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The differences between insurance underwriters and insurance analysts 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 $55,424 average annual salary of an insurance analyst.
The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for an insurance analyst are insurance coverage, insurance policies, and life insurance.
| Insurance Underwriter | Insurance Analyst | |
| Yearly salary | $64,163 | $55,424 |
| Hourly rate | $30.85 | $26.65 |
| Growth rate | -4% | -4% |
| Number of jobs | 39,026 | 44,280 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 58% |
| Average age | 44 | 44 |
| Years of experience | - | - |
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 insurance analyst provides analytical services to maintain an efficient workflow at insurance companies. They are typically in charge of evaluating insurance policies to identify possible risks for the policyholder and the company, validating client information, and reviewing insurance applications to ensure their accuracy. They may meet with clients to answer inquiries, make arrangements, and advise which policies suit them the best. Moreover, an insurance analyst may process policy renewals and amendments, maintain records, perform cancellations, and investigate claims while adhering to the company's policies and regulations.
Insurance underwriters and insurance analysts have different pay scales, as shown below.
| Insurance Underwriter | Insurance Analyst | |
| Average salary | $64,163 | $55,424 |
| Salary range | Between $35,000 And $116,000 | Between $34,000 And $88,000 |
| Highest paying City | Hartford, CT | San Francisco, CA |
| Highest paying state | Connecticut | California |
| Best paying company | Citi | Credit Karma |
| Best paying industry | - | - |
There are a few differences between an insurance underwriter and an insurance analyst in terms of educational background:
| Insurance Underwriter | Insurance Analyst | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters' and insurance analysts' demographics:
| Insurance Underwriter | Insurance Analyst | |
| Average age | 44 | 44 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 28.7% Female, 71.3% |
| 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, 11.1% Unknown, 2.4% Hispanic or Latino, 9.0% Asian, 5.4% White, 71.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |