A commercial lines underwriter is an individual who reviews corporate insurance applications. They evaluate the risks involved with each application based on the company's business and determine whether the applicants qualify for an insurance policy. The underwriter analyzes customers' business information and claims history, accepts or rejects applicants, and monitors the activities of applicants to determine whether or not the risk of insuring those applicants is too high or insufficient.
Most commercial line underwriters have a bachelor's degree in business, finance, economics, or a related field. However, some employers may consider candidates who have comparable experience in the insurance industry. A commercial lines underwriter should possess strong mathematical, analytical, and communication skills, and should be adept at using computers and financial software.
A commercial lines underwriter can make up to $52,000 annually, but the job market is expected to decline slightly by 5% in the next 10 years.
There is more than meets the eye when it comes to being a Commercial Lines Underwriter. For example, did you know that they make an average of $27.67 an hour? That's $57,558 a year!
Between 2018 and 2028, the career is expected to grow -5% and produce -5,400 job opportunities across the U.S.
There are certain skills that many Commercial Lines Underwriters have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Analytical skills, Detail oriented and Interpersonal skills.
If you're interested in becoming a Commercial Lines Underwriter, one of the first things to consider is how much education you need. We've determined that 76.5% of Commercial Lines Underwriters have a bachelor's degree. In terms of higher education levels, we found that 6.0% of Commercial Lines Underwriters have master's degrees. Even though most Commercial Lines Underwriters have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a Commercial Lines Underwriter. When we researched the most common majors for a Commercial Lines Underwriter, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Commercial Lines Underwriter resumes include Master's Degree degrees or High School Diploma degrees.
You may find that experience in other jobs will help you become a Commercial Lines Underwriter. In fact, many Commercial Lines Underwriter jobs require experience in a role such as Underwriter. Meanwhile, many Commercial Lines Underwriters also have previous career experience in roles such as Personal Lines Underwriter or Customer Service Representative.