Hiring and Sponsoring Insurance underwriters (SOC Code 3532)

Insurance Underwriters, classified under SOC Code 3532, are vital professionals in the insurance industry responsible for evaluating and managing risks associated with insurance proposals. Their key responsibilities include:

• Assessment and Evaluation: 
• • Receives and assesses proposals from brokers and clients.
  • Identifies and evaluates the risks tied to each proposal.
• Collaboration: 
• • Liaises with insurance surveyors, actuaries, and risk managers to clarify any uncertainties regarding risks.
• Premium Calculation: 
• • Calculates premiums for insurance policies and provides quotations based on risk assessment.
  • Issues policies once terms are accepted by clients, ensuring clarity in coverage.
• Policy Definition: 
• • Ensures that policies clearly outline the accepted liabilities along with any exceptions or exclusions.
• Reinsurance Negotiation: 
• • Negotiates terms of reinsurance contracts, balancing risk management with financial considerations.

With the ongoing complexity in the insurance landscape, the demand for skilled underwriters continues to rise, prompting many organizations to seek qualified professionals, including those from overseas. This guide aims to assist HR professionals in navigating the procedures for hiring and sponsoring insurance underwriters under the UK's immigration system.

What is SOC Code 3411 for Insurance underwriters?

SOC Code 3532 refers to insurance underwriters who assess and evaluate insurance proposals from brokers and clients. Their responsibilities can include:

• Receiving and assessing proposals: Evaluating insurance applications to determine their viability and associated risks.
• Identifying and evaluating risks: Analyzing the various risks linked to each insurance proposal.
• Liaising with professionals: Collaborating with insurance surveyors, actuaries, and risk managers for additional insights when risks are unclear.
• Calculating premiums: Determining appropriate pricing for insurance policies based on risk assessment.
• Providing quotations: Offering potential clients cost estimates and options for insurance coverage.
• Issuing policies: Finalizing and delivering insurance policies once terms are agreed upon by both parties.
• Defining liabilities: Ensuring that the insurance policy outlines accepted liabilities, along with any exceptions or exclusions clearly.
• Negotiating reinsurance terms: Engaging in discussions regarding the conditions of reinsurance contracts to manage risk effectively.

Insurance underwriters play a vital role in the financial services industry, helping to mitigate risk and ensure that clients receive the appropriate coverage for their specific needs.

Eligibility to Hire Insurance underwriters (SOC Code 3411)

1. Job Requirements

Insurance underwriters must demonstrate their analytical abilities and meet certain qualifications to effectively assess and manage insurance proposals. These may include:

• Education and Qualifications: A degree in finance, business administration, or a related field is often preferred. Professional certifications such as Chartered Property Casualty Underwriter (CPCU) can be advantageous.
• Experience: Prior experience in underwriting or in a related field such as risk assessment, claims handling, or insurance sales is valuable.
• Analytical Skills: Strong ability to analyze data, identify potential risks, and make informed decisions regarding underwriting proposals.
• Communication Skills: Excellent written and verbal communication skills are essential for liaising with brokers, clients, and other professionals, as well as negotiating terms.
• Attention to Detail: Meticulous in reviewing policy terms and ensuring that all liabilities, exceptions, and exclusions are clearly defined within insurance policies.
• Technical Proficiency: Proficiency in using underwriting software and other relevant tools for data analysis and risk assessment.

Ensure that the job description aligns with SOC Code 3532 and that the underwriter’s experience and skills meet the expectations for the role.

1. Salary Thresholds
2. Use the Minimum Salary Calculator to ensure your salary offer meets immigration requirements.

Sponsoring Insurance underwriters: A Step-by-Step Guide for HR Professionals

Once you’ve confirmed that the role and candidate meet the eligibility requirements, follow this step-by-step guide to sponsoring Insurance underwriters under SOC Code 3532.

Step 1: Obtain a Sponsor Licence

Before hiring non-UK Insurance underwriters, your company or institution must obtain a sponsor licence. This licence enables you to legally sponsor overseas Insurance underwriters under the Skilled Worker Visa program.

• Sponsor Licence Application: Submit documentation proving that your business is legitimate and has a genuine vacancy. Visit the sponsor licence application guide for more information. 
• Sponsor Licence Fees: Small businesses typically pay £574, while larger institutions pay £1,579. For more information, visit the sponsor licence fees guide. 
• Processing Time: Applications typically take up to 8 weeks, but using the Sponsor Licence Priority Service can reduce the processing time to 10 working days.

Once your sponsor licence is approved, you will receive a sponsor licence number, which allows you to assign Certificates of Sponsorship (CoS).

Step 2: Assign a Certificate of Sponsorship (CoS)

Once you have your sponsor licence, the next step is to assign a CoS to the Insurance underwriters. This document provides key details about the job and the individual being sponsored.

• Defined vs Undefined CoS: Use a Defined CoS for Insurance underwriters applying from outside the UK, and an Undefined CoS for those already in the UK. Learn more in the Defined & Undefined Certificates of Sponsorship guide. 
• Required Documents: Provide details such as the Insurance underwriters’s portfolio, passport and job offer. Refer to Documents Required for Certificate of Sponsorship for a full list of necessary documents.

Step 3: Apply for the Skilled Worker Visa

Once the CoS is issued, the Insurance underwriters can apply for the Skilled Worker Visa.

• Visa Fees: Fees vary depending on the role and visa length—use the visa fees calculator to estimate the costs. 
• Immigration Skills Charge: Employers are required to pay this charge as part of sponsoring non-UK workers. This is separate from visa fees.

Conducting a Right to Work Check for Insurance underwriters

Before the Insurance underwriters begins working, you must conduct a right to work check to ensure they are legally allowed to work in the UK.

• Manual Right to Work Check: Verify original documents such as the Insurance underwriters’s passport and visa. 
• Online Right to Work Check: If the Insurance underwriters holds an eVisa, you can use the UK government’s online system to verify their right-to-work status.

For more details on how to perform these checks, see the right to work check guide.

Post-Hiring Responsibilities and Compliance

1. Record-Keeping and Reporting  
2. • Record-Keeping: Maintain accurate and up-to-date records of the Insurance underwriters’s employment details, salary and contact information. 
   • Reporting Changes: Report any significant changes to the Insurance underwriters’s role—such as promotions or salary increases—via the Sponsor Management System (SMS).
3. Sponsor Licence Duties and Compliance
4. Failure to comply with your sponsor licence duties can result in penalties or sponsor licence revocation, impacting your ability to sponsor future Insurance underwriterss.

How Borderless Can Help with Sponsoring Insurance underwriters

Sponsoring Insurance underwriters under SOC Code 3532 can be a complex process, but Borderless can simplify it for you. We offer comprehensive support to help you manage the entire sponsorship process.

End-to-End Sponsorship Support

At Borderless, we assist with:

• Sponsor Licence Application: Guiding you through the application process and ensuring all required documents are submitted correctly. 
• Certificate of Sponsorship Assignment: Streamlining the CoS process to make hiring easier. 
• Compliance Management: Helping you stay compliant with immigration laws to avoid penalties.

If you need assistance with hiring or sponsoring Insurance underwriters, get in touch for personalised support.

Conclusion

Hiring and sponsoring Insurance underwriters under SOC Code 3532 can be a rewarding way to enrich the cultural landscape of your organisation. By following the steps outlined in this guide, you can successfully navigate the sponsorship process while ensuring compliance with UK immigration laws.

For further guidance, Borderless is ready to assist you with all your sponsorship needs. Contact us for expert advice.