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The differences between insurance underwriters, sales and insurance 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 $40,226 average annual salary of an insurance underwriter, sales.
The top three skills for an insurance underwriter, sales include lead generation, financial services and customer service. The most important skills for an insurance underwriter are health insurance, insurance underwriting, and insurance coverage.
| Insurance Underwriter, Sales | Insurance Underwriter | |
| Yearly salary | $40,226 | $64,163 |
| Hourly rate | $19.34 | $30.85 |
| Growth rate | 6% | -4% |
| Number of jobs | 50,699 | 39,026 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 67% |
| Average age | 46 | 44 |
| Years of experience | - | - |
A sales insurance underwriter evaluates new or renewal applications in turn for insurance coverage for companies and individuals. Insurance underwriters analyze insurance proposal risks and identify policy terms. They perform calculations on premiums based on statistical, background, and actuarial information. Several insurance businesses and companies operate graduate schemes that offer to underwrite. Among the necessary skills for this job include communication, decision making, and detail orientation.
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.
Insurance underwriters, sales and insurance underwriters have different pay scales, as shown below.
| Insurance Underwriter, Sales | Insurance Underwriter | |
| Average salary | $40,226 | $64,163 |
| Salary range | Between $28,000 And $56,000 | Between $35,000 And $116,000 |
| Highest paying City | Los Angeles, CA | Hartford, CT |
| Highest paying state | Wisconsin | Connecticut |
| Best paying company | New York Life Insurance | Citi |
| Best paying industry | Insurance | - |
There are a few differences between an insurance underwriter, sales and an insurance underwriter in terms of educational background:
| Insurance Underwriter, Sales | Insurance Underwriter | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters, sales' and insurance underwriters' demographics:
| Insurance Underwriter, Sales | Insurance Underwriter | |
| Average age | 46 | 44 |
| Gender ratio | Male, 61.0% Female, 39.0% | Male, 33.4% Female, 66.6% |
| Race ratio | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 16.0% Asian, 4.9% White, 66.1% American Indian and Alaska Native, 0.1% | 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% |
| LGBT Percentage | 7% | 9% |