The Fundamentals Of Insurance Underwriting - ZISHI

The Fundamentals Of Insurance Underwriting

With Underwriting at the heart of the insurance business, this course is designed for Claims, Compliance, HR or Finance professionals whose roles bring them into contact with, and requires them to understand, this vital component.

CPD:

6 CPD Hours

the-fundamentals-of-insurance-underwriting

Price per person (Ex. VAT): Provided on request

KEY BENEFITS

  • Get up to speed all elements of the underwriting process
  • Discover the key functions of the underwriter
  • Understand the risk evaluations that need to be considered
  • Develop detailed knowledge of the two main pricing techniques
  • Learn how to set and maintain adequate Claims reserves

COURSE OVERVIEW

Since the first days of Edward Lloyd, when merchant venturers started to “underwrite” each others’ voyages, underwriting has been at the heart of the insurance business.

“Intelligent risk taking” is the essence of underwriting: knowing what risks you want to take, or can take on, and knowing how much to charge: “there is no such thing as bad risk, only a bad price”.

In our unique industry, we don’t know the product cost when we sell the product, so the language of underwriting is very much the language of insurance.

This “fundamentals” course is not really designed for underwriters at the start of their professional career but for professionals in other functions whose role brings them into contact with, and requires them to understand, this vital part of the insurance process.

 

Whether your role is in Claims, Compliance, HR or Finance you’ll probably want to understand:

  • What is involved?
  • What decisions are made?
  • What will influence those decisions?
  • What skills and knowledge are required?
  • What does success look like and what are the risks?

 

The Course Agenda

The underwriting process

  • Revising the link between capital and underwriting capacity: the insurance cycle
  • Accepting the risk
  • Delegating underwriting authority
  • Setting and monitoring claims reserves

 

Key functions of the underwriter

  • Assessing the risks being presented
  • Deciding whether to accept the risk
  • Determining policy terms and conditions
  • Calculating an achieving an appropriate premium

 

Factors to be considered within risk evaluation

  • The factors that determine
    • Are you allowed to write the risk?
    • Do you want to write the risk?
    • How much risk can you accept?
    • How much you will charge?
  • Exposure management and re-insurance

 

The two main pricing techniques

  • Experience v exposure rating
  • Negotiating the price

 

What should be covered within the insurance contract: the policy

  • Revising the insurance principles
  • Elements of an insurance contract
  • The language of terms and conditions
  • Complying with legislation: Consumer Insurance Act 2012, Insurance Act 2015

 

The principles of setting and maintaining adequate claims reserves

  • Claims paid, claims outstanding, IBNR, prior year reserve release and IBNER

 

The concept of portfolio management

  • Cross class considerations

 

The underwriting control environment

  • Competences?
  • Underwriting procedures
  • Regulation and compliance

 

How the practice of underwriting might be changing

  • From aggregator websites to insuretech algorithms

If you have any questions about this course, please feel free to get in touch via email on info@thezishi.com or by calling 01908 395243.

With Underwriting at the heart of the insurance business, this course is designed for Claims, Compliance, HR or Finance professionals whose roles bring them into contact with, and requires them to understand, this vital component.

CPD:

6 CPD Hours

the-fundamentals-of-insurance-underwriting

Price per person (Ex. VAT): Provided on request

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