Insurance underwriters evaluate and analyze the risks involved in insuring people and assets.
They establish pricing for accepted insurable risks. Often, they use specialized software and actuarial data to determine the likelihood and magnitude of risk.
Underwriters assume the risk of a contract with an individual or entity. For instance, an underwriter may assume the risk of the cost of a fire in a home/business in return for a premium or a monthly payment.
Does your small business need insurance underwriters?
No business, big or small, exists in a vacuum. The beauty of any business is competition. Competition helps one’s business grow and expand, provided the right clientele is targeted. Underwriting enables you to know the soundness of your business compared to others in your field.
Insurance underwriting helps you value your business and know how much it is worth. This allows you to realize that you are not running a speculative business but rather one valued by experts with industry experience.
People are still determining what will happen in the next minute. At the same time, every business has risks. Your business might be hit by fire, a terrorist attack, theft, or even swept away by floods. The underwriter assists you in deciding what you will request from your insurer if this occurs.
Do we have an established underwriter in Kenya? Yes, Xplico Insurance Company Ltd. Xplico’s exponential growth in retail underwriting over the years has set up a vibrant Corporate Division to cater to SMEs and well-established companies within and outside Kenya.