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The differences between insurance analysts and underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriter has an average salary of $61,751, which is higher than the $55,424 average annual salary of an insurance analyst.
The top three skills for an insurance analyst include insurance coverage, insurance policies and life insurance. The most important skills for an underwriter are customer service, investor guidelines, and mortgage loans.
| Insurance Analyst | Underwriter | |
| Yearly salary | $55,424 | $61,751 |
| Hourly rate | $26.65 | $29.69 |
| Growth rate | -4% | -4% |
| Number of jobs | 44,280 | 8,510 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 66% |
| Average age | 44 | 44 |
| Years of experience | - | - |
An insurance analyst provides analytical services to maintain an efficient workflow at insurance companies. They are typically in charge of evaluating insurance policies to identify possible risks for the policyholder and the company, validating client information, and reviewing insurance applications to ensure their accuracy. They may meet with clients to answer inquiries, make arrangements, and advise which policies suit them the best. Moreover, an insurance analyst may process policy renewals and amendments, maintain records, perform cancellations, and investigate claims while adhering to the company's policies and regulations.
An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.
Insurance analysts and underwriters have different pay scales, as shown below.
| Insurance Analyst | Underwriter | |
| Average salary | $55,424 | $61,751 |
| Salary range | Between $34,000 And $88,000 | Between $39,000 And $96,000 |
| Highest paying City | San Francisco, CA | Boston, MA |
| Highest paying state | California | Massachusetts |
| Best paying company | Credit Karma | |
| Best paying industry | - | Manufacturing |
There are a few differences between an insurance analyst and an underwriter in terms of educational background:
| Insurance Analyst | Underwriter | |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance analysts' and underwriters' demographics:
| Insurance Analyst | Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 38.4% Female, 61.6% |
| Race ratio | Black or African American, 11.1% Unknown, 2.4% Hispanic or Latino, 9.0% Asian, 5.4% White, 71.7% American Indian and Alaska Native, 0.4% | Black or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 72.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |