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The differences between insurance underwriters and adjusters can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance underwriter has an average salary of $64,163, which is higher than the $49,396 average annual salary of an adjuster.
The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for an adjuster are customer service, strong customer service, and litigation.
| Insurance Underwriter | Adjuster | |
| Yearly salary | $64,163 | $49,396 |
| Hourly rate | $30.85 | $23.75 |
| Growth rate | -4% | -6% |
| Number of jobs | 39,026 | 7,936 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 62% |
| Average age | 44 | 44 |
| Years of experience | - | 4 |
An insurance underwriter specializes in identifying and assessing financial risks in insurance policies. It is their duty to gather and review insurance applications, understand the coverage of policies and claims, determine a client's ability to uphold financial obligations by studying their personal information, and develop strategies to prevent the impact of risks and financial losses. They may also negotiate with external parties while adhering to the company's rules and regulations. Moreover, there are instances when an insurance underwriter must produce progress reports and presentations for managers and executives.
An adjuster is responsible for evaluating the extent of loss in the company by calculating the damage costs, determining the settlement payment to the client, and managing the reputation of the company for claims accountability. Adjusters must have extensive knowledge of the insurance principles and processes, following the state and federal regulations to protect clients and the business from insurance fraud. They collect documents from different organizations, perform field research, and interview witnesses to verify the accuracy of claims statement.
Insurance underwriters and adjusters have different pay scales, as shown below.
| Insurance Underwriter | Adjuster | |
| Average salary | $64,163 | $49,396 |
| Salary range | Between $35,000 And $116,000 | Between $35,000 And $68,000 |
| Highest paying City | Hartford, CT | Parsippany-Troy Hills, NJ |
| Highest paying state | Connecticut | New Jersey |
| Best paying company | Citi | FCCI |
| Best paying industry | - | Insurance |
There are a few differences between an insurance underwriter and an adjuster in terms of educational background:
| Insurance Underwriter | Adjuster | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between insurance underwriters' and adjusters' demographics:
| Insurance Underwriter | Adjuster | |
| Average age | 44 | 44 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 56.9% Female, 43.1% |
| Race ratio | Black or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 9.9% Asian, 5.7% White, 72.3% American Indian and Alaska Native, 0.4% | Black or African American, 12.2% Unknown, 4.4% Hispanic or Latino, 16.3% Asian, 5.1% White, 61.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 10% |