perhaps even more important is understanding that building your dream team is an ongoing and
collaborative process that extends far beyond simply hiring your preferred candidate.

So how can you develop an all-star underwriting team?

We’re happy to share some of our cornerstones that have helped us develop our team of underwriting experts.

Download The Underwriting Manager's Guide to Training!

Download the guide to get learn how to: 

  • Develop an all-star underwriting team
  • Build a comprehensive onboarding framework 
  • Use quality assurance measurement as a motivator 

Underwriting Managers Guide to Training

Topics: Underwriting, Training, Life Underwriting

Miguel Ceron

Written by Miguel Ceron

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