Stuart Somerville
- Name
- Stuart Somerville
- Age
- 26
- Role
- Underwriter (Property investors - commercial)
- Company
- Zurich Commercial
- Degree/University
- Business management with two economic papers, University of Glasgow
Why did you choose the insurance industry?
I wanted to put my management and economics studies into practice, but also use my interpersonal skills: being able to meet a broker and go through the file together is still a great way to get a thorough understanding of a risk.
Underwriting is a well-paid, rewarding and exciting profession, which gives you the opportunity to sample a variety of areas and develop transferable skills.
I think it's an exciting time to get into insurance - for an industry that's been around for centuries, it continues to evolve and is currently experiencing one of its greatest periods of transformation. I'm proud to work for an industry that is a cornerstone of the UK economy, and places the UK at the hub of global trade and finance, by ensuring that business can proceed with minimal risk.
The work is interesting and exciting; the people I deal with daily come from a wide variety of backgrounds, with a range of views and experience. The remuneration is good, and there's a good social aspect to our work, without this being a job that takes over your life.
What have you done in your career so far?
I joined Zurich in October 2004, which already seems a lifetime ago considering how much I've learned since then. On the graduate programme, I've had the chance to spend time in different areas of the organisation - from Zurich Municipal, which provides insurance and risk services to local authorities, schools and charities, to Zurich Claims, where I was able to see the tangible side of insurance.
Now I'm an underwriter in the property investors unit within Zurich Commercial, which underwrites multi-million pound property portfolios across the UK, Europe and beyond. My role involves evaluating the risk presented by the individual premises within a portfolio, and calculating a corresponding premium to offer by way of quotation.
What do you do in a typical working day?
The majority of my day is spent responding to broker's phone calls and emails regarding presentations they've submitted - the locations on the portfolio need to be assessed in terms of their potential risk exposure to perils like fire, flood, malicious damage, subsidence etc., so an accurate understanding of their occupation and location is essential.
If we successfully quote on a case and bring it on to our books it may be necessary for a survey programme to be initiated to highlight potential risks not previously identified; as such, a substantial part of my day will be spent discussing cases with our risk analysts, and relaying their findings to the broker who then reports our concerns to the client.
Another crucial activity is capturing management information, which is used to set the rates we charge - this data has to be timely and accurate to be useful, so although our business takes place at a swift pace, attention to detail is paramount.
I work closely with the brokers who present me with a risk. This relationship with the broker is key, as much of the broker's service depends on the service he receives from the underwriter. I need to make sure I can offer a relevant, competitive quotation, quickly. In this kind of environment, it's not necessarily the cheapest price that closes the deal, but the best service: this is what we aim to deliver.
What training have you received?
My training has included structured learning and development within the framework of the graduate programme, and on-the-job training.
I've attended courses on subjects such as personal presence and impact, persuasion and influencing, presentation skills and time management etc. These take place at Zurich's purpose-built training facilities in country surroundings outside Swindon. I also use the Zurich e-Learning platform, which allows me to take courses at a time that suits me.
As well as job rotations, continuous on-the-job training includes mentoring, coaching, and team-based development. Arguably the most useful training is simply getting stuck in, asking questions, and just giving it your best shot: being involved in the day-to-day deals and conversations has been the fastest, most effective way of building knowledge and experience.
I'm presently just over half way through the Chartered Insurance Institute accreditation process, sitting a couple of exams every six months. When completed, I'll be able to proudly tag 'ACII' on to my business cards. It's not an easy task combining a full-time job with part-time study. It takes commitment to work a full day and then sit down for a few hours' study in the evening, but with study-leave and a bit of determination, it's certainly do-able.
What do you enjoy most about your job?
The great thing about insurance, and underwriting in particular, is that it balances numerical manipulation and making sense of financial data, calculating risks exposure, loss ratios, profit etc. on the one hand, with the personal interaction with brokers and clients where relationships and negotiation are critical. It's this mesh of hard and soft skills that ensures every day is varied and interesting.
