A DAY IN THE LIFE: GROUP INSURANCE UNDERWRITER


Name: Joy Simons Job: Senior group underwriter, group insurance Company: The Argus Group Working hours: 9 to 5


Required qualifi cations: College degree in a related fi eld (e.g. business administration, insurance) or equivalent work experience; relevant professional designations (e.g. FLMI, ACS, BID, CEBS, HIA, etc.)


Group insurance underwriter What attracted you to the insurance industry?


I was introduced to insurance in 1992, when I had the opportunity to work for a local insurance company as a temporary claims processor. While temping, I noticed the opportunities that were available to staff members, such as ongoing training, seminars and insurance courses. This convinced me that this was the industry that I wanted to join. I worked hard and diligently, and only fi ve months later, I was offered a full-time position. After working as a claims processor for a few years, I was offered the position of medical underwriter. As an underwriter, I enjoyed diverse job responsibilities and soon realised that there were many specialist areas I could pursue.


As expected, I was presented with many opportunities to receive training in several areas that helped me to ultimately achieve personal goals, such as obtaining insurance designations. My time in the underwriting department has been invaluable in helping me to carve out a very clear career development path.


What professional and/or academic qualifi cations or experience did you need to start your career?


I had absolutely no previous insurance experience; I guess one can say that luck was on my side. I graduated from high school as valedictorian and then went on to receive a diploma with distinction in bookkeeping from the Bermuda College. However, I believe my personal achievements as a student helped my employer at the time to identify a potential high achiever from someone who was just seeking a job. Once I became a full-time employee, I immediately enrolled in the various insurance courses that I knew would be of benefi t to me. Over the years, I have become an Associate in Health Insurance, Associate in Customer Service with Honours, Associate in Reinsurance Administration with Honours and a Fellow of the Life Management Institute with Distinction.


Why did you join Argus?


Argus is one of the most successful service companies on the Island and is known to be a pace-setter and leader in the insurance industry. Argus also has a great reputation for developing its staff and caring for the community. I knew that Argus would be the place to further develop my career as the job opportunities were endless. Having already gained experience in the claims and medical underwriting fi elds, I joined the group insurance department in October 1999.


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Prior to being promoted to team leader in June 2010, I functioned as a senior group underwriter. As team leader, I will have the opportunity to coach and mentor team members in the group insurance department as well as to shadow one of the assistant vice presidents during the annual group health renewal process. That involves the entire book of business.


What further qualifi cations might you need for future career progression?


There are no clearly defi ned entry requirements for insurance underwriters, and some employers set their own entry qualifi cations. However, most very large insurance companies prefer to hire college graduates who have a degree in fi nance or business administration, even for entry-level underwriting positions. Once hired, new employees start out as underwriter trainees or assistant underwriters.


I plan to enrol in the Certifi ed Employee Benefi ts Specialist programme (CBES), a leading and highly respected designation in employee benefi ts. The programme focuses on group benefi ts, retirement and compensation, which are specifi cally related to my job duties in group insurance.


Describe a typical working day.


My day is varied and challenging, and typically starts with reviewing my calendar for any scheduled meetings and checking for new emails. I work very closely with the relationship managers on a daily basis and, as a result, I am charged with reviewing, processing and distributing proposals for group health, group life, short and long- term disability, and workers’ compensation for potentially high- profi le clients and small businesses. Part of preparing these proposals is consulting our reinsurers in order to meet the specifi c demands and requests of the client. I also set up new business accounts and products within the Argus computer system once the proposals are accepted. During the annual policy renewals, I review and renew existing policies for group life, short and long-term disability, and workers’ compensation.


What do you enjoy most about your job?


Providing customer satisfaction! It is priceless to be able to satisfy the concerns of existing clients due to uncertainties about their current plan design. Often a telephone call or a tweak in their plan will put their concerns to rest.


FAST TRACK / Careers module / 2010-2011 49


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