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The differences between insurance underwriters and closers 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 $29,291 average annual salary of a closer.
The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Insurance Underwriter | Closer | |
| Yearly salary | $64,163 | $29,291 |
| Hourly rate | $30.85 | $14.08 |
| Growth rate | -4% | 4% |
| Number of jobs | 39,026 | 7,560 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 35% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
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.
The duties of a closer depend on one's line of work or industry of employment. Typically, their responsibilities revolve around liaising with clients to ensure that they understand and adhere to all terms of the agreement, completing all requirements and necessary documents, and maintaining records of all transactions. A closer must also monitor the regular payments of clients to ensure their compliance with the agreement, answer any inquiries, perform follow-up calls, and address any issues or concerns, resolving them promptly and efficiently.
Insurance underwriters and closers have different pay scales, as shown below.
| Insurance Underwriter | Closer | |
| Average salary | $64,163 | $29,291 |
| Salary range | Between $35,000 And $116,000 | Between $20,000 And $40,000 |
| Highest paying City | Hartford, CT | Greece, NY |
| Highest paying state | Connecticut | Hawaii |
| Best paying company | Citi | GPAC |
| Best paying industry | - | - |
There are a few differences between an insurance underwriter and a closer in terms of educational background:
| Insurance Underwriter | Closer | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters' and closers' demographics:
| Insurance Underwriter | Closer | |
| Average age | 44 | 45 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 45.0% Female, 55.0% |
| 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, 9.4% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.1% White, 63.1% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |