Underwriting Assistant Salary
Underwriting Assistants in the United States can expect wages of $41K per year on average. Cash earnings for Underwriting Assistants — which occasionally include more than $5K from bonuses and more than $4K from profit sharing — stretch from around $30K to approximately $58K. The specific employer is the biggest factor affecting pay for this group, followed by the particular city and tenure. Though the majority of Underwriting Assistants do not report high levels of job satisfaction, most are moderately content with their role. Men are in the minority of survey respondents, with female Underwriting Assistants making up 74 percent. Medical and dental coverage is claimed by a large number, and a fair number earn vision coverage. Respondents to the PayScale salary survey provided the data for this report.
Job Description for Underwriting Assistant
The assistant underwriter assists the lead underwriter in assessing customers' eligibility for products such as mortgages, insurance, and credit. They may work in a variety of fields, such as bank underwriting, insurance underwriting, and real estate underwriting. In all fields, assistant underwriters must cultivate good relationships with clients and be able to obtain client information quickly and accurately. They must be able to accurately assess risks while remaining within their organization's regulations and relevant laws. Assistant underwriters typically work as a subordinate to an underwriter and work in an office environment during regular business hours, although travel may occasionally be required for risk assessment.Read More...
Employers typically prefer at least five years of relevant experience for this position; many also prefer knowledge of the particular type of underwriting performed at the hiring organization. An associate's degree in economics, finance, or a related field is generally required, with a bachelor's degree preferred. Management and/or financial software experience is a plus, but is usually not required. Assistant underwriters should have extensive knowledge in the financial and credit industries, as well as regulations and laws related to banking, investment, and insurance. Additionally, they must be well organized, pay close attention to detail, skilled at multitasking, and efficient.
Underwriting Assistant Tasks
- Assist underwriting agents in their duties.
- Assist in the development and monitoring of premium rates.
- Assist business development of new business opportunities with sales and marketing efforts.
- Assist in the evaluation and monitoring of loss potential/control from catastrophic events.
- Enter, review and maintain accurate records of new policies and renewals.
Common Career Paths for Underwriting Assistant
Though it's uncommon, some Underwriting Assistants move into roles as Senior Underwriters, where pay is an average $73K per year. Underwriters or Insurance Underwriters are common next-step roles for Underwriting Assistants moving up in their careers; annual pay for Underwriters is $10K higher on average, and it's $8K higher for Insurance Underwriters.
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Popular Employer Salaries for Underwriting Assistant
Well-known firms with a reputation for hiring numerous Underwriting Assistants include State Farm Insurance Company, Liberty Mutual Insurance Group, ACE Group, The Travelers Companies, Inc., and Zurich North America. Heading up the field in terms of compensation, Zurich North America offers the most; Underwriting Assistants earn $57K on average there. Also paying near the top of the field are The Travelers Companies, Inc. at $55K, Liberty Mutual Insurance Group at $47K, and The Chubb Corporation, where Underwriting Assistants annually earn $46K.
Other low-paying employers include Risk Placement Services, Inc. at $33K and State Farm Insurance Company at $34K, though some Underwriting Assistants there earn up to $53K.
Pay by Experience Level for Underwriting Assistant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Underwriting Assistants, more experience in the field does not usually mean bigger paychecks. People who have worked for fewer than five years earn around $38K, and folks with five to 10 years of experience see a modestly higher median of $42K. Underwriting Assistants see a median salary of $46K after reaching one to two decades on the job. As Underwriting Assistants reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $51K.
Pay Difference by Location
For Underwriting Assistants, Los Angeles provides a pay rate that is 36 percent greater than the national average. Underwriting Assistants will also find cushy salaries in New York (+35 percent), San Francisco (+34 percent), Chicago (+22 percent), and Philadelphia (+21 percent). Place of residence plays a huge part in an Underwriting Assistant's salary, with Austin Underwriting Assistants earning salaries that are 24 percent less than the national average.
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