Marine underwriter vs underwriting consultant

The differences between marine underwriters and underwriting consultants can be seen in a few details. Each job has different responsibilities and duties. Additionally, a marine underwriter has an average salary of $77,871, which is higher than the $71,693 average annual salary of an underwriting consultant.

The top three skills for a marine underwriter include profitable business, risk analysis and loss ratio. The most important skills for an underwriting consultant are life insurance, national accounts, and underwriting guidelines.

Marine underwriter vs underwriting consultant overview

	Marine Underwriter	Underwriting Consultant
Yearly salary	$77,871	$71,693
Hourly rate	$37.44	$34.47
Growth rate	-4%	-4%
Number of jobs	16,546	6,804
Job satisfaction	-	5
Most common degree	Bachelor's Degree, 77%	Bachelor's Degree, 77%
Average age	44	44
Years of experience	-	-

What does a marine underwriter do?

A marine underwriter provides insurance cover to necessary clients. The responsibilities of this position include providing insurance for naval vessels such as boats and ships and providing valuation for a vessel or cargo. To provide this valuation, they weigh in the value of the freight, the price of the vessel, and the area where the vessel operates. The valuation will ensure a client is adequately covered in cases of unforeseen losses.

What does an underwriting consultant do?

An underwriting consultant is an individual who provides underwriting guidelines to underwriters as well as coordinates revision of the underwriting manual. Underwriting consultants are required to handle complex cases and situations by using their strong knowledge of company services, product standards, and underwriting policies. They must use their verbal and written communication skills to guide the account management team across several business segments. Underwriting consultants must also assist with special projects and handle confidential matters assigned by the senior consultant or manager.

Marine underwriter vs underwriting consultant salary

Marine underwriters and underwriting consultants have different pay scales, as shown below.

	Marine Underwriter	Underwriting Consultant
Average salary	$77,871	$71,693
Salary range	Between $53,000 And $113,000	Between $49,000 And $103,000
Highest paying City	-	Boston, MA
Highest paying state	-	Massachusetts
Best paying company	-	CVS Health
Best paying industry	-	Health Care

Differences between marine underwriter and underwriting consultant education

There are a few differences between a marine underwriter and an underwriting consultant in terms of educational background:

	Marine Underwriter	Underwriting Consultant
Most common degree	Bachelor's Degree, 77%	Bachelor's Degree, 77%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Marine underwriter vs underwriting consultant demographics

Here are the differences between marine underwriters' and underwriting consultants' demographics:

	Marine Underwriter	Underwriting Consultant
Average age	44	44
Gender ratio	Male, 59.5% Female, 40.5%	Male, 48.2% Female, 51.8%
Race ratio	Black or African American, 8.1% Unknown, 2.5% Hispanic or Latino, 10.5% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4%	Black or African American, 9.1% Unknown, 2.5% Hispanic or Latino, 9.7% Asian, 5.7% White, 72.8% American Indian and Alaska Native, 0.4%
LGBT Percentage	9%	9%

Differences between marine underwriter and underwriting consultant duties and responsibilities

Marine underwriter example responsibilities.

Review individual mortgage origination/post origination documentation and perform database research.
Review individual mortgage origination/post origination documentation and perform database research.

Underwriting consultant example responsibilities.

Risk assessment to achieve profitability on assign book of business through renewal calculations and RFP responses.
Provide evidence and assurance that the credit quality of the portfolio remains within standards establish by senior management.
Review lender appeals to determine if the documentation provide cures the deficiencies.
Direct responsibility for monitoring and auditing lending activity and loan portfolio to ensure compliance with regulations.
Review of appeals; concluding and processing the finalization; communicating the adjustments to the original underwriter for educational purposes.
Monitor performance, to include turn-times, productivity, volume, QC audits on a daily basis.

Marine underwriter vs underwriting consultant skills

Common marine underwriter skills

Profitable Business, 25%
Risk Analysis, 17%
Loss Ratio, 13%
Business Development, 10%
Underwriting Authority, 8%
Profitable Book, 7%

Common underwriting consultant skills

Life Insurance, 16%
National Accounts, 10%
Underwriting Guidelines, 9%
Underwriting Decisions, 8%
Underwriting Process, 4%
Underwriting Policies, 4%

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Marine Underwriter
Marine Underwriter vs Underwriting Consultant

Updated January 8, 2025

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