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Underwriter

 

Who are we?

With teams based worldwide, underwriting business in more than 160 countries, our underwriters come from a remarkably diverse range of professional backgrounds and educational qualifications, not to mention nationalities. We attract some top underwriting talent in the global insurance market and are constantly looking for talented professionals.

Some colleagues moved to insurance directly after finishing their education in school or university, while many others have professional experience, e.g. from the manufacturing industry, engineering, working as lawyers or consultants.

This diversity is a true strength of Allianz Global Corporate & Specialty, prompting multiple perspectives and allowing us to talk the language of our clients across  all commercial sectors.

Many of our underwriters are established leaders in their areas of expertise. Essential qualities in underwriting include an analytical approach, close attention to detail, good numerical skills and a focus on finding solutions to complex risk challenges. As with most internationally mobile positions, strong English language skills are important, and being fluent in other languages is a definite advantage.

What are we responsible for?

Our underwriting teams are specialists in the analysis and evaluation of risk. Their role is to match our insurance coverage to the needs of our clients, balancing the need to provide a comprehensive client solution with a sustainable commercial approach. They evaluate our clients’ risks, reviewing risk exposures and setting the premium that is charged to insure each risk.

High performance underwriting is at the heart of Allianz Global Corporate & Specialty. It is key to the success of our business and to the service we provide to clients. Underwriters tend to specialize in any one of our Lines of Business, which could range from aviation to liability, or from engineering to marine.

In response to the fast moving changes and emerging risks of our clients’ industries, underwriters also work with other teams to develop new products and services and to reviewing new market opportunities using their specialist insight to evaluate potential.

What do we do?

In simple terms, underwriting is the process of risk selection. We review client’s coverage needs and match our policies to these needs as far as commercially possible, setting the premiums charged for the coverage and typically negotiating with the client or the broker to ensure the best fit for all parties. Each underwriter will act within a defined authority level and in line with our global underwriting standards and principles, ensuring a consistent worldwide underwriting strategy, following each account from initial submission to placement and renewal.

This involves careful technical analysis and evaluation of each risk to set the premium as well as the policy terms and conditions, looking at the potential exposures which, with global clients, often cover many countries and scenarios. This might include working with specialists to evaluate any natural catastrophe risks (e.g. from earthquakes or floods) and to model different loss scenarios for the risks, so a detailed understanding of the client’s risk environment is essential.

This analysis is always a team effort, bringing together the combined knowhow of our colleagues from other teams such as risk consulting, actuarial, claims or operations. The result has a direct impact on the profitability of the company and that means that underwriters are right at the forefront of our daily business.