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The differences between insurance analysts and underwriting specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriting specialist has an average salary of $63,325, 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 specialist are customer service, underwriting guidelines, and financial statements.
| Insurance Analyst | Underwriting Specialist | |
| Yearly salary | $55,424 | $63,325 |
| Hourly rate | $26.65 | $30.44 |
| Growth rate | -4% | -4% |
| Number of jobs | 44,280 | 25,164 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 73% |
| 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 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.
Insurance analysts and underwriting specialists have different pay scales, as shown below.
| Insurance Analyst | Underwriting Specialist | |
| Average salary | $55,424 | $63,325 |
| Salary range | Between $34,000 And $88,000 | Between $39,000 And $101,000 |
| Highest paying City | San Francisco, CA | Boston, MA |
| Highest paying state | California | Massachusetts |
| Best paying company | Credit Karma | AIG |
| Best paying industry | - | Finance |
There are a few differences between an insurance analyst and an underwriting specialist in terms of educational background:
| Insurance Analyst | Underwriting Specialist | |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance analysts' and underwriting specialists' demographics:
| Insurance Analyst | Underwriting Specialist | |
| Average age | 44 | 44 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 39.0% Female, 61.0% |
| 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, 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% |