Students considering a career in insurance would do well to look into marine underwriting, a fascinating specialty that calls for a variety of diverse skill sets and abilities.
A recent blog post by Sean M. Dalton, Head of Marine Underwriting for North America at Munich Re highlights the many ways prior education is applied in marine underwriting.
- Geography and History: Understanding climates, economies, cultures, histories, natural resources, trade, politics, conflicts and more, is at the core of what marine underwriters insure.
- Communication: written, verbal, and presentation skills, are of critical importance. This applies whether drafting business correspondence, preparing a quote/proposal, or servicing your business.
- Mathematics: Strong skills in math including finance, statistics, economics, algebra, and calculus all are important and useful in analyzing profitability, developing technical rates, and understanding trends and developments in results.
- Science: Fields including chemistry, physics, meteorology, and biology are all important to marine underwriters and brokers.
- Computer Sciences: Utilization of the latest IT capabilities and an understanding of how technology impacts the risks we insure are keys to success. CAT modelling and the application of predictive analytics are some specific examples where the power of technology is helping advance the business.
- Social Skills: The insurance industry is a “people” business and how we interact with others is of great value. From marketing, negotiation, problem solving, and networking, social and interpersonal skills are keys to a successful career.
For more information about marine insurance visit the website of the American Institute of Marine Underwriters
For other careers in insurance visit InsureMyPath