Insurance underwriter vs loan administrator

The differences between insurance underwriters and loan administrators 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 $42,859 average annual salary of a loan administrator.

The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for a loan administrator are customer service, data entry, and loan administration.

Insurance underwriter vs loan administrator overview

	Insurance Underwriter	Loan Administrator
Yearly salary	$64,163	$42,859
Hourly rate	$30.85	$20.61
Growth rate	-4%	4%
Number of jobs	39,026	63,708
Job satisfaction	3	-
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 58%
Average age	44	45
Years of experience	-	6

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 a loan administrator do?

A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.

Insurance underwriter vs loan administrator salary

Insurance underwriters and loan administrators have different pay scales, as shown below.

	Insurance Underwriter	Loan Administrator
Average salary	$64,163	$42,859
Salary range	Between $35,000 And $116,000	Between $31,000 And $59,000
Highest paying City	Hartford, CT	Seattle, WA
Highest paying state	Connecticut	Hawaii
Best paying company	Citi	BNY Mellon
Best paying industry	-	Finance

Differences between insurance underwriter and loan administrator education

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

	Insurance Underwriter	Loan Administrator
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

Insurance underwriter vs loan administrator demographics

Here are the differences between insurance underwriters' and loan administrators' demographics:

	Insurance Underwriter	Loan Administrator
Average age	44	45
Gender ratio	Male, 33.4% Female, 66.6%	Male, 23.2% Female, 76.8%
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, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5%
LGBT Percentage	9%	8%

Differences between insurance underwriter and loan administrator 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.

Loan administrator example responsibilities.

Manage a multifacete commercial real estate investment firm.
Pull OFAC on all borrowers.
Order third party reports such as appraisals, titles, and OFAC information.
Order on FHA loans in a timely and efficient manner to meet month end deadlines.
Present and sell financial benefits of a variety of FHA, VA, and conventional loans.
Coordinate and maintain loans for adherence to credit policy as well as guidelines in keeping compliant with SBA regulations.

Insurance underwriter vs loan administrator skills

Common insurance underwriter skills

Health Insurance, 11%
Insurance Underwriting, 8%
Insurance Coverage, 8%
Customer Service, 8%
Underwriting Guidelines, 7%
Insurance Products, 6%

Common loan administrator skills

Customer Service, 14%
Data Entry, 5%
Loan Administration, 5%
Loan Processing, 5%
Financial Statements, 4%
Due Diligence, 4%

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Insurance Underwriter vs Loan Administrator

Updated January 8, 2025

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