Insurance underwriter vs credit officer

The differences between insurance underwriters and credit officers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a credit officer has an average salary of $129,478, 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 credit officer are risk management, credit risk, and credit analysis.

Insurance underwriter vs credit officer overview

	Insurance Underwriter	Credit Officer
Yearly salary	$64,163	$129,478
Hourly rate	$30.85	$62.25
Growth rate	-4%	17%
Number of jobs	39,026	60,323
Job satisfaction	3	-
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 69%
Average age	44	39
Years of experience	-	2

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 credit officer do?

A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.

Insurance underwriter vs credit officer salary

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

	Insurance Underwriter	Credit Officer
Average salary	$64,163	$129,478
Salary range	Between $35,000 And $116,000	Between $85,000 And $196,000
Highest paying City	Hartford, CT	New York, NY
Highest paying state	Connecticut	New York
Best paying company	Citi	Farm Credit System
Best paying industry	-	Finance

Differences between insurance underwriter and credit officer education

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

	Insurance Underwriter	Credit Officer
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 69%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Insurance underwriter vs credit officer demographics

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

	Insurance Underwriter	Credit Officer
Average age	44	39
Gender ratio	Male, 33.4% Female, 66.6%	Male, 64.4% Female, 35.6%
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, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3%
LGBT Percentage	9%	11%

Differences between insurance underwriter and credit 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.

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Credit officer example responsibilities.

Manage credit risk and provide independent oversight of the bank portfolio.
Manage the global function for an ERP software company that has a niche market in manufacturing companies.
Manage SBA construction/tenant improvement projects submit until project is completed.
Partner with small and entrepreneurial business to develop business plans and assist business owners with achieving payroll.
Review clients file for compliance with: CIP, OFAC, HMDA, CRA and red flag activities.
Audit applications for HUD and IHDA compliance.

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Insurance underwriter vs credit 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 credit officer skills

Risk Management, 10%
Credit Risk, 7%
Credit Analysis, 5%
Real Estate, 4%
Credit Approval, 4%
Portfolio Management, 4%

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Updated January 8, 2025

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