Best Insurance Underwriter Certifications In 2024

Earning an insurance underwriter certification will help you boost your resume and demonstrate your qualifications to potential employers. They can teach you the fundamentals of underwriting and may even help you specialize in a certain sort of insurance. Understanding the benefits and types of underwriter qualifications can help your career. In this article, we’ll look at 11 various insurance underwriter certificates and offer some advice on how to choose a school.

What is an insurance underwriter?

An insurance underwriter is a specialist that examines insurance applications for people and businesses. They assess the risk associated with insuring a specific applicant and compute any premiums that the account may require. Common responsibilities include:

• Analyzing insurance applications for potential risks
• Screening candidates based on pre-existing criteria
• Using underwriting software to make insurance application decisions
• Approving or denying insurance applications
• Determining premiums of approved applications

Why is an insurance underwriter certification important?

While certification is not required to become an insurance underwriter, it can demonstrate to a prospective employer that you grasp the fundamental processes, principles, and software tools of underwriting. Some certifications also focus on a specific sort of underwriting and might provide industry-specific information. Earning a certification may strengthen your resume and make you a more competitive applicant.

What are the requirements for an insurance underwriter certification?

Most insurance underwriter credentials are in addition to your prior schooling. This implies that most programs need you to earn a bachelor’s degree before beginning your studies. While a business degree is not required to become an insurance underwriter, taking some math classes before certification will help you better understand the principles.

Insurance underwriter certifications

1. Chartered Property Casualty Underwriter

The Institutes is a risk and insurance professional organization that provides various underwriter qualifications. The Chartered Property Casualty Underwriter credential focuses on the principles of risk management and property/casualty insurance. This certification course lasts six to eight weeks, consists of four cores, costs approximately $350 per, and is entirely available online.

2. International Accredited Business Accountant

An International Accredited Business Accountant (IABA) certification provides theoretical and practical knowledge about accounting and other business concepts. While this certification isn’t exclusively for underwriters, it can give you important information about economic and accounting practices that may improve your efficiency as an insurance underwriter. One advantage of an IABA is that it doesn’t require previous college education to take the course.

3. Associate in Risk Management

The Associate in Risk Management (ARM) certification program teaches you about risk assessment and finance. It consists of three primary courses and takes around a year to finish. The Institutes offer the ARM, a professional certification designed for underwriters looking to improve their risk management skills.

4. Associate in Commercial Underwriting

The Institutes also offer an Associate in Commercial Underwriting (AU) qualification. This course lasts around a year and covers commercial underwriting issues such as financial statements, risk analysis, and premium calculation. There are four basic courses, as well as various electives and concentrations. Pricing varies each course and averages around $350.

5. Associate in Insurance Services

Another Institutes certification program, Associate in Insurance Services (AIS), focuses on broad insurance practices, such as underwriting. This qualification may be best suited for those seeking a wider grasp of the insurance sector. An AIS has one core course, with materials and exams costing roughly $100 apiece.

6. Certified Medical Office Manager

Underwriters interested in working in health insurance should consider obtaining the Certified Medical Office Manager qualification. It teaches courses in medical management, including medical record keeping, managed care contracting, and risk management. The course is 15 hours long, costing $999, and is primarily done online with one in-person lesson.

7. Registered Professional Liability Underwriter

The Professional Liability Underwriting Society offers the Registered Professional Liability Underwriter certification course, which is geared for all jobs involving professional liability. Professional liability insurance protects professionals such as accountants and attorneys from common claims made by their clients. This certification takes one to two years to complete, and applicants must have at least two years of professional experience.

8. Certified Underwriter

Vskills, a commercial certification business, offers the Certified Underwriter program. The course is 12 hours long and entirely online, but it does offer tangible additional materials. The program costs around $50.

9. Certificate in Underwriting

The Certificate in Underwriting, offered by the Life Office Management Association (LOMA), teaches fundamental underwriting principles. This credential is unique in that it only includes one course. The training costs $720, however LOMA members can pay a discounted rate.

10. Chartered Life Underwriter

The certification curriculum for Chartered Life Underwriters focuses on life insurance practices. It includes eight courses that may be completed at your own leisure and is available in digital or paper textbook format. The complete course costs around $5,000.

11. Life Underwriter Training Council Fellow

The Life Underwriter Training Council Fellow program, offered by Kaplan Financial, is designed for life insurance professionals. It comprises of three pre-recorded courses that include digital learning resources and a final exam. Each course costs $950 and provides 180 days of access, with 60-day extensions available for a charge.

Tips for choosing your certification

Choose a specialty

Underwriters can operate in a range of insurance industries, including health, life, and professional liability insurance. Some certification programs may include training to support a specific sort of underwriting. If you’re interested in a certain form of insurance, try pursuing a certification in that area.

Determine your time needs

The time required to finish a certification course varies depending on the firm that provides it and the sort of certification. Programs can span several months or just a few intensive weeks. To see if a certification fits your schedule, look at how long it takes and how much work you have to do each week.

Research the associations

The majority of certification programs are provided by professional insurance organizations. These associations’ reputations may vary depending on your location, specialty, or whether you provide services to individuals or businesses. If you’re contemplating multiple programs, try researching the associations that provide them to help you decide which one to pursue.