Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between commercial lines underwriters and underwriting specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial lines underwriter has an average salary of $67,892, which is higher than the $63,325 average annual salary of an underwriting specialist.
The top three skills for a commercial lines underwriter include CPCU, multi-line and commercial property. The most important skills for an underwriting specialist are customer service, underwriting guidelines, and financial statements.
| Commercial Lines Underwriter | Underwriting Specialist | |
| Yearly salary | $67,892 | $63,325 |
| Hourly rate | $32.64 | $30.44 |
| Growth rate | -4% | -4% |
| Number of jobs | 33,047 | 25,164 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 73% |
| Average age | 44 | 44 |
| Years of experience | - | - |
Commercial lines underwriters are professionals who are responsible for reviewing corporate insurance applications to evaluate the risk involved and to approve or disapprove applicants. These underwriters are required to analyze the business information of their clients as well as monitor their activities to change insurance policies when risk is high or substandard. They must contact outside parties to discuss and explain underwriting policies as well as quote rates. Commercial lines underwriters must also utilize underwriting guidelines so that they can determine the loss-ratio history and loss-control reports.
An underwriting specialist is responsible for reviewing clients' applications in availing financial services and determining their eligibility by analyzing credit scores and risk potential. Underwriting specialists record all necessary information and may ask for additional requirements for further investigation. They assess policy applications and implement terms and conditions upon approval and ensure that the clients understood the process to prevent miscommunication and payment delays. An underwriting specialist must have extensive knowledge of the loan and insurance disciplines to identify coverage and limitations for efficient contract negotiations.
Commercial lines underwriters and underwriting specialists have different pay scales, as shown below.
| Commercial Lines Underwriter | Underwriting Specialist | |
| Average salary | $67,892 | $63,325 |
| Salary range | Between $44,000 And $104,000 | Between $39,000 And $101,000 |
| Highest paying City | - | Boston, MA |
| Highest paying state | - | Massachusetts |
| Best paying company | - | AIG |
| Best paying industry | - | Finance |
There are a few differences between a commercial lines underwriter and an underwriting specialist in terms of educational background:
| Commercial Lines Underwriter | Underwriting Specialist | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial lines underwriters' and underwriting specialists' demographics:
| Commercial Lines Underwriter | Underwriting Specialist | |
| Average age | 44 | 44 |
| Gender ratio | Male, 43.1% Female, 56.9% | Male, 39.0% Female, 61.0% |
| Race ratio | Black or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 10.1% Asian, 5.8% White, 72.1% American Indian and Alaska Native, 0.4% | Black or African American, 8.9% Unknown, 2.5% Hispanic or Latino, 10.0% Asian, 5.8% White, 72.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |