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The differences between insurance underwriters and commercial loan officers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $64,163 average annual salary of an insurance underwriter.
The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Insurance Underwriter | Commercial Loan Officer | |
| Yearly salary | $64,163 | $70,876 |
| Hourly rate | $30.85 | $34.08 |
| Growth rate | -4% | 4% |
| Number of jobs | 39,026 | 91,582 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 76% |
| 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.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Insurance underwriters and commercial loan officers have different pay scales, as shown below.
| Insurance Underwriter | Commercial Loan Officer | |
| Average salary | $64,163 | $70,876 |
| Salary range | Between $35,000 And $116,000 | Between $50,000 And $100,000 |
| Highest paying City | Hartford, CT | Fort Lee, NJ |
| Highest paying state | Connecticut | Maine |
| Best paying company | Citi | Glacier Ban |
| Best paying industry | - | Finance |
There are a few differences between an insurance underwriter and a commercial loan officer in terms of educational background:
| Insurance Underwriter | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters' and commercial loan officers' demographics:
| Insurance Underwriter | Commercial Loan Officer | |
| Average age | 44 | 45 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 73.8% Female, 26.2% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |