New course will provide the human touch in underwriting

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“In the 1980s when the first underwriting computers were developed, we stopped training underwriters because we believed everything would be done via artificial intelligence and we discovered that certain ‘standard’ elements can be done via computer, but the information we get from individuals varies. The narrative cannot be underwritten by a machine. There are so just many variables, a machine isn’t able to do it just yet,” explains Dianne Steyn, life underwriter at Bright Rock Insurance.

She and others in the insurance sector believe it is a ‘myth’ that underwriting will not be required in the near future. While certain components of underwriting can and have been automated, there are clients who don’t conform to the standard and that require individual consideration, which is where detailed knowledge comes into play.

“An underwriter is part actuary, part accountant, part lawyer, part medical doctor. Those are some of the aspects that an underwriter must think of. Taking law into account, taking ownership of a policy into account, assessing financial evidence amongst other things," she says.

Until now there has been no formal qualification that can be written to allow the occupation to be recognised. Which is why what Inseta is offering is critical.

The Occupational Certificate: Insurance Agent (Insurance Underwriter) course by Inseta prepares candidates to evaluate and interpret information to protect stakeholders’ interests, by using specialist technical knowledge to determine, price, manage and transfer risk.