Hi, I am based in Africa and I am currently working for an insurance company. I have experience in Pensions and general insurance (mainly motor and health). However, I am bored with my current job after nearly 6 years as I am learning nothing new. There are opportunities to move to underwriting in other companies here. I wanted to know whether being an non-life underwriter is a good move.Do underwriters use actuarial methods of pricing? Or I am taking a risk and risking my actuarial career as I still like the actuarial stuff esp in GI. Any advice will be appreciated. Thanks.
From my experience Underwriting methods are quite different to actuarial methods, but both have there advantages and disadvantages. Personally, I think the U/W's are the most important people I work with as they bring the business through the doors! Each job has its advantages, but underwriting is a good option and as well as bringing in business you're also using certain statistical techniques to manage the profitability of the business. I suppose what you have to determine is whether you'll progress further starting as an Underwriter or carrying on with actuarial?!
I'm currently working as a health underwriter, and I must say that I "hate" my job. The work is monotonous, and very simplified. Maybe if you were the head of the underwriting division, then that would prove more fulfilling since you actually have to determine how things are priced... But at my company, the head underwriter depends alot on the actuary in the health dept...
