Risk assessment, also known as underwriting, is a method used by insurers to assess the risks associated with an insurance policy. This helps in calculating the right premium for an insurer.
Underwriters are trained insurance professionals who understand risks and know how to prevent them. They have specialized knowledge in risk assessment. They use their expertise and information base to decide whether to insure something or someone - and at what cost.
Insurance underwriting involves assessing the factors that determine a potential customer's risk profile. The specific factors depend on the type of insurance you are applying for. These are the most common factors:
After understanding these factors, he or she will try to determine whether your company has any risk factors that might affect your choice as a buyer of a particular type of insurance.
We at Jubiliant have the necessary expertise and systems to assess the risk of Person, Vehicle, Goods, Homes, and more. We will analyse the factors of risk and help you choose the best policy to cover your risk.