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Insurance underwriters decide whether to provide insurance to individuals, families, and organizations. They review insurance applications and propose coverage amounts, premiums, and help set up insurance contracts. They have several roles and responsibilities, including:
Analyzing insurance applications. Determining different risks associated with insurance applications. Screening applicants. Utilizing underwriting software. Gathering information from different sources. Insurance underwriters are the middleman between insurance companies and insurance agents. Often they choose to specialize in either life, health, and property and causality insurance.
In 1999, the Bureau of Labor Statistics recorded $44,940 as the average base salary. By 2019, the average base salary rose to $77,640. Wages grew by $32,700 (or $1,635 yearly) from 1999-2019. The estimated 2020 average base salary would be $79,275, using $1,635 as the average yearly income. If trends were to continue, by 2029, the average base salary would rise to $93,990. The job market for insurance underwriters has grown since 1999. In 1999, there were 93,970 employed insurance underwriters. By 2019, this rose to 100,050 employed insurance underwriters. From 1999 - 2019, there was a growth of 6,080 employed insurance underwriters (304 per year). In 2019, the Bureau of Labor Statistics predicted a 6% decline in insurance underwriters over the next ten years. By 2029, they predicted 94,047 employed insurance underwriters, about 6,000 jobs less than in 2019. Insurance underwriter jobs are expected to decline because of gains in productivity. Underwriting software is utilizing machine learning and narrow AI to become more productive and efficient. Workers can now process applications quicker than ever. This could lead to fewer underwriters needed in the future.
Most employers prefer insurance underwriters to have a bachelor's degree. Many aspiring underwriters get the Charter Property and Casualty Underwriter (CPCU) certification to advance through the ranks.
