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The differences between insurance underwriters and loan 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 $37,857 average annual salary of a loan analyst.
The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Insurance Underwriter | Loan Analyst | |
| Yearly salary | $64,163 | $37,857 |
| Hourly rate | $30.85 | $18.20 |
| Growth rate | -4% | 4% |
| Number of jobs | 39,026 | 24,756 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 66% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
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.
A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Insurance underwriters and loan analysts have different pay scales, as shown below.
| Insurance Underwriter | Loan Analyst | |
| Average salary | $64,163 | $37,857 |
| Salary range | Between $35,000 And $116,000 | Between $24,000 And $58,000 |
| Highest paying City | Hartford, CT | Raleigh, NC |
| Highest paying state | Connecticut | South Dakota |
| Best paying company | Citi | Barclays |
| Best paying industry | - | Finance |
There are a few differences between an insurance underwriter and a loan analyst in terms of educational background:
| Insurance Underwriter | Loan Analyst | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters' and loan analysts' demographics:
| Insurance Underwriter | Loan Analyst | |
| Average age | 44 | 45 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |