Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between insurance underwriters and senior underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a senior underwriter has an average salary of $69,375, 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 underwriter are customer service, portfolio, and underwriting guidelines.
| Insurance Underwriter | Senior Underwriter | |
| Yearly salary | $64,163 | $69,375 |
| Hourly rate | $30.85 | $33.35 |
| Growth rate | -4% | -4% |
| Number of jobs | 39,026 | 6,726 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 71% |
| Average age | 44 | 44 |
| 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.
A senior underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
Insurance underwriters and senior underwriters have different pay scales, as shown below.
| Insurance Underwriter | Senior Underwriter | |
| Average salary | $64,163 | $69,375 |
| Salary range | Between $35,000 And $116,000 | Between $44,000 And $108,000 |
| Highest paying City | Hartford, CT | New York, NY |
| Highest paying state | Connecticut | New York |
| Best paying company | Citi | Capital Group |
| Best paying industry | - | Insurance |
There are a few differences between an insurance underwriter and a senior underwriter in terms of educational background:
| Insurance Underwriter | Senior Underwriter | |
| 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 |
Here are the differences between insurance underwriters' and senior underwriters' demographics:
| Insurance Underwriter | Senior Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 42.0% Female, 58.0% |
| 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, 2.5% Hispanic or Latino, 9.4% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |