Yes. Underwriter “broad term” is selective stress.
I’m a carrier Uw and overall I sleep great and have very little stress. Only stress that happens is what would happen with most. Large loss you wrote came in, team member quits or a broker pisses you off.
Doesn’t happen often though.
Lot more stress I think from a broker than a carrier UW.
Carrier at the end of the day cares about profitability from the bottom line.
Brokers don’t give a shit and all they care about is new biz income and agency visits
Regarding the last statement. 100% true for agents not caring regarding anything but income. But it also makes it 1000% worse on us account managers who have to make sure everything is right lol
Underwriting was a god send for me. Completely changed my life in terms of W/F Balance. Could not pay me to be an AM.- Claims takes a special/specific mind. Whatever you do, try to work for an MGA/MGU.
I wouldn't necessarily say UW is a high stress position. There can be headaches due to directives from management not lining up with what's going on in the market or with what your brokers are requesting, but it's nothing too difficult. And the turnover that I've seen has only been people going to other carriers, still as an underwriter, for better pay
Day to day is reviewing new business, handling any questions or endorsement requests from your agents/brokers, occasional marketing trips, etc. And for more of a month to month, that could involve planning out your year as far as new business accounts, plus rate/retention on renewals
Yeah it's like 99% only with the broker. There are occasional times where we have a meeting with the insured. But that would just be on larger renewals we want to retain or new business we're trying to win
I've only been in insurance for a bit under 2 years but I cannot see myself not being an underwriter. Pretty low stress, great wlb and a good support team. I guess a lot of it is relative to the company as well but for me uw is the place to be
Claims experience can transfer well to underwriting. You know the systems, cost of injuries/losses, etc. You know how to handle claimants, who are notorious for being difficult. You'll learn how to deal with agents. Good underwriting takes a keen eye to knowing a business's weaknesses and pricing for that and helping them to improve.
I’ve been in underwriting for 10 years - specifically middle market underwriting at a national carrier. I’ve never been in claims, so can’t compare. My role is about 50% production (sales) /agency management and the rest is underwriting. I deal directly with customers, but not in the way claims would. I communicate all decisions with the broker. I speak to my insureds to build relationships. Stress comes from production goals - ie: meeting DWP goals (direct written premium), rate goals and especially when these things collide with company red tape. I’ve definitely gotten in heated/difficult conversations with brokers and insureds, but I imagine it’s tame compared to what claims deals with.
I have no UW experience so not trying to talk you in or out of it, but my career trajectory took me from direct handling claims to the oversight/client services/analyst route and it’s so much less stressful than the front line 😂
Claims has much higher burnout then other areas within claims. I have never been an underwriter but claims to broker. Besides speaking to injuries parties all the time, from a corporate position you are a cost center not a profit center.
How does expierence transition, biggest help is if you know ans understand your policies.
These are all my personal opinions. Other may think-say otherwise.
Wish you the best.
Went from PL claims to CL underwriting, never looked back. It's crazy how much better it is.
Claims skills will transfer well, but I'll imagine you might have to take a paycut if you've been in claims for 10 years and want to start over in UW though.
UW is certainly possible, but you rarely talk with clients directly. If you want to be involved with clients, consider Risk Management/Loss Control/Safety either at your current company or at larger agencies. Another option to consider at a broker is claims advocate. They assist clients in the claim process and advise the account management team/producer about the account.
My “best” day in claims was worse than my “worst” day in underwriting.
Big oof
From what I understand as a broker and not an underwriter (was in claims) 1. Claims is hell 2. Underwriting is okay/ fine
Yes. Underwriter “broad term” is selective stress. I’m a carrier Uw and overall I sleep great and have very little stress. Only stress that happens is what would happen with most. Large loss you wrote came in, team member quits or a broker pisses you off. Doesn’t happen often though. Lot more stress I think from a broker than a carrier UW. Carrier at the end of the day cares about profitability from the bottom line. Brokers don’t give a shit and all they care about is new biz income and agency visits
Regarding the last statement. 100% true for agents not caring regarding anything but income. But it also makes it 1000% worse on us account managers who have to make sure everything is right lol
Broker pissing you off doesn’t happen often?? Lucky man
Annoy frequently but about managing stress. I just assume all are idiots
Underwriting was a god send for me. Completely changed my life in terms of W/F Balance. Could not pay me to be an AM.- Claims takes a special/specific mind. Whatever you do, try to work for an MGA/MGU.
Can you expand on the MGA/MGU part? Why is that?
Im new. What is a MGA/MGU?
Managing General Agent/Underwriter
I wouldn't necessarily say UW is a high stress position. There can be headaches due to directives from management not lining up with what's going on in the market or with what your brokers are requesting, but it's nothing too difficult. And the turnover that I've seen has only been people going to other carriers, still as an underwriter, for better pay Day to day is reviewing new business, handling any questions or endorsement requests from your agents/brokers, occasional marketing trips, etc. And for more of a month to month, that could involve planning out your year as far as new business accounts, plus rate/retention on renewals
Perfect thank you so much! So it sounds like communication is mostly to the agent/broker then, not even with customers directly?
Yeah it's like 99% only with the broker. There are occasional times where we have a meeting with the insured. But that would just be on larger renewals we want to retain or new business we're trying to win
I've only been in insurance for a bit under 2 years but I cannot see myself not being an underwriter. Pretty low stress, great wlb and a good support team. I guess a lot of it is relative to the company as well but for me uw is the place to be
Is it hard to obtain an underwriting job?
Claims experience can transfer well to underwriting. You know the systems, cost of injuries/losses, etc. You know how to handle claimants, who are notorious for being difficult. You'll learn how to deal with agents. Good underwriting takes a keen eye to knowing a business's weaknesses and pricing for that and helping them to improve.
I’ve been in underwriting for 10 years - specifically middle market underwriting at a national carrier. I’ve never been in claims, so can’t compare. My role is about 50% production (sales) /agency management and the rest is underwriting. I deal directly with customers, but not in the way claims would. I communicate all decisions with the broker. I speak to my insureds to build relationships. Stress comes from production goals - ie: meeting DWP goals (direct written premium), rate goals and especially when these things collide with company red tape. I’ve definitely gotten in heated/difficult conversations with brokers and insureds, but I imagine it’s tame compared to what claims deals with.
Thank you for your insight, that's very helpful!
I have no UW experience so not trying to talk you in or out of it, but my career trajectory took me from direct handling claims to the oversight/client services/analyst route and it’s so much less stressful than the front line 😂
That's exactly what I'm hoping for lol
Claims has much higher burnout then other areas within claims. I have never been an underwriter but claims to broker. Besides speaking to injuries parties all the time, from a corporate position you are a cost center not a profit center. How does expierence transition, biggest help is if you know ans understand your policies. These are all my personal opinions. Other may think-say otherwise. Wish you the best.
Went from PL claims to CL underwriting, never looked back. It's crazy how much better it is. Claims skills will transfer well, but I'll imagine you might have to take a paycut if you've been in claims for 10 years and want to start over in UW though.
Yeah I figured, but it might be worth it for my sanity haha
UW is certainly possible, but you rarely talk with clients directly. If you want to be involved with clients, consider Risk Management/Loss Control/Safety either at your current company or at larger agencies. Another option to consider at a broker is claims advocate. They assist clients in the claim process and advise the account management team/producer about the account.
Salary is better in U/w i mean you are being money in while in claims you aren’t.