Key Takeaways
- Underwriting is investigative work. Owen learned that every account requires critical thinking, risk analysis, and a detective-like approach to uncover key insights.
- Interns gain real-world industry experience. From underwriting reviews to carrier meetings, hands-on exposure accelerated his learning and professional growth.
- Insurance offers diverse, impactful career paths. What started as a networking connection became a potential career, highlighting the industry’s opportunity and long-term stability.
Open Mind, New Career Path
Choosing an internship can sometimes lead you down a path you never expected. For Innovative Program Solutions (IPS) underwriting intern Owen Breheny, what began as a connection through the Insure Your Future Program transformed into a hands-on introduction to an industry that proved far more dynamic and engaging than anticipated.
From learning to approach underwriting like a detective investigating risks to developing innovative solutions with AI tools, Owen’s experience challenged preconceived notions about insurance and opened the door to exciting career possibilities.
In this Q&A, Owen shares his first impressions, key lessons, biggest accomplishments, and advice for students considering a future in underwriting or the insurance industry.
First Impressions
What sparked your interest in an underwriting internship with IPS, and what surprised you most once you started?
I first learned of the IPS underwriting internship through Michael Gould, the director of the Insure Your Future Program. I connected with him, expressed my interest in the insurance industry, and Michael helped me get an interview at Holmes Murphy during my freshman year. Everyone talks about the importance of networking and this experience proved it. Thanks, Michael!
During my interview, I enjoyed meeting everyone and thought IPS would be a great place to work. I had never heard of underwriting, so I researched it and found it interesting. What surprised me most was how much investigation underwriting requires. When reviewing an account, you need to think like a detective.
Before this role, how did you perceive the insurance industry and how has that changed during your internship?
Before this role, I knew only the basics of insurance, such as how it helps protect things like your home or car if something goes wrong. I expected insurance to be somewhat boring, but I came into the internship with an open mind. I was pleasantly surprised to discover that insurance is much more interesting than I originally thought. There are many niche, specialized areas, and I quickly realized there’s far more involved in the industry than I understood before.
Professional Development
What are some of the key skills or concepts you’ve learned so far that you didn’t expect to gain in an underwriting internship role?
One skill I didn’t expect to develop was investigation. I didn’t realize it before starting, but underwriting is essentially investigative work applied to insurance. That is part of what makes it interesting to me, every account is different, which keeps the work engaging.
Can you walk us through a typical day as an underwriting intern at IPS?
I typically begin working on CaptiveXS submissions and setting them up in our systems. Most days include a few meetings, such as learning sessions with team members about specific lines of insurance, like property or workers’ compensation, connecting with carriers, or conversations with potential clients. I also have one-on-one meetings with people across the business to better understand how everyone works together.
What tasks or projects have been most impactful to your learning?
I would say the most impactful projects have been when one of our underwriters gives me an account to look at and I get to make notes about the account as if I’m going to quote it. This really helped me get a good understanding about what the underwriting process looks like and showed me what things to look for when underwriting. I’ve also reviewed broker communications and sat in on carrier meetings, which has helped me understand what they expect from us, including the importance of tracking accurate data to meet their requirements.
Challenges & Growth
What’s been the most challenging aspect of the internship so far, and how have you navigated it?
The most challenging part of the internship so far has been learning to navigate new systems and applications. Some of them can be confusing at first because they have so many features and options. Fortunately, the team has been very helpful, and I’ve found that the best way to become comfortable with the systems is through hands-on practice, which I’ve had plenty of throughout my internship.
Can you share a moment during your internship when you felt especially proud or accomplished?
Our team uses underwriting software that reviews an account’s submission spreadsheet and supplemental application to generate an underwriting summary. It worked well for new submissions, but we ran into issues with renewals because it often pulled too much information from the previous year, making the summary less useful for underwriters. I refreshed the process and named the new version “Breheny Bot,” and I’m proud of it because it provides real value to the team and will continue to be useful in the future.
Career Perspective
How has this internship influenced your career goals or perspective on working in insurance long-term?
This internship has shown me that underwriting is something I genuinely enjoy and could see myself pursuing in the future. It has also helped me understand how broad the insurance industry is, especially with surplus lines on the rise.
What advice would you give to other college students considering an internship—or career—in insurance or underwriting?
My biggest advice to college students considering an internship or career in insurance is to keep an open mind and take advantage of the opportunities available to you. Insurance was not something I had seriously considered before, but I’m grateful I gave it a chance because it’s been an amazing experience. It’s also an industry that will always be needed, since almost everything we own is protected by some form of insurance.
Learn More About the IPS Team
With new programs and partnerships on the horizon, the IPS team is growing! Reach out today to learn more about our capabilities and opportunities for careers and internships.