The Prize

The Challenge is to shorten the period of apprenticeship, whilst at the same time allowing the trainee more scope for doing "real work" in a more complex, more regulated environment; and concurrently improving professional standards. 

Research has shown that, given the right quality of recruit and the right apprenticeship programme, the period of apprenticeship can be reduced to two years.

The Prize. Successful underwriters generate substantial profits for their syndicates.  Generally speaking, the more senior underwriters generate the most profits.  Similarly, there is a significant difference in the profits earned by the best underwriters and their "average" colleagues.

There is a significant financial pay-off from:

• Bringing in high quality recruits
• Getting trainees "up-to-speed" more quickly
• Developing an underwriter's capability
• Accelerating underwriters' careers

See the financial return section of this website.

Safeguards

There will be understandable concerns about shortening the period of apprenticeship, for whilst the prize can be significant, underwriting errors can have spectacular consequences.  It is essential to ensure that underwriting is performed in a controlled environment only by people who have the required capability and not by those who lack the basic ability or who are not yet ready.  This demands:

• Clear and realistic mutual expectations
• Reliable criteria and proven methods for assessment and development
• Well defined standards and processes