Assistant Underwriter Salaries
Being an assistant underwriter is a rewarding career in the insurance industry. As an assistant underwriter, your job duties include performing data entry, maintaining records, and providing administrative support. In addition, you’ll have the opportunity to gain skills in customer service, research, and communication. Though the job market for an assistant underwriter continues to be competitive, prospects for earning a living wage are good.
The national average salary for an assistant underwriter is roughly $37,000 a year. Many employers have a minimum requirement of a bachelor’s degree in a related field, such as business, accounting, finance, or insurance, and most prefer some prior experience working in insurance. On average, a qualified candidate can expect to earn more than $39,000 a year. However, salaries for assistant underwriters vary depending on the region, employer, geographic location, educational background, and years of experience.
Professionals with increased experience and education typically earn higher salaries. For example, assistant underwriters who hold an MBA and have three or more years of experience typically earn salaries between $40,000 and $50,000 annually. Senior assistant underwriters make an average salary of $53,000 to $63,000 per year, and certified assistant underwriters often earn salaries in excess of $70,000 annually. Furthermore, salaries for assistant underwriters can be enhanced through benefits and bonuses.
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In conclusion, assistant underwriter salaries are competitive in today’s job market. Salaries are based largely on educational background, experience, geographic location, and employer. Professionals with advanced skills often have the best opportunities for high paying salaries in the insurance industry.
What Do Assistant Underwriters Earn?
Assistant underwriters are responsible for quickly evaluating risk and providing solutions for various insurance policies. It is a role with a wide range of duties and this makes salary potential highly variable within the field.
Salary Information
Assistant underwriters with between one and three years experience typically earn in the range of $35,000 to $60,000 per year. Those with more experience can see their salary increase up to $80,000 or above.
Benefits and Bonuses
Assistant underwriters may also be entitled to additional benefits and bonuses depending on their employer. Typical benefits can include health insurance, retirement contributions, and flexible working hours. Bonuses may also be paid out with some employers offering up to ten percent of the base salary for outstanding performance.
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Variables
The salary potential for an assistant underwriter depends on a number of factors including experience, location, and skill set. Employers may also offer different levels of education and training opportunities, which can have an effect on salary.
Job Outlook
Job outlook for assistant underwriters is positive with the Bureau of Labor Statistics predicting a seven percent increase in jobs between now and 2026. This is slightly higher than average making it a stable, albeit competitive field.
Tools and Equipment
Assistant underwriters often use a variety of tools and equipment to perform their jobs. These can include databases such as SailPoint and Experian, as well as risk management software such as IDEA Analytics and Bloomberg. A comprehensive knowledge of these tools can add to an assistant underwriter’s potential salary.
Summary
Assistant underwriters are responsible for assessing risk and providing solutions for insurance policies. Salary potential can vary widely depending on factors such as experience, location, and skill set. A good job outlook and additional benefits and bonuses make this a competitive field with good potential for career growth. Knowledge of both traditional underwriting tools and software can help enhance an assistant underwriter’s salary and career prospects.
What is the average Assistant Underwriter salary?
The average salary for an Assistant Underwriter is $42,838 per year in the United States.
What qualifications do I need to become an Assistant Underwriter?
To become an Assistant Underwriter, you will typically need a bachelor’s degree in business, finance, or a related field, such as economics or accounting. You will also need excellent problem-solving and analytical skills, as well as a strong knowledge of the insurance industry, including common insurance products and terms. Additionally, many employers will require completion of an in-house training program, as well as passing various insurance-related exams.
What kind of degree do I need to become an Assistant Underwriter?
Typically, you will need at least a bachelor’s degree in a related field such as finance, economics, actuarial science, mathematics, or computer science to become an Assistant Underwriter.
