Marine Insurance Underwriter

Marine Insurance Underwriters evaluate their clients’ risks and process insurance coverage applications accordingly.

Marine Insurance Underwriter Job Description

Underwrite Marine insurance.
Provide recommendations for Claim Handlers.
Liaise with solicitors and third parties on the best course of action.
Assess and ensure that risks and prices meet the client's expectations.
Collaborate with Marine Insurance Claims Handlers and ensure quick turnaround time for clients.

Note

The role will involve working with different stakeholders, such as the customer service teams, clients, brokers, and agents. It is important to be a strong communicator to represent the client’s best interests.

What you should know about Marine Insurance Underwriter jobs in Singapore

Nature of Work

As Underwriters, you will work closely with customer service teams and build strong relationships with them to facilitate the coordination of information on processes.

Key Advice

Marine Insurance Underwriters should be decisive. You’ll work within tight deadlines and often make tough underwriting decisions based on the client’s corporate guidelines.

Entry Requirements

Entry Requirements
A degree in any one of the following disciplines: Maritime Studies, Accounting, Business, Economics, and Law.

Possess strong numerical abilities and meticulousness.

Able to work under pressure and tight deadlines.
Possible Pathway

Possible Pathway

Skills you need to pursue a Marine Insurance Underwriter career in Singapore

Hard Skills

Commercial Acumen

Understanding the commercial aspects of marine insurance, crucial risk assessment and policy development.

Numerical Skills

Proficiency in numerical analysis is essential for accurately assessing risk and determining policy premiums.

Familiarity with Various Risk Assessment Software

This is important for evaluating insurance applications and managing policies.

Underwriting Skills

Expertise in underwriting is key to evaluating risk and making informed decisions on insurance applications.

Soft Skills

Analytical Skills

Ability to analyse complex insurance applications, identifying potential risks and coverage needs.

Attention to Detail

Meticulousness in reviewing insurance applications and policy documents to ensure accuracy and compliance.

Business Negotiation Skills

Proficiency in negotiating terms and conditions of insurance policies with clients and brokers.

Decision Making

Capable of making informed decisions based on risk assessment and policy guidelines.

Frequently asked questions (FAQs)

What does Marine Insurance cover?

Marine Insurance covers loss and damage of cargo, ship damage, and terminal incidents.
Are the duties of Marine Insurance Underwriters repetitive?

Marine Insurance Underwriters engage in a dynamic role, continually adapting to technological, economic, and political changes.
How do Marine Insurance Underwriters handle difficult negotiations with clients?

They calmly discuss the risks and expected insured amount for both parties' agreement before signing the contract.
What ethical considerations do Marine Insurance Underwriters take into account when making underwriting decisions?

One such consideration is ensuring that the contract benefits both the company and the clients in the case of any incidents.
What information do Marine Insurance Underwriters need to assess a Marine Insurance risk?

Some information required are details of the job to be undertaken, known site hazards, access arrangements, personnel safety and safety of contractors and site visitors, particulars of both the nominated vessel and principal, general arrangement drawings for the vessel, cargo drawings and specifications.

Related Job Roles

Marine Insurance Claims Handler

Marine Insurance Claims Handlers/Marine Underwriters manage claims which cover the loss and damage of ship cargo, terminals, and the ship, among other properties.