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he insurance industry has been around for a long time and shall continue to do so. The processes have not changed much over time. Underwriting plays a critical role in this insurance industry. The purpose of underwriting is to accept liability for possible losses to the customers of the insurance business. The process aims at estimating the risk involved with insuring a potential policyholder. It consists of reviewing applications for new or renewing policyholders and calculating the risks with insuring a person or an asset, along with the premium payable for the coverage sought. As underwriting has to ascertain the risk involved for the insurance, it has a very significant role to play. It serves an essential function of assessing the degree of risk, helping investor decisions, calculating the appropriate premium amount, ensuring proper coverage, and a lot more.