Vice President (VP), Underwriting Salary
Average pay for a VP of Underwriting in the United States is considerable, rounding six figures at $113K per year. Men working as VPs of Underwriting who took the survey just slightly outnumber women at 54 percent. Most VPs of Underwriting report high levels of job satisfaction. Medical benefits are awarded to almost all, and a large number earn dental coverage. The numbers in this rundown were provided by PayScale's salary survey participants.
|Salary||$76,000 - $155,801|
|Bonus||$1,968 - $30,220|
|Total Pay (||$76,026 - $172,913|
Job Description for Vice President (VP), Underwriting
The practice of underwriting is important for financial institutions and insurers, as it is the mechanism by which they determine their exposure to risk and the amount of premium or incoming revenue which will help to mitigate it. A vice president (VP) of underwriting is a board-level executive who is generally responsible for developing and adhering to cost- and risk-benefit systems, and their goal is to help maintain a good balance of profitability and risk management/leverage.Read More...
As a vice president-level executive, they typically manage other departments, such as risk management, sales teams, and analytics groups, and they may also head their own dedicated underwriting executive teams. Managers of these teams typically issue reports to the VP of underwriting, who is expected to analyze them and draw valid conclusions about risks the company may face due to sales policies, financial instruments, or other business practices which introduce risk to the company's operations. They also carefully monitor investments made by the company, cash-flow, and liquidity of the company as a whole and, based on careful analysis, adjust and change risk-management systems throughout the company to maintain a balance of profit and exposure.
VPs of underwriting often have a strong education background and extensive practical experience in the field. A post-graduate degree in business management may be required for this position, and many companies prefer applicants who have experience in policy underwriting and/or management. Aspiring underwriting VPs should also have outstanding verbal and written communication skills, provide regular reports to other board members and shareholders, and expect to work fairly long hours in an office environment.
Vice President (VP), Underwriting Tasks
- Responsible for management of underwriting department.
- Supervise, train and develop staff in portfolio-building and underwriting skills.
- Oversee risk and account management.
- Lead underwriting and approval process to maximize profits and minimize losses.
Pay by Experience Level for Vice President (VP), Underwriting
Median of all compensation (including tips, bonus, and overtime) by years of experience.
VPs of Underwriting do not generally earn higher incomes from more experience in the field. The average inexperienced employee pulls down a cushy six-figure sum; the median salary for people claiming fewer than five years of experience is $100K. On average, VPs of Underwriting make $127K following one to two decades on the job. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; a VP of Underwriting with more than 20 years of experience can earn $141K on average.
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Key Stats for Vice President (VP), Underwriting
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