Become an Insurance Underwriter in 2020? - Salary, Jobs, Outlook

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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.

[octane]

Today was my first day as an insurance underwriter assistant so much learning ahead of me I only have a high school diploma so I feel very lucky. I like the job theirs just a lot to learn

[underwriterslavatories]

25 years and this is the first vid regarding this profession.. Such a relief to know that there's someone out there other than me that understands what I've been doing for the last 25 years. It is a nitch profession after all. Thank you.

[LenzGoDeep]

As soon as i heard your voice i subscribed. You have the best voice man!

[deren]

I am an insurance underwriter but unfortunately not in the United States, in Turkey. It is a really enjoyable job especially during questioning every case and finding the best solutions. We investigate the risks in different approaches to evaluate and decide if its worth to take that risk or not, and with what price and in what conditions. I am happy to be an underwriter and I recommend people who is thinking of becoming one. ***Don't expect USA salaries in Turkey (:

[henrywhite]

As a commercial insurance underwriter i can pull in over $100k at 29 years old and i get to work from home.

[sxerosie]

Super helpful when deciding whether to pursue this field, thank you so much!

[kittygrowl]

API software is one of the reasons I’m considering leaving underwriting. It’s very hard already to grow or find opportunities once you’re an underwriter.

[lifeinsurancebymonique]

Any advice on how to land a life insurance underwriting job? I've been trying for some time now.

[jennam]

I am an ins uw and I found this video highly interesting due to statistics because I find online quoting to be false. I see the future of online underwriting to be inept and misguided as forms evolve to limit classification due to premises and classifications. More and more carriers are pulling out of specific counties and limiting TIV’s for property and casualties. Although I agree with your stats I think carriers will eventually completely fall out of online quoting I think your content is backed.

[rich]

I have 20 years experience in the mortgage industry. 2-3 years of mortgage underwriting but majority in sales. Sales is feast or famine and I want to move into commercial UW for long term stability and growth. I do not know where to start. Any advice?

[kuldeepshamgar]

Can you suggest any certification courses please

[Jynxziworksatmcdonalds]

Mortgage underwriters seem to have higher salaries is that correct? I’ve seen multiple job offers requiring only 3 years of experience with base salaries over 100k

[akamsusan]

Please how can I become an insurance underwritter? Do you offer any training for people who want to join the team?

[stephanieramirez]

In California worker’s comp or commercial insurance underwriters can make over 100k easily

[vijayramlotti]

Sir can u explain what is the processes of underwriting

[glue]

I graduate this semester and can’t decide whether I want to be an insurance sales agent/independent broker, or an insurance underwriter... my personality test showed me as enterprising so I find it funny you mentioned @7:55 that many enterprising personalities have the same problem as me! I appreciate this video

[uby]

What website can I check for the assessment to see if this is a good fit for me

[Asafo_Kofi_The_st]

Can I completely WORK FROM HOME as an UNDERWRITER?

[easonc.]

It's def a really helpful video. Guess this info could apply to the mortgage underwriter as well. But I do have one question, is the loan underwrting a good fit for a F1 visa student (non-citizen alien)? I'm an NYU graduate student, my target is the loan underwriting job.

[max]

im 36 and make 195k as an underwriter - i should probably be making more