What is an underwriting specialist and how to become one

Updated January 8, 2025

4 min read

Quoted expert

Robert Hoyt, Ph.D.

An underwriting specialist assesses the risks involved in insuring a client. They analyze data and determine the appropriate coverage and premium rates for insurance policies. Underwriting specialists may work in healthcare, finance, and insurance. They ensure that policies remain profitable for the insurance company and accurately reflect the clientâ€™s risk profile They also work with actuaries and claims adjusters to manage risk and ensure compliance. The role requires analytical skills and knowledge of industry standards.

What's a day at work look like for an underwriting specialist?

Robert Hoyt, Ph.D.

Department Head and Dudley L. Moore Jr. Chair of Insurance, University of Georgia

They are training for it now. Due to pandemic restrictions, they are taking classes in a hybrid environment with less face-to-face class time integrated with virtual interaction. Some of their classmates are restricted to their home countries and are joining virtually throughout the class. Group work in our courses is always important, but now they are having to working in teams through virtual platforms. This is how business will be done and it will be increasingly global given the convenience of engaging virtually without the cost of travel. In my opinion, the future work environment in insurance is going to look a lot like how we are educating students currently. However, thankfully, without the masks and with more opportunities for face-to-face socializing with clients and colleagues. As I note in more detail below, I think geographic limits will be much less important going forward due to the ability to be effective through virtual platforms and much more flexibility around where and when we work with be the norm.

ScoreUnderwriting SpecialistUS Average

Salary

4.9

Avg. Salary $63,325

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 5.78%

Black or African American 8.91%

Hispanic or Latino 10.04%

Unknown 2.49%

White 72.41%

Gender

female 60.99%

male 39.01%

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

What are the pros and cons of being an underwriting specialist?

Pros

Opportunities for career advancement
Job security, as insurance is always in demand
Continuous learning and professional development opportunities
Working with a team of highly skilled professionals
Flexible work schedule and remote work options

Cons

Risk of burnout due to high workload and stress levels
Limited creativity in decision-making due to strict guidelines and policies
Working long hours during peak seasons (e.g. hurricane season)
Limited interaction with clients, as most communication is done through intermediaries (e.g. brokers)
Need to stay up-to-date with changing technology and data analytics tools

Key steps to become an underwriting specialist

Explore underwriting specialist education requirements

Most common underwriting specialist degrees

Bachelor's

72.5 %

Associate

11.7 %

High School Diploma

7.0 %

Start to develop specific underwriting specialist skills

Skills	Percentages
Customer Service	17.95%
Underwriting Guidelines	8.98%
Financial Statements	5.82%
Underwriting Process	5.26%
Life Insurance	5.12%

Complete relevant underwriting specialist training and internships

Accountants spend an average of 3-6 months on post-employment, on-the-job training. New underwriting specialists 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 specialist based on U.S. Bureau of Labor Statistics data and data from real underwriting specialist resumes.

Research underwriting specialist duties and responsibilities

Risk assessment to achieve profitability on assign book of business through renewal calculations and RFP responses.
Manage the execution of underwriting, portfolio analysis and account- base decision making in accordance with establish guidelines and processes.
Work closely with post-closing on VA deficiency response and actions, in addition to HUD & FNMA.
Analyze risk and apply underwriting guidelines to decision loan applications and grow profitable loan portfolio.

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