What is an Insurance Underwriter?
Occupation Description Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Insurance Underwriter Responsibilities
- Evaluate possibility of losses due to catastrophe or excessive insurance.
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
- Decline excessive risks.
- Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
- Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe, profitable distribution of risks, using reference materials.
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Skills Needed to be an Insurance Underwriter
Below is a list of the skills most Insurance Underwriters say are important on the job.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Speaking: Talking to others to convey information effectively.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Types of Insurance Underwriter
- Health Underwriter
- Personal Lines Underwriter
- Bond Underwriter
- Insurance Writer
- Underwriting Manager
Insurance Underwriter Job Outlook
There were about 104,100 jobs for Insurance Underwriter in 2016 (in the United States). There is little to no growth in job opportunities for Insurance Underwriter. There will be an estimated 7,500 positions for Insurance Underwriter per year.
The states with the most job growth for Insurance Underwriter are Utah, Arizona, and Maryland. Watch out if you plan on working in Vermont, Maine, or Wyoming. These states have the worst job growth for this type of profession.
Do Insurance Underwriters Make A Lot Of Money?
The salary for Insurance Underwriters ranges between about $42,260 and $122,840 a year.
Insurance Underwriters who work in New Hampshire, District of Columbia, or New Jersey, make the highest salaries.
How much do Insurance Underwriters make in each U.S. state?
| State | Annual Mean Salary |
|---|---|
| Alabama | $60,750 |
| Alaska | $67,430 |
| Arizona | $73,290 |
| Arkansas | $55,290 |
| California | $88,140 |
| Colorado | $77,170 |
| Connecticut | $85,010 |
| Delaware | $67,330 |
| District of Columbia | $87,010 |
| Florida | $70,900 |
| Georgia | $81,290 |
| Hawaii | $67,040 |
| Idaho | $68,710 |
| Illinois | $75,690 |
| Indiana | $77,190 |
| Iowa | $71,680 |
| Kansas | $74,630 |
| Kentucky | $69,940 |
| Louisiana | $69,440 |
| Maine | $68,390 |
| Maryland | $77,650 |
| Massachusetts | $82,540 |
| Michigan | $70,270 |
| Minnesota | $68,410 |
| Mississippi | $65,530 |
| Missouri | $68,250 |
| Montana | $76,830 |
| Nebraska | $68,120 |
| Nevada | $67,260 |
| New Hampshire | $81,280 |
| New Jersey | $88,510 |
| New Mexico | $61,050 |
| New York | $92,810 |
| North Carolina | $78,220 |
| North Dakota | $68,310 |
| Ohio | $74,370 |
| Oklahoma | $59,820 |
| Oregon | $72,570 |
| Pennsylvania | $77,300 |
| Rhode Island | $71,260 |
| South Carolina | $55,320 |
| South Dakota | $78,370 |
| Tennessee | $68,630 |
| Texas | $68,390 |
| Utah | $60,040 |
| Vermont | $65,610 |
| Virginia | $68,950 |
| Washington | $81,210 |
| West Virginia | $58,830 |
| Wisconsin | $68,670 |
What Tools do Insurance Underwriters Use?
Below is a list of the types of tools and technologies that Insurance Underwriters may use on a daily basis:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Web browser software
- Word processing software
- Spreadsheet software
- Database software
- LexisNexis
- Delphi Technology
- C++
- Fannie Mae Desktop Underwriter
How to Become an Insurance Underwriter
What kind of Insurance Underwriter requirements are there?
How many years of work experience do I need?
Where Insurance Underwriters Work
Insurance Underwriters work in the following industries:
References:
Image Credit: Nick Youngson via Creative Commons 3 - CC BY-SA 3.0
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