What Do Insurance Underwriter Do?
Career Description Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Life As an Insurance Underwriter: What Do They Do?
- Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
- Decline excessive risks.
- Authorize reinsurance of policy when risk is high.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
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Things an Insurance Underwriter Should Know How to Do
Insurance Underwriters state the following job skills are important in their day-to-day work.
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.
Related Job Titles for this Occupation:
- Commercial Lines Underwriter
- Bond Underwriter
- Underwriting Account Representative
- Automobile and Property Underwriter
- Underwriting Manager
Is There Job Demand for Insurance Underwriters?
In the United States, there were 104,100 jobs for Insurance Underwriter in 2016. There is little to no growth in job opportunities for Insurance Underwriter. Due to new job openings and attrition, there will be an average of 7,500 job openings in this field each 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.
Average Insurance Underwriters Salary
The typical yearly salary for Insurance Underwriters is somewhere between $42,260 and $122,840.
Insurance Underwriters who work in New Hampshire, District of Columbia, or New Jersey, make the highest salaries.
How much do Insurance Underwriters make in different U.S. states?
| 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 & Technology 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
Becoming an Insurance Underwriter
Education needed to be an Insurance Underwriter:
What work experience do I need to become an Insurance Underwriter?
Who Employs Insurance Underwriters?
Below are examples of industries where Insurance Underwriters work:
References:
Image Credit: Nick Youngson via Creative Commons 3 - CC BY-SA 3.0
More about our data sources and methodologies.
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