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The differences between insurance underwriters and insurance brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance broker has an average salary of $94,006, 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 an insurance broker are customer service, life insurance products, and lead generation.
| Insurance Underwriter | Insurance Broker | |
| Yearly salary | $64,163 | $94,006 |
| Hourly rate | $30.85 | $45.20 |
| Growth rate | -4% | 6% |
| Number of jobs | 39,026 | 38,403 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 64% |
| Average age | 44 | 46 |
| 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.
Insurance brokers are responsible for assisting clients to determine their liability risks and in selecting the appropriate policies for their family, home, business, or automobile to ensure their protection. They direct clients in creating a sound decision and supply them with a variety of quotes that best suit their needs. Their duties include demonstrating the benefits, terms, conditions, and suspension for a number of participating insurance policies. Also, they may negotiate lesser rates for their clients and continue in guiding these clients in technical issues like filing a claim or changing their insurance coverage.
Insurance underwriters and insurance brokers have different pay scales, as shown below.
| Insurance Underwriter | Insurance Broker | |
| Average salary | $64,163 | $94,006 |
| Salary range | Between $35,000 And $116,000 | Between $62,000 And $141,000 |
| Highest paying City | Hartford, CT | Birmingham, AL |
| Highest paying state | Connecticut | Washington |
| Best paying company | Citi | Liberty Mutual Insurance |
| Best paying industry | - | Insurance |
There are a few differences between an insurance underwriter and an insurance broker in terms of educational background:
| Insurance Underwriter | Insurance Broker | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters' and insurance brokers' demographics:
| Insurance Underwriter | Insurance Broker | |
| Average age | 44 | 46 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 62.5% Female, 37.5% |
| 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, 3.6% Hispanic or Latino, 15.9% Asian, 4.9% White, 66.2% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 9% | 7% |