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.

Опубликовано:

6 дек 2020

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Комментарии : 81

@CareerWatch 2 года назад

🚀Choose The Right Career Today: www.careerwatch.co/choose-the-right-career

@octane2099 3 года назад

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

@anotheperspective 3 года назад

Wow, that is amazing. Where are you based?

@av24k 3 года назад

Kindly please tell me at What sallery they paid to you?

@muhammedchowdhury5581 2 года назад

Where can I gain experience as an insurance underwriter?

@octane2099 2 года назад

@@muhammedchowdhury5581 I would say hands on. I knew nothing couple months ago now I know some but it’s really hard not easy

@muhammedchowdhury5581 2 года назад

@@octane2099 I have been researching around and it look shockingly difficult 😅 thats why I'd much rather learn whilst I'm in my second year of uni. Probably going to take some introductory courses. What would you reccomend me to start from?

@underwriterslavatories6026 3 года назад

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.

@ivanbanta748 3 года назад

What is your opinion about being an insurance underwriter or a claims adjuster?

@randomrazr 3 года назад

do u have to be fgood at math

@muhammedchowdhury5581 2 года назад

Are you providing any internship. I am currently 19 years old studying mathematics as my major. I have accounting, real-estate and finance experience.

@MisterKrabs27 2 года назад

Hi, I’m a University student who is applying for underwriting internships. Any pro tips on nailing the interviews and skills I’ll need for the job? Thank you.

@Dragon228833 2 года назад

@@MisterKrabs27 I just got the job at a big insurance company and the recruiter said that the manager picked me because I didn’t oversell myself.

@lenzgodeep5053 3 года назад

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

@IhateAlot718 Год назад

For those looking at the wage graph growth chart. Remember to incorporate the cost of living for rent vs the salary. I live in Atlanta and rent in the city proper is now approx $1,600/month for a studio/apartment. I also born and raised in NYC and the average rent for a 1 bedroom is now $1.8k-2.2k a month for a 1 bed room. The south cost of living has increased tremendously since alot of people from the north have done a great migration to the south.

@sxerosie 3 года назад

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

@CareerWatch 2 года назад

Glad to help!

@jennam3892 2 года назад

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.

@kittygrowl839 3 года назад

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.

@deren3189 3 года назад

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 (:

@Person-cj7eq 3 года назад

Hi Deren! I'm also from Turkey, and I live in Canada.I will soon start my internship at an insurance company here. Do your company hire interns, and what are they expected to do?

@yohanesusboko6473 3 года назад

Hi there! Please do me a favour on books or manual on life insurance UW. Thks

@Asafo_Kofi_The_1st 3 года назад

So honest and articulate.

@henrywhite6553 2 года назад

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

@ashutoshsonavane5788 2 года назад

How much do senior underwriter and head of underwriting earn in US (in commercial and p&c insurance)

@liamj5091 Год назад

Do you need to get a "CIP" to be an underwriter or is a degree enough?

@m667457wil Год назад

How does one enter this field? I’m a mortgage uw trying to get into insurance underwriting

@uby03 2 года назад

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

@kuldeepshamgar 2 года назад

Can you suggest any certification courses please

@rich1958 2 года назад

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?

@easonc.6339 3 года назад

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.

@CareerWatch 3 года назад

Great question! I need to do more research on various work visas. As well as which occupations are easy to get into as an immigrant.

@sujathakamble7062 2 года назад

This video is very helpfull🙏💗

@kinggcoyle6723 3 года назад

Really helpful video. Thanks a bunch!

@999glue5 3 года назад

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

@CareerWatch 3 года назад

Thanks! Glad you got value out of it.

@slicklizardchamp 3 года назад

I’d recommend insurance underwriting first, that’s what I do. I’m 24. Reason being, you get income stability and don’t work off commission, nice benefits like health and 401k, bonus potential, etc. You also learn way more about all types of industries and you’ll get a very strong understanding of all types of risks. I think once you understand insurance it’s much easier to Segway from underwriting to being an agent since you’ll know what to gather (certain questions, information, etc) from clients because you’ll know what underwriting needs

@999glue5 3 года назад

@@slicklizardchamp thanks this helps a lot, many of my friends in my major recommend me to start as a producer so I can build a book of business quickly but I agree with you, I think stability is more important and you get the added bonus of knowledge in the industry

@ericar.4136 3 года назад

@@slicklizardchamp thank you, my job has an underwriter trainee program and I’ve been considering applying.. I think I’m gonna do it. Would u say this is a hard job to understand? What tips would u give? I live in Cali so I know this would actually be a good benefit for me. Ty

@slicklizardchamp 3 года назад

@@ericar.4136 I’d 100% apply. It is not a hard job quite honestly. You will ask a million questions anyways so anything you don’t understand, people will help you out. The key to the job is asking questions and never assuming. Underwriting is 100% the way to go. Not too stressful, not dealing with angry people like claims does, underwriting is typically paid better and treated better because they bring in the money. You also travel a good bit to visit agencies which can be fun. I’d get out of California though, that state is a mess 😂

@stephanieramirez2947 2 года назад

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

@deren3189 2 года назад

In Turkey I make 7k usd in a year. Please save me :')

@Jynxziworksatmcdonalds 3 года назад

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

@akamsusan1126 3 года назад

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

@nevaeh5202 3 года назад

If you already have a degree in anything... liberty mutual is doing training in the summer

@vijayramlotti9596 2 года назад

Sir can u explain what is the processes of underwriting

@hunglo9917 2 года назад

It’s basically just a risk assessment. Life insurance, for example, underwriters determine whether or not a person is insurable based on the information gathered by the agent (or field underwriter) through a series of questions. Underwriting can then request medical records from the applicants doctor. They can also go through M.I.B. (Medical Investigation Bureau) to dig deeper to find more medical history. Once all of that information is gathered, the underwriters determine if the applicant is insurable and at what rating or uninsurable and denied.

@vusimabuza2260 3 года назад

Which institute is south Africa offers the course?

@nicieykachidza2486 2 года назад

hi how are you so if you want a degree then wits offers insurance and risk management but then rather than getting and underwriting course you can get an insurance course to get an understanding using IISA snd start at the certificate of proficiency level. i think that there is CII which you can get a diploma in but its super expensive. but this was just to help you find what you are looking. i wish you luck.

@Asafo_Kofi_The_1st 3 года назад

Can I completely WORK FROM HOME as an UNDERWRITER?

@chekky101 3 года назад

yes

@CapeBuffalo 3 года назад

Wouldn't Ai algorithm take away many job's in the near future? Insurance quotes are already done on the phone and every day more of our personal information is shared on many platforms for an accurate risk management 🤔

@ryanmcdonald2157 3 года назад

For personal lines and some small commercial, yes. For most commercial accounts, there is too much that goes into each account to be automated away (ex: negotiating with brokers). For commercial lines AI will only assist UWs and require the position to turn into more of a data analyst type of role.

@HDManMad 3 года назад

You’re forgetting a big part of commercial insurance is broker - insurer relationship too. Removing the human side can negatively affect the industry

@johnedward2766 3 года назад

It would be nice if you do tennis instructer

@max19116 3 года назад

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

@vlogithan8784 3 года назад

In which country?

@muhammedchowdhury5581 2 года назад

How did you get a career in underwriting, what would you say to students like myself to have a chance of being accepted into firms as an underwriter?

@deren3189 2 года назад

I am 28 and making like 7k usd in a year as an uw (2 years experience in uw). Note a joke, surviving in Turkey. If you are hiring someone please let me know :)

@IhateAlot718 Год назад

Lol. I envy you