Insurance underwriters are the professionals who evaluate and analyze the risks involved in insuring people and assets. They establish pricing for accepted insurable risks. The term "underwriting" means receiving remuneration for the willingness to pay a potential threat. They usually examine insurance proposals and collect background information and assessments of risk.
It would help if you typically had a bachelor's degree in business, finance, or accounting to become an insurance underwriter. However, some companies may hire you without a degree if you have relevant work experience and computer skills.
The graduates who approach this field end up laying claim to annual earnings at $57,527. The current median pay for an insurance underwriter ranges from $55,427 to $62,768 in the U.S. However, this figure can vary significantly depending upon your experience, skills, or organization.
There is more than meets the eye when it comes to being an insurance underwriter, sales. For example, did you know that they make an average of $31.69 an hour? That's $65,911 a year!
Between 2018 and 2028, the career is expected to grow 10% and produce 48,300 job opportunities across the U.S.
There are certain skills that many insurance underwriters, sales have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed analytical skills, communication skills and initiative.
When it comes to the most important skills required to be an insurance underwriter, sales, we found that a lot of resumes listed 14.1% of insurance underwriters, sales included financial services, while 11.9% of resumes included new clients, and 10.8% of resumes included life insurance. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the insurance underwriter, sales job title. But what industry to start with? Most insurance underwriters, sales actually find jobs in the insurance and finance industries.
If you're interested in becoming an insurance underwriter, sales, one of the first things to consider is how much education you need. We've determined that 55.4% of insurance underwriters, sales have a bachelor's degree. In terms of higher education levels, we found that 8.4% of insurance underwriters, sales have master's degrees. Even though most insurance underwriters, sales have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become an insurance underwriter, sales. When we researched the most common majors for an insurance underwriter, sales, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on insurance underwriter, sales resumes include high school diploma degrees or master's degree degrees.
You may find that experience in other jobs will help you become an insurance underwriter, sales. In fact, many insurance underwriter, sales jobs require experience in a role such as customer service representative. Meanwhile, many insurance underwriters, sales also have previous career experience in roles such as sales associate or cashier.