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Insurance underwriter vs insurance analyst

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 vs insurance analyst overview

Insurance UnderwriterInsurance Analyst
Yearly salary$64,163$55,424
Hourly rate$30.85$26.65
Growth rate-4%-4%
Number of jobs39,02644,280
Job satisfaction3-
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 58%
Average age4444
Years of experience--

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 an insurance analyst do?

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 underwriter vs insurance analyst salary

Insurance underwriters and insurance analysts have different pay scales, as shown below.

Insurance UnderwriterInsurance Analyst
Average salary$64,163$55,424
Salary rangeBetween $35,000 And $116,000Between $34,000 And $88,000
Highest paying CityHartford, CTSan Francisco, CA
Highest paying stateConnecticutCalifornia
Best paying companyCitiCredit Karma
Best paying industry--

Differences between insurance underwriter and insurance analyst education

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

Insurance UnderwriterInsurance Analyst
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 58%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Insurance underwriter vs insurance analyst demographics

Here are the differences between insurance underwriters' and insurance analysts' demographics:

Insurance UnderwriterInsurance Analyst
Average age4444
Gender ratioMale, 33.4% Female, 66.6%Male, 28.7% Female, 71.3%
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, 11.1% Unknown, 2.4% Hispanic or Latino, 9.0% Asian, 5.4% White, 71.7% American Indian and Alaska Native, 0.4%
LGBT Percentage9%9%

Differences between insurance underwriter and insurance analyst 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

Insurance analyst example responsibilities.

  • Cold-Cal to generate leads for individual life and disability insurance and annuities.
  • Organize and examine medical records for physical therapy clinics for patients, attorneys and disability insurance claims.
  • Verify insurance benefits for specialty medications cover under both pharmacy and major medical benefits and communicate coverage to patients and physicians.
  • Prepare project kickoff PowerPoint presentation for client site visits.
  • Review retail and wholesale files to submit to FHA for HUD insuring.
  • Provide supporting documentation and reconciliation reports for monthly close and billing using GAAP.
  • Show more

Insurance underwriter vs insurance analyst skills

Common insurance underwriter skills
  • Health Insurance, 11%
  • Insurance Underwriting, 8%
  • Insurance Coverage, 8%
  • Customer Service, 8%
  • Underwriting Guidelines, 7%
  • Insurance Products, 6%
Common insurance analyst skills
  • Insurance Coverage, 11%
  • Insurance Policies, 8%
  • Life Insurance, 6%
  • Patients, 5%
  • Health Insurance, 5%
  • PowerPoint, 5%

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