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Insurance Underwriters

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What Do Insurance Underwriters Do?

Example of an Insurance Underwriter Job Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

Life As an Insurance Underwriter

  • Review company records to determine amount of insurance in force on single risk or group of closely related risks.
  • Decline excessive risks.
  • Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
  • Evaluate possibility of losses due to catastrophe or excessive insurance.
  • 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.
  • Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.

What an Insurance Underwriter Should Know

Below is a list of the skills most Insurance Underwriters say are important on the job.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

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.

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.

  • Underwriter
  • Property Underwriter
  • Personal Lines Underwriter
  • Bond Underwriter
  • Health Underwriter

Job Demand for Insurance Underwriters

There were about 104,100 jobs for Insurance Underwriters in 2016 (in the United States).

Insurance Underwriter jobs are decreasing by a rate of -5.2%. This means the total job opportunities are shrinking. The Bureau of Labor Statistics predicts a loss of -5,400 jobs for Insurance Underwriters by 2026. There will be an estimated 7,500 positions for Insurance Underwriter per year.

Forecasted Number of Jobs for Insurance Underwriters in U.S.

The states with the most job growth for Insurance Underwriters are Arizona, Florida, and Maryland.

Watch out if you plan on working in New York, Ohio, or Pennsylvania. These states have the worst job growth for this type of profession.

Salary for Insurance Underwriters

The typical yearly salary for Insurance Underwriters is somewhere between $42,260 and $122,840. An Insurance Underwriter median salary is $69,380.

Salary Ranges for Insurance Underwriters

How much do Insurance Underwriters make in different U.S. states?

Annual Mean Salary by State
State Annual Mean Salary

New York

$92,810

New Jersey

$88,510

California

$88,140

District of Columbia

$87,010

Connecticut

$85,010

Massachusetts

$82,540

Georgia

$81,290

New Hampshire

$81,280

Washington

$81,210

South Dakota

$78,370

North Carolina

$78,220

Maryland

$77,650

Pennsylvania

$77,300

Indiana

$77,190

Colorado

$77,170

Montana

$76,830

Illinois

$75,690

Kansas

$74,630

Ohio

$74,370

Arizona

$73,290

Oregon

$72,570

Iowa

$71,680

Rhode Island

$71,260

Florida

$70,900

Michigan

$70,270

Kentucky

$69,940

Louisiana

$69,440

Virginia

$68,950

Idaho

$68,710

Wisconsin

$68,670

Tennessee

$68,630

Minnesota

$68,410

Texas

$68,390

Maine

$68,390

North Dakota

$68,310

Missouri

$68,250

Nebraska

$68,120

Alaska

$67,430

Delaware

$67,330

Nevada

$67,260

Hawaii

$67,040

Vermont

$65,610

Mississippi

$65,530

New Mexico

$61,050

Alabama

$60,750

Utah

$60,040

Oklahoma

$59,820

West Virginia

$58,830

South Carolina

$55,320

Arkansas

$55,290

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 PowerPoint
  • Fair Isaac Enterprise Decision Management for Insurance
  • Microsoft Office
  • QualCorp FormsPlus
  • C++
  • SIS SEMCI PARTNER
  • Consilience Software Maven Insurance Automation Suite
  • Microsoft Excel
  • Microsoft Word
  • Skywire Software InsBridge

Where Insurance Underwriters Are Employed

Insurance Underwriter Sectors

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons

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