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The differences between insurance producers and underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance producer has an average salary of $65,112, which is higher than the $61,751 average annual salary of an underwriter.
The top three skills for an insurance producer include casualty insurance, customer service and develop leads. The most important skills for an underwriter are customer service, investor guidelines, and mortgage loans.
| Insurance Producer | Underwriter | |
| Yearly salary | $65,112 | $61,751 |
| Hourly rate | $31.30 | $29.69 |
| Growth rate | 6% | -4% |
| Number of jobs | 44,922 | 8,510 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 66% |
| Average age | 46 | 44 |
| Years of experience | - | - |
An insurance producer is responsible for selling and buying financial services and products for an insurance company. They negotiate issues regarding health, life insurance, and other properties. Also, an insurance producer maintains a good relationship between clients and prospective clients by offering the best insurance service and ensuring that all the policies and guidelines are fully followed.
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 producers and underwriters have different pay scales, as shown below.
| Insurance Producer | Underwriter | |
| Average salary | $65,112 | $61,751 |
| Salary range | Between $45,000 And $93,000 | Between $39,000 And $96,000 |
| Highest paying City | Madison, WI | Boston, MA |
| Highest paying state | Wisconsin | Massachusetts |
| Best paying company | Dahl Consulting | |
| Best paying industry | Real Estate | Manufacturing |
There are a few differences between an insurance producer and an underwriter in terms of educational background:
| Insurance Producer | Underwriter | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance producers' and underwriters' demographics:
| Insurance Producer | Underwriter | |
| Average age | 46 | 44 |
| Gender ratio | Male, 51.9% Female, 48.1% | Male, 38.4% Female, 61.6% |
| Race ratio | Black or African American, 9.5% Unknown, 3.6% Hispanic or Latino, 16.1% Asian, 4.9% White, 65.8% American Indian and Alaska Native, 0.1% | 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 | 7% | 9% |