Insurance underwriter vs underwriter

The differences between insurance underwriters and underwriters 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 $61,751 average annual salary of an underwriter.

The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for an underwriter are customer service, investor guidelines, and mortgage loans.

Insurance underwriter vs underwriter overview

	Insurance Underwriter	Underwriter
Yearly salary	$64,163	$61,751
Hourly rate	$30.85	$29.69
Growth rate	-4%	-4%
Number of jobs	39,026	8,510
Job satisfaction	3	3
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 66%
Average age	44	44
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 underwriter do?

An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.

Insurance underwriter vs underwriter salary

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

	Insurance Underwriter	Underwriter
Average salary	$64,163	$61,751
Salary range	Between $35,000 And $116,000	Between $39,000 And $96,000
Highest paying City	Hartford, CT	Boston, MA
Highest paying state	Connecticut	Massachusetts
Best paying company	Citi	Google
Best paying industry	-	Manufacturing

Differences between insurance underwriter and underwriter education

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

	Insurance Underwriter	Underwriter
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

Insurance underwriter vs underwriter demographics

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

	Insurance Underwriter	Underwriter
Average age	44	44
Gender ratio	Male, 33.4% Female, 66.6%	Male, 38.4% Female, 61.6%
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, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 72.7% American Indian and Alaska Native, 0.4%
LGBT Percentage	9%	9%

Differences between insurance underwriter and underwriter 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.

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Underwriter example responsibilities.

Attain Jr. underwriter status and AUS underwriting authority.
Manage AUS findings and analyze approvals and results accordingly.
Complete initial review of appraisals, borrower credit documents, and DU/LP findings according to Fannie Mae and investor guidelines.
Research and develop SBA program.
Work on project putting together HPR policy.
Resolve issues preventing final disposition of REO properties.

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Insurance underwriter vs underwriter skills

Common insurance underwriter skills

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

Common underwriter skills

Customer Service, 11%
Investor Guidelines, 6%
Mortgage Loans, 5%
Underwriting Guidelines, 5%
Financial Statements, 4%
FHA, 3%

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Updated January 8, 2025

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