What is the purpose of field underwriting?

Field underwriting plays a critical role in the insurance process by matching applicants with suitable insurers. This is accomplished through a thorough assessment of an applicant's risk profile, which involves gathering information about their background, demographic details, and specific needs. The goal is to determine the appropriate coverage levels and types, ensuring that applicants receive policies that align with their individual circumstances and that the insurer can adequately manage the risk associated with insuring them.

In this process, underwriters typically evaluate various factors such as the applicant's previous insurance history, the nature of the coverage they are seeking, and any pertinent data that can predict future claims. Through this careful matching process, field underwriting helps to minimize the likelihood of unsustainable risks being accepted by insurers, ultimately contributing to the overall stability of the insurance market.