Insurance Underwriter Job Description
If you’ve ever applied for an insurance plan, the decision to insure you was likely made by an insurance underwriter. Insurance underwriters use computer software to look at an applicant’s history and recommend whether or not insurance should be offered.
The qualifications that insurance underwriters look at vary depending on the type of insurance offered. For instance, a person’s driving record is considered when applying for automotive insurance, while personal health history is considered for health insurance.
Because each type of insurance considers different factors, many insurance underwriters end up specializing in one particular type of insurance. Examples of specializations include property, health, life, and mortgage insurance.
In many instances, insurance underwriters have to follow a very strict set of guidelines when deciding whether or not their company should offer insurance to an individual or group. This can make the occupation a poor fit for those who like to make their own decisions.
Work Environment and Schedule
Most insurance underwriters work in an office environment, but some are required to travel. For instance, underwriters who are considering insuring an expensive piece of property may need to inspect it in person before offering insurance.
The majority of insurance underwriters work full time, but there are occasionally some opportunities for part time work.
Workers in this occupation enjoy stable work schedules. Though overtime may occasionally be required, it isn’t very common.
How to Become an Insurance Underwriter
A bachelor’s degree is required for most insurance underwriter positions. A degree in finance, economics, math, or business may give you a leg up on the competition, but you will find people from many academic backgrounds in this occupation.
To advance into more advanced positions, certification is required. There are many certifications available, depending on the amount of work experience you have and the type of insurance you want to work with.
There are currently 101,800 insurance underwriters in the United States, with 3,910 new insurance underwriter job openings created each year.
Insurance Underwriter jobs are not expected to see much growth beyond their current levels in the next decade.
Insurance Underwriter Salaries
Insurance Underwriter salaries can vary depending on your experience, the location, company, industry, and benefits provided. Nationwide, most insurance underwriters make between $47,000 – $82,800 per year, or $22.59 – $39.83 per hour.