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Insurance underwriter vs insurance producer

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 vs insurance producer overview

Insurance UnderwriterInsurance Producer
Yearly salary$64,163$65,112
Hourly rate$30.85$31.30
Growth rate-4%6%
Number of jobs39,02644,922
Job satisfaction3-
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 53%
Average age4446
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 producer do?

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 underwriter vs insurance producer salary

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

Insurance UnderwriterInsurance Producer
Average salary$64,163$65,112
Salary rangeBetween $35,000 And $116,000Between $45,000 And $93,000
Highest paying CityHartford, CTMadison, WI
Highest paying stateConnecticutWisconsin
Best paying companyCitiDahl Consulting
Best paying industry-Real Estate

Differences between insurance underwriter and insurance producer education

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

Insurance UnderwriterInsurance Producer
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 53%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Insurance underwriter vs insurance producer demographics

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

Insurance UnderwriterInsurance Producer
Average age4446
Gender ratioMale, 33.4% Female, 66.6%Male, 51.9% Female, 48.1%
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, 9.5% Unknown, 3.6% Hispanic or Latino, 16.1% Asian, 4.9% White, 65.8% American Indian and Alaska Native, 0.1%
LGBT Percentage9%7%

Differences between insurance underwriter and insurance producer 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 producer example responsibilities.

  • Used consultative upselling techniques to provide leads
  • Facilitate communications between doctors, hospitals, third party insurance companies and patients to obtain and verify patient billing information.
  • Deliver on the GEICO promise to customers by solving problems and giving competent insurance advice in a courteous and proficient manner.

Insurance underwriter vs insurance producer 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 producer skills
  • Casualty Insurance, 7%
  • Customer Service, 7%
  • Develop Leads, 6%
  • Health Insurance, 6%
  • Financial Services, 5%
  • Phone Calls, 5%

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