Hi All,
Is it possible to break into underwriting from the brokerage side. To me it seems that if an underwriter wants to broaden their horizons and experience the broker side it works out perfectly fine. An underwriter can be hired as as an Account Manager or even an Account Executive. However, it seems to be the opposite for someone on the brokerage side. How can a person with only agency experience move into underwriting without losing too much income. Is it possible, or should I just give up on that one. Here is my resume: Straight out of college I worked two years as an P&C Underwriter, Moved to the brokerage side and worked one year as an Technical Assistant, and now I am a Junior Account Manager (which is an transitioning phase to an full fledged Account Manager).
Is it at all possible to break into underwriting? Any advise? Better yet, what steps can I take.? Maybe obtaining the CPCU will help.
Underwriting
Moderators: Josh, independent guy
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Dawgnacious
- Insurance Journal Enthusiast
- Posts: 23
- Joined: Thu Mar 18, 2004 9:03 am
JMHO, but why in the world would anyone consider a career move like what you have just described?
I will admit that I have witnessed several people move from the broker/agency side back over or into the underwriting side of the business. With few exceptions, they almost always ended up being very effective u/w's. The experience they gained on the broker/agent side proved invaluable.
How they do it? Usually it was having personal relationships with the people/underwriters already working at the specific insurance company they ultimately went to work for. It starts as a simply inquiry or discussion over lunch and before you know it, they are involved in the interview process.
Again, I would never recommend leaving the agent/broker side, but that is just me.
I will admit that I have witnessed several people move from the broker/agency side back over or into the underwriting side of the business. With few exceptions, they almost always ended up being very effective u/w's. The experience they gained on the broker/agent side proved invaluable.
How they do it? Usually it was having personal relationships with the people/underwriters already working at the specific insurance company they ultimately went to work for. It starts as a simply inquiry or discussion over lunch and before you know it, they are involved in the interview process.
Again, I would never recommend leaving the agent/broker side, but that is just me.
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Dawgnacious
- Insurance Journal Enthusiast
- Posts: 23
- Joined: Thu Mar 18, 2004 9:03 am
Several reasons pop into my head. The first one reminds me of an old Tom Cruise line, "show me the money." If you are dedicated, smart, have a decent personality, I believe the sky is the limit on the broker/agent side. Especially true if become a producer and/or an owner.
Second, when I moved to broker/agent side of the business, you had almost exclusive authority over how you spent your time. Yes, we had certain business hours but you did not punch a clock and there was no one monitoring your hours. Now, I will admit that this is a huge problem for some people but was never a problem for me. I loved having the freedom and authority. As an agent/broker, you set up your work week. As an insurance underwriter, the company set up my work week.
Third, the agent/broker spends a good portion of time out of the office meeting with clients, prospects, underwriters, etc. Many times, this will involve travel and if you are lucky, some of the destinations are very desireable, fun, and/or exotic. On the insurance company side, travel and out of office work was extremely limited and was rarely very much fun.
Finally, I like dealing with people. Interaction with client, prospects, and most insurance company people. I say "most" only because I would prefer to not have to deal with claims people, not because I don't like them, I would just prefer for my clients to not have had the need of an adjuster. On the company side, I usually only dealt with internal managers and the agents. Rarely ever had contact with the ultimate customer.
My 25 years in the business has been wonderful. Not much I would change. Glad I worked for a couple of good insurance companies. Even happier that I was fortunate enough to have the opportunity to move over to the broker side and ultimately to the agency owner side.
Obviously, I am a little bias about which career path I believe to best. But do hear this, "both sides of the fence provide terrific opportunities for personal and financial growth."
Good luck to you no matter which path you choose.
Second, when I moved to broker/agent side of the business, you had almost exclusive authority over how you spent your time. Yes, we had certain business hours but you did not punch a clock and there was no one monitoring your hours. Now, I will admit that this is a huge problem for some people but was never a problem for me. I loved having the freedom and authority. As an agent/broker, you set up your work week. As an insurance underwriter, the company set up my work week.
Third, the agent/broker spends a good portion of time out of the office meeting with clients, prospects, underwriters, etc. Many times, this will involve travel and if you are lucky, some of the destinations are very desireable, fun, and/or exotic. On the insurance company side, travel and out of office work was extremely limited and was rarely very much fun.
Finally, I like dealing with people. Interaction with client, prospects, and most insurance company people. I say "most" only because I would prefer to not have to deal with claims people, not because I don't like them, I would just prefer for my clients to not have had the need of an adjuster. On the company side, I usually only dealt with internal managers and the agents. Rarely ever had contact with the ultimate customer.
My 25 years in the business has been wonderful. Not much I would change. Glad I worked for a couple of good insurance companies. Even happier that I was fortunate enough to have the opportunity to move over to the broker side and ultimately to the agency owner side.
Obviously, I am a little bias about which career path I believe to best. But do hear this, "both sides of the fence provide terrific opportunities for personal and financial growth."
Good luck to you no matter which path you choose.