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Insurance underwriter vs commercial loan officer

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 vs commercial loan officer overview

Insurance UnderwriterCommercial Loan Officer
Yearly salary$64,163$70,876
Hourly rate$30.85$34.08
Growth rate-4%4%
Number of jobs39,02691,582
Job satisfaction3-
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 76%
Average age4445
Years of experience-6

What does an insurance underwriter do?

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.

What does a commercial loan officer do?

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 underwriter vs commercial loan officer salary

Insurance underwriters and commercial loan officers have different pay scales, as shown below.

Insurance UnderwriterCommercial Loan Officer
Average salary$64,163$70,876
Salary rangeBetween $35,000 And $116,000Between $50,000 And $100,000
Highest paying CityHartford, CTFort Lee, NJ
Highest paying stateConnecticutMaine
Best paying companyCitiGlacier Ban
Best paying industry-Finance

Differences between insurance underwriter and commercial loan officer education

There are a few differences between an insurance underwriter and a commercial loan officer in terms of educational background:

Insurance UnderwriterCommercial Loan Officer
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 76%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Insurance underwriter vs commercial loan officer demographics

Here are the differences between insurance underwriters' and commercial loan officers' demographics:

Insurance UnderwriterCommercial Loan Officer
Average age4445
Gender ratioMale, 33.4% Female, 66.6%Male, 73.8% Female, 26.2%
Race ratioBlack 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 Percentage9%8%

Differences between insurance underwriter and commercial loan officer duties and responsibilities

Insurance underwriter example responsibilities.

  • Manage patient's records, appointments, and account balances while adhering to HIPPA standards.
  • Manage A/R, A/P, credentialing, surgery scheduling, and coordinate patient referrals to other physicians.
  • Manage operating procedure and accounting systems for payroll, operating expenses, supplies and inventory management and commercial accounts.
  • Prepare all HCFA billing with proper ICD-9 codes and CPT codes for accurate turn around time on payments.
  • Follow up with insurance carriers and patients to expedite the recovery of payment obligations
  • File insurance and process billing and payments, coordinate patients financial arrangements, present treatment plans, verify insurance coverage.
  • Show more

Commercial loan officer example responsibilities.

  • Create and manage mortgage loan department along with commercial consumer, SBA and real estate lending producing additional revenue stream.
  • Manage a multifacete commercial real estate investment firm.
  • Mortgage underwriter for FHA direct endorsement, VA authorize & FNMA delegate programs.
  • Sign and issue payroll checks to contractors hire to complete REO projects.
  • Secure new loans, investment accounts, treasury management products and depository accounts.
  • Compile figures for sales amount prior to selling real estate own (REO).
  • Show more

Insurance underwriter vs commercial loan officer skills

Common insurance underwriter skills
  • Health Insurance, 11%
  • Insurance Underwriting, 8%
  • Insurance Coverage, 8%
  • Customer Service, 8%
  • Underwriting Guidelines, 7%
  • Insurance Products, 6%
Common commercial loan officer skills
  • Customer Service, 9%
  • Loan Portfolio, 8%
  • Financial Statements, 6%
  • Business Development, 6%
  • Commercial Loans, 4%
  • Bank Products, 4%

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