How to Be Aviation Underwriter - Job Description, Skills, and Interview Questions

Nov 5, 2020 / 5 Minutes Read / By Albert

How to Become

Professional Organizations

FAQ

Links

The aviation industry is a complex and ever-evolving sector, and as such, it needs to be supported by experienced professionals with a detailed understanding of the business. An aviation underwriter plays a critical role in this regard, as they are responsible for assessing the risks associated with aviation-related activities and providing insurance coverage to protect the industry from potential losses. Their expertise and knowledge ensure that the aviation sector remains financially secure and has the necessary safeguards in place to mitigate any risks associated with aircraft, personnel, cargo, and other related activities. By assessing the risk involved in aviation operations and issuing appropriate coverage, an aviation underwriter helps protect the industry and its stakeholders from potential losses due to accidents, damage or theft.

Steps How to Become

Obtain a Bachelor's Degree. To become an aviation underwriter, you must have a bachelor's degree in an area such as finance, economics, or business. Courses in accounting, mathematics, and risk management are also beneficial.
Get an Insurance License. All aviation underwriters must be licensed by the state in which they work. To do this, you must pass the licensing exam administered by the state's insurance department.
Complete an Internship. Internships can provide valuable experience and training in the insurance industry and are a great way to get your foot in the door with a company.
Get Certified. To become a certified aviation underwriter, you must pass the Certified Aviation Underwriter (CAU) exam administered by the American Institute of Chartered Property Casualty Underwriters (AICPCU). This certification is ideal for those who want to specialize in aviation insurance and demonstrates a higher level of expertise to potential employers.
Acquire On-the-Job Experience. Most employers prefer aviation underwriters who have experience in the industry. Experienced underwriters may command higher salaries and be more in demand than those without experience.
Continue Your Education. The field of aviation underwriting is always changing, so it's important to keep up with the latest regulations and trends. Continuing education courses are available through the AICPCU, and there are also professional organizations for aviation underwriters.

Staying ahead and efficient in Aviation Underwriting requires a combination of proactive planning, technological adoption, and professional development. Proactive planning involves anticipating potential risks and liabilities and making sure appropriate coverage is in place. Technological adoption involves utilizing the latest tools and software to streamline processes, improve accuracy, and reduce costs.

Finally, professional development helps ensure that underwriters stay up-to-date on industry trends, new regulations, and best practices so they can make informed decisions. By taking these steps, Aviation Underwriters can ensure they remain competitive, profitable, and efficient.

You may want to check Corporate Underwriter, Marine Cargo Underwriter, and Automotive Underwriter for alternative.

Job Description

Review and analyze aviation insurance applications to determine risk and develop rate plans for aircrafts
Determine coverage limits and terms for aviation insurance policies
Negotiate with aviation insurance brokers to ensure competitive rates
Monitor and analyze changes in the aviation industry to assess risk and adjust coverage accordingly
Develop aviation insurance products that meet customers needs
Communicate with aviation clients, claims adjusters, and other stakeholders to resolve coverage issues
Respond to customer inquiries regarding aviation insurance policies
Maintain records of aviation insurance policies and documents
Develop and deliver presentations to aviation insurance brokers and customers
Stay up to date on aviation regulations and industry trends

Skills and Competencies to Have

Knowledge of risk management principles
Familiarity with aviation industry regulations and standards
Analytical and problem-solving abilities
Excellent written and verbal communication skills
Ability to interpret complex aviation insurance policies
Ability to negotiate terms and conditions of aviation insurance policies
Strong customer service and interpersonal skills
Proficiency in Microsoft Office Suite and other relevant software programs
Knowledge of emerging technologies in the aviation insurance field
Ability to work independently and in a team environment

Being an Aviation Underwriter requires an extensive range of skills and knowledge. Chief among these is an in-depth understanding of the aviation industry, including its regulations, risks, and markets. In addition, the underwriter must have a strong analytical and problem-solving mindset to assess the risk of different aviation policies and determine the appropriate coverage.

Good communication skills are essential to effectively convey the details of coverage to clients and other stakeholders. Lastly, strong interpersonal skills are needed to build relationships with clients and partners, ensuring that their business needs are met. The successful combination of these skills and knowledge enables the Aviation Underwriter to develop comprehensive policies that meet the needs of their clients while minimizing risk and cost.

Operations Underwriter, Mortgage Underwriter, and Financial Lines Underwriter are related jobs you may like.

Frequent Interview Questions

What experience do you have in aviation underwriting?
What have you done to stay up-to-date on aviation underwriting regulations and trends?
How do you assess the risk associated with an aviation policy?
Describe a time when you had to effectively negotiate terms of an aviation policy.
What strategies do you use to ensure successful customer relationships?
What would you do if you encountered a customer who was not compliant with their aviation policy?
How do you prioritize tasks when faced with a large workload?
Describe a time when you had to make a difficult decision related to an aviation underwriting policy.
How do you handle stress and pressure in the workplace?
What would you do if you encountered an aviation policy that was too risky to accept?

Common Tools in Industry

Risk Analysis Software. A tool used to evaluate potential risks associated with aviation insurance policies. (eg: AIRRISK)
Underwriting System. A system that captures, stores and evaluates data in order to assess the risk of aviation insurance policies. (eg: InsureConnect)
Flight Tracking Software. Software used to monitor and analyze aircraft movements. (eg: FlightAware)
Document Management System. A system which allows you to store, manage and track aviation insurance documents. (eg: DocuSign)
Spreadsheet Software. A program used to create, manage and analyze data. (eg: Excel)
Claim Management Software. A system used to process and manage claims for aviation insurance policies. (eg: ClaimVantage)
Regulatory Database. A database which stores information about aviation regulations and requirements. (eg: Avinode)
Fleet Management Software. A system used to track and manage aircraft fleet operations. (eg: FleetOps)
Risk Management Software. A tool used to identify, assess, and mitigate risks associated with aviation insurance policies. (eg: RiskInsight)

Professional Organizations to Know

Aircraft Owners and Pilots Association (AOPA)
International Aviation Underwriters Association (IAUA)
National Business Aviation Association (NBAA)
Air Charter Safety Foundation (ACSF)
International Air Transport Association (IATA)
Federation Aviation Administration (FAA)
International Civil Aviation Organization (ICAO)
Aviation Insurance Association (AIA)
Global Aerospace Corporation (GAC)
National Transportation Safety Board (NTSB)

We also have Credit Underwriter, Life Insurance Underwriter, and Health Insurance Underwriter jobs reports.

Common Important Terms

Aviation Insurance. A type of insurance coverage that provides financial protection against losses related to aircraft, airports, and other aviation-related activities.
Liability Insurance. A form of insurance that protects an individual or business from liability for injury or damage caused by the insureds negligence or wrongful act.
Aircraft Hull Insurance. Insurance coverage for damage to an aircraft or its parts due to an accident or other event.
Aircraft Liability Insurance. Insurance coverage for any bodily injury or property damage caused by an aircraft.
Aircraft Cargo Insurance. Insurance coverage for the loss of cargo transported by an aircraft.
Airport Liability Insurance. Insurance coverage for any liability incurred at an airport due to an accident or other incident.
Airport Property Insurance. Insurance coverage for any property damage sustained at an airport due to an accident or other incident.
Aviation Risk Management. A process used to identify, analyze, and manage risks associated with aviation operations.
Aircraft Maintenance. The process of inspecting, maintaining, and repairing aircraft components in order to ensure their safe operation.
Aviation Law. The laws and regulations governing the operation and use of aircraft, airports, and other aviation-related activities.

Frequently Asked Questions

What is an Aviation Underwriter?

An Aviation Underwriter is a professional who evaluates the risks associated with aviation insurance and develops suitable coverage and pricing for aviation-related risks.

What qualifications are necessary to become an Aviation Underwriter?

To become an Aviation Underwriter, one must typically have a Bachelor's degree in a related field such as risk management, insurance, or finance, as well as several years of experience in aviation insurance.

What type of risks does an Aviation Underwriter assess?

An Aviation Underwriter assesses a variety of risks related to aviation operations, including pilot negligence, aircraft damage and loss, and third-party liability.

How does an Aviation Underwriter determine the price of aviation insurance?

An Aviation Underwriter evaluates the risks associated with the aircraft and its operations, and then applies actuarial data to determine the appropriate pricing for the coverage.

What are the benefits of having an Aviation Underwriter?

An Aviation Underwriter provides expertise in risk assessment and pricing, enabling insurance companies to offer competitive rates for aviation insurance. They also provide valuable insight into the industry, helping insurers make informed decisions about policies and coverage.