Underwriting Training – level I

Purpose of Training
The process of evaluating the risks is of the outmost importance for any insurance company. The cost of a wrong decision can be catastrophic. Responsibility should not be borne only by the underwriter but also by the salesperson who introduced the risk. The purpose of the program is to present to the trainees the importance of the underwriting department, explain the underwriting procedure and prepare them to become the ‘initial underwriters’ i.e. being capable to assess the risk and give a more objective description to the underwriter before taking the final decision.
Training Objectives
  • Grasp the importance and the role of the underwriting department
  • Learn the internal procedure and peculiarities for each class of insurance
  • Distinguish the risks into: acceptable, undesirable and rejected
  • Develop risk assessment skills and become the ‘initial underwriters’
  • Improve the profitability of their own portfolio
  • Adopt a more friendly approach to the decisions of the underwriting department
Target Audience
Primarily insurance intermediaries, insurance company personnel (except experienced underwriters) and lawyers. People outside the insurance industry may also attend if they are directly or indirectly involved with general insurance.

The trainees will be examined at the end and during the program in order to receive the Certificate for CPD purposes.

Trainer: Christos Voniatis
Διάρκεια: 10 hours (two days)

Programme Content

Section 1 – Introduction
  • Acquaintance with participants
  • Route of the program
  • The meaning and purpose of underwriting
    Section 2 – Basic Principles in Underwriting
    • Calculating profitability using combined ratio v ROC
    • Risk appetite and reinsurance
    • Categorization of the risks
    Section 3 – The Procedure of Underwriting
    • The impact of technology and the automated underwriting system
    • Evaluation of risks and ways to minimize them
    • Qualified acceptance
    Section 4 – The Role of the Underwriter
    • Protecting the insurance company by choosing wisely
    • Setting the correct prices, deductible, terms and exclusions
    • The hidden risks of reinsurance
    • Knowing the market and cooperating with the sales force
    Section 5 – Motor Insurance Underwriting
    • Proposal Form and underwriting procedure
    • Undesirable and rejected risks
    • Additional clauses
    Section 6 – Property Insurance Underwriting
    • Proposal Form and underwriting procedure
    • Undesirable and rejected risks
    • Precautionary measures and warranties
    Section 7 – Liability Insurance Underwriting
    • Proposal Form and underwriting procedure
    • Undesirable and rejected risks
    • Privity of contract
    Section 8 – Feedback
    • Conclusions
    • Test
    • Evaluation of the training program