A day in the life of an underwriting team

The Underwriting team brings with it a daily variation of work, finding new solutions to underwrite different risks and management of the business portfolio. A thirst for knowledge and a drive for results is essential.
Joe Sweeting, Junior Underwriter

Current Position:

Junior Underwriter, Casualty Department, Non Marine Division

Biography:

Joe Sweeting joined Amlin in 2004 as an Underwriting Assistant in the Casualty Department having previously worked in both claims and underwriting at Zurich and Cassidy Davis (a subsidiary of St Paul) respectively. Since joining Amlin Joe has gained his chartered status (ACII) as well as progressing his role to Assistant Underwriter. The Casualty team underwrite various lines of Casualty business including Auto Liability, Directors and Officers, Errors and Omissions, General Liability and Medical Malpractice.

Skills required in the Underwriting team:

Technical Ability – Being able to manipulate data, perform model analysis, extract and understand results.
Interpersonal and Negotiation Skills – Interacting with internal and external customers including client meetings and face-to-face negotiations of contracts.
Analytical Skills – Interpret risk characteristics, risk analysis (including actuarial analysis), claims trends and portfolio management.
Develop Industry Knowledge – Knowing how the market works and the market cycles.

Underwriting does not provide for many typical days. There is always a variety of tasks to complete and new risks to be underwritten. Existing contacts change as well as the market itself. The role is varied and constantly evolving.

A typical day in the Underwriting department:
Time	Job	Description
8.00am – 9.00am	Preparation	Reviewing the tasks for the day including: Risks to Underwrite and Review Recent Emails Regarding New or Existing Accounts Preparation for Client Meetings Internal Peer Review Risks Prepare for Internal Meetings
9.00am – 10.00am	Internal Meeting	Various internal meetings take place during the morning including: Departmental Meetings Claims Meetings Monitoring Meetings Reserving Meetings
10.00am – 10.30am	Internal Risk Review	Review risks underwritten by other members of your team and risks of other Underwriting teams.
10.30am – 12.00pm	Underwriting	Underwriting is the focus. Risks must be reviewed and analysed to assess our appetite for writing such risks. Complex mathematical model usage is combined with risk component analysis, market knowledge and contract negotiation when assessing any potential risk.
12.00pm – 1.00pm	Lloyd’s Box	The Box is the peak of the underwriting process. The face-to-face negotiations take place and decisions about risks are made.
1.00pm – 2.30pm	Client Lunch	Meetings with new or existing clients to discuss their business, understand their risks, review their insurance needs and provide us with essential first hand risk information.
2.30pm – 3.00pm	Perparation for Client Meeting	Review insurance submission presented by client. Note points of interest, potential questions and review past experience.
3.00pm – 4.00pm	Box	More negotiations and presentation of risks from brokers.
4.00pm – 5.00pm	Client Meeting	Meetings with new or existing clients to discuss their business, understand their risks, review their insurance needs and provide us with essential first hand risk information.
5.00pm – 5.30pm	Underwriting Backup Functions	Entering Risk Information onto Electronic systems Writing up Client Meeting Notes Audit and Trip Planning
5.30pm – 6.00pm	Project Work	Work on areas which aid or enhance the underwriting process, including: Reinsurance Buying Internal Performance Review Presentation Report Development and Model Enhancement Market Analysis
Time	Job	Description