Underwriting Assistant Salary
Underwriting Assistants in the United States can expect wages of $41K per year on average. In the world of Underwriting Assistants, overall income ranges from $30K near the bottom to $57K at the top; this can include more than $5K from bonuses and more than $4K from profit sharing in exceptional cases. This group's pay is mainly influenced by the company, followed by the particular city and years of experience. Most Underwriting Assistants survey respondents are women (76 percent). A large number have medical and dental plans, and a fair number have vision insurance. Though the majority of Underwriting Assistants do not report high levels of job satisfaction, most are moderately content with their role.
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
There are some Underwriting Assistants — though it's uncommon — that transition into Senior Underwriters, where earnings are an average $73K annually. The most common next step for an Underwriting Assistant is to become an Underwriter or an Insurance Underwriter. The former position pays an additional $11K per year on average, and the latter position pays $9K more per year.
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Popular Employer Salaries for Underwriting Assistant
Leading companies who hire large numbers of Underwriting Assistants include State Farm Insurance Company, Liberty Mutual Insurance Group, ACE Group, The Travelers Companies, Inc., and Zurich North America. Those at Zurich North America can expect to make the most, with the company offering a median salary of $57K. 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 $47K.
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, experience does not seem to be a major factor in determining pay. 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 $41K. Underwriting Assistants see a median salary of $45K after reaching one to two decades on the job. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; an Underwriting Assistant with more than 20 years of experience can earn $51K on average.
Pay Difference by Location
For Underwriting Assistants, San Francisco provides a pay rate that is 36 percent greater than the national average. Underwriting Assistants will also find cushy salaries in Los Angeles (+30 percent), Morristown (+20 percent), Chicago (+20 percent), and New York (+18 percent). Underwriting Assistants' salaries are heavily influenced by location — Underwriting Assistants in Austin bring in salaries that are 24 percent lower than the national average.
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