All About Insurance Underwriters
Position 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?
- Decline excessive risks.
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.
- 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.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
- Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
What Every Insurance Underwriter Should Know
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 Jobs
- Marine Underwriter
- Property Underwriter
- Insurance Writer
- Automobile and Property Underwriter
- Health Underwriter
Job Opportunities for Insurance Underwriters
In 2016, there was an estimated number of 104,100 jobs in the United States for Insurance Underwriter. 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.
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.
Below is a list of the median annual salaries for Insurance Underwriters in different U.S. states.
|State||Annual Mean Salary|
|District of Columbia||$87,010|
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
- Delphi Technology
- Fannie Mae Desktop Underwriter
How do I Become an Insurance Underwriter?
What education is needed to be an Insurance Underwriter?
How Long Does it Take to Become an Insurance Underwriter?
Where Insurance Underwriters Are Employed
Insurance Underwriters work in the following industries:
More about our data sources and methodologies.