Underwriter

Underwriters evaluate an entity's financial status and make important decisions such as taking up loans and signing contracts.

Underwriter Job Description

Develop pricing models, structures and product features.

Analyse market data and competitor trends to ensure our products remain competitive and financially sound.

Establish and maintain good relationships with customers as well as with brokers and other distribution partners.

Monitor underwriting market trends, competitor pricing and their developments.

Perform underwriting evaluation of the client's life and health care.

Review and improve current underwriting processes, policy coverage and terms.

Note

Clients submit financial records to Loan Officers or Underwriters before borrowing. Underwriters often complete assessments more quickly, serving as time savers for clients!

What you should know about Underwriter jobs in Singapore

Nature of Work

Loan Officers represent moneylenders, while Underwriters work independently, often completing assessments faster and saving time for clients!

Key Advice

You have to keep up with changing regulations and policies which are relevant to the industry. These regulations can affect company evaluations.

Entry Requirements

Entry Requirements
A diploma or bachelor’s degree is needed. There is a preference for Business Administration, Finance and Accounting degrees in this role. Other accepted degrees are Statistics, Economics or Engineering.

Seek out internships or entry-level positions that allow you to gain experience in the industry.
Possible Pathway

Possible Pathway

Skills you need to pursue an Underwriter career in Singapore

Hard Skills

Statistical Skills

Proficiency in understanding and interpreting statistical data to assess risks accurately.

Familiarity with financial modelling software

Competence in using software tools for financial analysis and modelling.

Data Analytics

Ability to analyse and interpret complex data to make informed decisions.

Soft Skills

Communication

Strong verbal and written communication skills for clear and effective interactions with clients and colleagues.

Innovative Problem-Solving

Creativity in addressing challenges and developing unique solutions.

Sense-Making

Ability to make sense of complex information and trends to inform decision-making.

Frequently asked questions (FAQs)

Is Underwriting a dying career because of the influx of better technology?

Indeed, many companies aim to improve the overall underwriting efficiency; hence, they invest in technology. However, the job of Underwriters cannot be entirely replaced. The simple reason is that underwriting still requires humans to input numbers and writings and validate the correct data.
Can Underwriters work from home?

Underwriters can work from home occasionally, depending on their current work assignments and company policies.
What is an example of a good practice for effective Underwriting?

A thorough review and analysis of the application is one practice. Take the time to carefully review all the details provided and pay attention to the applicant's financial history, credit score, income and employment stability.
How do Underwriters determine the premiums for insurance policies?

There are several factors for them to assess. They analyse market conditions through pricing trends and benchmark against industry standards to ensure the premiums are competitive and align with market expectations.
How do Underwriters maintain good relationships with customers?

Underwriters need to establish clear and open lines of communication with customers. This involves promptly addressing any queries or concerns, providing regular updates and ensuring that customers understand the underwriting process.