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The differences between underwriting technicians 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 $44,704 average annual salary of an underwriting technician.
The top three skills for an underwriting technician include cancellations, insurance policies and data entry. The most important skills for an insurance underwriter are health insurance, insurance underwriting, and insurance coverage.
| Underwriting Technician | Insurance Underwriter | |
| Yearly salary | $44,704 | $64,163 |
| Hourly rate | $21.49 | $30.85 |
| Growth rate | -4% | -4% |
| Number of jobs | 8,615 | 39,026 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 67% |
| Average age | 44 | 44 |
| Years of experience | - | - |
Underwriting technicians may also be known as underwriters or underwriting assistants. They determine which customers qualify for various insurance policies or loans. Their duties include finding information, writing quote letters, checking customer eligibility, and arranging loans. They are expected to carry out background checks and credit history checks for clients seeking insurance. They diligently analyze applications of clients based on certain criteria.
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.
Underwriting technicians and insurance underwriters have different pay scales, as shown below.
| Underwriting Technician | Insurance Underwriter | |
| Average salary | $44,704 | $64,163 |
| Salary range | Between $28,000 And $69,000 | Between $35,000 And $116,000 |
| Highest paying City | - | Hartford, CT |
| Highest paying state | - | Connecticut |
| Best paying company | - | Citi |
| Best paying industry | - | - |
There are a few differences between an underwriting technician and an insurance underwriter in terms of educational background:
| Underwriting Technician | Insurance Underwriter | |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting technicians' and insurance underwriters' demographics:
| Underwriting Technician | Insurance Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 25.2% Female, 74.8% | Male, 33.4% Female, 66.6% |
| Race ratio | Black or African American, 8.9% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 73.1% American Indian and Alaska Native, 0.4% | 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 | 9% | 9% |