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The differences between insurance analysts and underwriting consultants can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriting consultant has an average salary of $71,693, 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 underwriting consultant are life insurance, national accounts, and underwriting guidelines.
| Insurance Analyst | Underwriting Consultant | |
| Yearly salary | $55,424 | $71,693 |
| Hourly rate | $26.65 | $34.47 |
| Growth rate | -4% | -4% |
| Number of jobs | 44,280 | 6,804 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 77% |
| 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 underwriting consultant is an individual who provides underwriting guidelines to underwriters as well as coordinates revision of the underwriting manual. Underwriting consultants are required to handle complex cases and situations by using their strong knowledge of company services, product standards, and underwriting policies. They must use their verbal and written communication skills to guide the account management team across several business segments. Underwriting consultants must also assist with special projects and handle confidential matters assigned by the senior consultant or manager.
Insurance analysts and underwriting consultants have different pay scales, as shown below.
| Insurance Analyst | Underwriting Consultant | |
| Average salary | $55,424 | $71,693 |
| Salary range | Between $34,000 And $88,000 | Between $49,000 And $103,000 |
| Highest paying City | San Francisco, CA | Boston, MA |
| Highest paying state | California | Massachusetts |
| Best paying company | Credit Karma | CVS Health |
| Best paying industry | - | Health Care |
There are a few differences between an insurance analyst and an underwriting consultant in terms of educational background:
| Insurance Analyst | Underwriting Consultant | |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 77% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance analysts' and underwriting consultants' demographics:
| Insurance Analyst | Underwriting Consultant | |
| Average age | 44 | 44 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 48.2% Female, 51.8% |
| 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, 9.1% Unknown, 2.5% Hispanic or Latino, 9.7% Asian, 5.7% White, 72.8% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |