Insurance underwriter vs senior credit analyst

The differences between insurance underwriters and senior credit analysts can be seen in a few details. Each job has different responsibilities and duties. Additionally, a senior credit analyst has an average salary of $86,364, 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 a senior credit analyst are credit analysis, customer service, and real estate.

Insurance underwriter vs senior credit analyst overview

	Insurance Underwriter	Senior Credit Analyst
Yearly salary	$64,163	$86,364
Hourly rate	$30.85	$41.52
Growth rate	-4%	17%
Number of jobs	39,026	15,221
Job satisfaction	3	-
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 71%
Average age	44	39
Years of experience	-	2

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 senior credit analyst do?

A senior credit analyst is responsible for reviewing the loan applications of an individual and organization, determining their eligibility by evaluating their credit scores and financial history. Senior credit analysts assess the applicant's capability to pay according to terms and conditions and loan payment plans. They submit recommendation reports of qualified applicants for further investigation and have them submit additional documents as needed. A senior credit analyst decides on credit limits and may provide the applicants' loan and credit alternatives, requiring them to have excellent knowledge of the financial industry and loan options.

Insurance underwriter vs senior credit analyst salary

Insurance underwriters and senior credit analysts have different pay scales, as shown below.

	Insurance Underwriter	Senior Credit Analyst
Average salary	$64,163	$86,364
Salary range	Between $35,000 And $116,000	Between $59,000 And $125,000
Highest paying City	Hartford, CT	White Plains, NY
Highest paying state	Connecticut	New York
Best paying company	Citi	Apple
Best paying industry	-	Finance

Differences between insurance underwriter and senior credit analyst education

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

	Insurance Underwriter	Senior Credit Analyst
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 71%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Insurance underwriter vs senior credit analyst demographics

Here are the differences between insurance underwriters' and senior credit analysts' demographics:

	Insurance Underwriter	Senior Credit Analyst
Average age	44	39
Gender ratio	Male, 33.4% Female, 66.6%	Male, 54.6% Female, 45.4%
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, 8.3% Unknown, 2.7% Hispanic or Latino, 9.9% Asian, 10.0% White, 68.8% American Indian and Alaska Native, 0.3%
LGBT Percentage	9%	11%

Differences between insurance underwriter and senior credit analyst 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.

Senior credit analyst example responsibilities.

Supervise staff of 20-30 credit professionals managing an $80 - $100 million A/R portfolio consistently exceeding aging goals.
Partner with small and entrepreneurial business to develop business plans and assist business owners with achieving payroll.
Maintain customer master database in ERP.
Pull all back-up documentation for quarterly SOX compliance audit.
Ensure policies and procedures are follow in accordance with SOX guidelines.
Resolve and communicate insufficient check and ACH issues with customers and sales.

Insurance underwriter vs senior credit analyst skills

Common insurance underwriter skills

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

Common senior credit analyst skills

Credit Analysis, 6%
Customer Service, 6%
Real Estate, 6%
Risk Management, 4%
Credit Risk, 4%
Loan Portfolio, 4%

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Insurance Underwriter vs Senior Credit Analyst

Updated January 8, 2025

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