How To Become An Underwriting Consultant: What It Is and Career Path

What is an underwriting consultant and how to become one

Updated January 8, 2025

4 min read

An underwriting consultant usually works with insurance agencies, utilizing data to determine the risks in creating insurance policies. They analyze statistical data and decide who can be covered through the company and who is not eligible. They do this by assessing personal background information about the client and using risk assessment strategies.

Underwriting consultants review company records to determine the amount of insurance in force on a single risk or group of closely related risks. Moreover, they authorize reinsurance of policy when risk is high. They also evaluate the possibility of losses due to catastrophe or excessive insurance and examine documents to determine the degree of risk from such factors as applicant financial standing, value, and condition of property. Essential skills include communication, attention to detail, analytical, and interpretative. Educational requirements include a bachelor's degree in mathematics, statistics or a relevant field. Moreover, certain certifications, such as Associate in Commercial Underwriting, may help them gain advantage over other candidates.

The average hourly salary for the position is $21.92, which amounts to $45,602. The job may come with a lot of duties, but it compensates for them exceptionally.

ScoreUnderwriting ConsultantUS Average

Salary

5.6

Avg. Salary $71,693

Avg. Salary $59,228

Stability level

7.6

Growth rate -4%

Growth rate 0.3%

Diversity

5.4

Race

American Indian and Alaska Native 0.37%

Asian 5.65%

Black or African American 9.06%

Hispanic or Latino 9.67%

Unknown 2.48%

White 72.77%

Gender

female 51.80%

male 48.20%

Age - 43

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 43

Stress level

7.6

Stress level is high

7.1 - high

Complexity level

8.6

Complexity level is advanced

7 - challenging

Work life balance

5.5

Work life balance is fair

6.4 - fair

Key steps to become an underwriting consultant

Explore underwriting consultant education requirements

Most common underwriting consultant degrees

Bachelor's

76.8 %

Master's

9.4 %

Associate

8.1 %

Start to develop specific underwriting consultant skills

Skills	Percentages
Life Insurance	15.67%
National Accounts	9.70%
Underwriting Guidelines	8.95%
Underwriting Decisions	7.62%
Underwriting Process	4.50%

Complete relevant underwriting consultant training and internships

Accountants spend an average of 3-6 months on post-employment, on-the-job training. New underwriting consultants learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as an underwriting consultant based on U.S. Bureau of Labor Statistics data and data from real underwriting consultant resumes.

Research underwriting consultant duties and 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.

Prepare your underwriting consultant resume

When your background is strong enough, you can start writing your underwriting consultant resume.

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