The purpose of this qualification is to prepare a learner to evaluate and interpret information to protect stakeholders’ interests by using specialist technical knowledge to determine, price, manage and transfer risk. This qualification will benefit individuals who have worked competently within the underwriting profession. It will also professionalise the occupation by providing a minimum educational standard against which to train new entrants and thus ensure that the ratio of technical expertise within industry to rate risk is kept at a sufficiently high level of competence, compliance and efficiency.
Occupational Certificate: Insurance Agent: Insurance Underwriter (SAQA ID: 91784)
Grade 12 and/or equivalent or at least five years of Insurance work experience
A qualified learner will be able to:
• Apply and adhere to operational and administrative procedures and practices
• Evaluate risk information to determine risk profile and manage risk exposure
• Understand and apply basic legal and insurance principles to underwriting recommendations
• Understand and apply knowledge of product and pricing to underwrite profitable risks.
This qualification is made up of the following compulsory Knowledge and Practical Skill Modules:
• Administration and record keeping in Insurance
• Insurance Risk Management for Underwriters
• Application of Legal and Insurance Principles
• Rating and Pricing of Insurance Risks and Products