All About Insurance Underwriters
Job Description: Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
What Do Insurance Underwriters Do On a Daily Basis?
- 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.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
- Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
- Authorize reinsurance of policy when risk is high.
- Decline excessive risks.
Things an Insurance Underwriter Should Know How to Do
When polled, Insurance Underwriters say the following skills are most frequently used in their jobs:
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
- Underwriting Account Representative
- Underwriting Service Representative
- Automobile and Property Underwriter
- Life Underwriter
- Health Underwriter
What Kind of Insurance Underwriter Job Opportunities Are There?
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.
What is the Average Salary of an Insurance Underwriter
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|
Tools & Technologies Used by Insurance Underwriters
Although they’re not necessarily needed for all jobs, the following technologies are used by many Insurance Underwriters:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Web browser software
- Word processing software
- Spreadsheet software
- Database software
- Delphi Technology
- Fannie Mae Desktop Underwriter
Becoming an Insurance Underwriter
What education or degrees do I need to become an Insurance Underwriter?
How Long Does it Take to Become an Insurance Underwriter?
Where Insurance Underwriters Work
The table below shows some of the most common industries where those employed in this career field work.
More about our data sources and methodologies.
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