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The differences between insurance underwriters and insurance producers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance producer has an average salary of $65,112, 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 producer are casualty insurance, customer service, and develop leads.
| Insurance Underwriter | Insurance Producer | |
| Yearly salary | $64,163 | $65,112 |
| Hourly rate | $30.85 | $31.30 |
| Growth rate | -4% | 6% |
| Number of jobs | 39,026 | 44,922 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 53% |
| 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.
An insurance producer is responsible for selling and buying financial services and products for an insurance company. They negotiate issues regarding health, life insurance, and other properties. Also, an insurance producer maintains a good relationship between clients and prospective clients by offering the best insurance service and ensuring that all the policies and guidelines are fully followed.
Insurance underwriters and insurance producers have different pay scales, as shown below.
| Insurance Underwriter | Insurance Producer | |
| Average salary | $64,163 | $65,112 |
| Salary range | Between $35,000 And $116,000 | Between $45,000 And $93,000 |
| Highest paying City | Hartford, CT | Madison, WI |
| Highest paying state | Connecticut | Wisconsin |
| Best paying company | Citi | Dahl Consulting |
| Best paying industry | - | Real Estate |
There are a few differences between an insurance underwriter and an insurance producer in terms of educational background:
| Insurance Underwriter | Insurance Producer | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 53% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters' and insurance producers' demographics:
| Insurance Underwriter | Insurance Producer | |
| Average age | 44 | 46 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 51.9% Female, 48.1% |
| 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, 9.5% Unknown, 3.6% Hispanic or Latino, 16.1% Asian, 4.9% White, 65.8% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 9% | 7% |