Author
Bowtie Team
Updated on
2025-07-09
Disclaimer: This article is translated with the assistance of AI.
Underwriters play a crucial role in assessing risks for insurance companies and deciding whether to accept a client’s application. As a virtual insurer, does Bowtie still need underwriters for online applications? Dive into this exclusive sharing from Bowtie’s underwriters to uncover their job scope and the key factors they consider!
What Does an Underwriter Do?
An underwriter is a key player in the insurance industry, with a range of critical responsibilities that include:
- Assessing risks on behalf of the insurance company.
- Evaluating whether to accept a client’s insurance application, and verifying if the information provided is complete. If not, they provide clear guidance to ensure all necessary documents are obtained.
- Determining if a policy requires a premium increase or additional exclusions based on the client’s application details (such as age, gender, and health condition).
- For high-risk clients, underwriters may decide to decline coverage.
This entire process is commonly referred to as underwriting .
Underwriting Examples in Action
Take accident, medical, and critical illness insurance products as examples. While each product has different underwriting requirements, the factors underwriters consider are largely similar. For instance, a client’s “occupational risk” is a necessary consideration across all three product types, but it’s especially critical for accident insurance.
On the other hand, if a client reports a family history of breast cancer, the underwriter will assess factors like the insured’s “age,” “gender,” “the age at which the relative was diagnosed,” and “their relationship to the insured.” Based on this, they decide the scope of medical and critical illness coverage, whether to increase the premium (commonly called “loading”), or add exclusions. Accident coverage, however, remains unaffected by such factors.
Qualifications to Become an Underwriter
Educational requirements for underwriters vary across insurance companies. Many traditional insurers follow a “mentorship system,” where an experienced underwriter personally trains a newcomer to become a skilled professional.
Additionally, different types of insurance companies have varying expectations for underwriters. Generally, a company assigns authority and the maximum coverage amount an underwriter can approve based on their experience and past performance.
Does Bowtie Use Underwriters or Computers?
Bowtie pioneered Hong Kong’s first fully online medical underwriting system. Applicants don’t need medical checkups or paperwork—just answer a few dozen health-related questions (95% are multiple-choice), and the system instantly underwrites and calculates premiums. The entire application process can be completed in as little as 10 minutes.
Bowtie’s online medical underwriting system provides preliminary results for all applications. Meanwhile, Bowtie’s underwriters serve as the final gatekeepers, reviewing and confirming results, offering professional input, and periodically updating the online system.
Bowtie Underwriter Insights: Key Underwriting Factors
When underwriters evaluate insurance applications, they typically consider these 5 key factors:
- Results of due diligence on the client
- Insurable interest between the policyholder and the insured
- Suitability of the coverage amount and scope for the client
- Client’s age, gender, and smoking habits
- General risk management, including risks related to residence, occupation, and the insured’s health factors
How Bowtie Differs from Traditional Insurers in Underwriting?
Traditional insurance companies often rely on physical medical check-ups for risk assessment, which can be quite cumbersome. In contrast, Bowtie offers a fully online medical underwriting system that simplifies the process and shortens the time needed to complete application forms. Bowtie’s underwriters assess risks based solely on the information and reports provided by clients, making direct decisions on underwriting outcomes. This streamlined process is much simpler for both clients and underwriters alike.
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