Insurance Underwriters

3.1/10 job score
AUTOMATION RISK
89%
risk level
POLLING
GROWTH
-1.8%
by 2030
WAGES
$71,790
or $34.51 hourly
VOLUME
101,790
as of 2020

What is the risk of automation?

We calculate this occupation to have an automation risk score of 89% (Robots are watching)

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Qualities required for this occupation:
Social Perceptiveness
Key
very important
quite important
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What do you think the risk of automation is?

How likely do you think this occupation will be taken over by robots/AI within the next 20 years?

How quickly is this occupation growing?

The number of 'Insurance Underwriters' job openings is expected to decline by -1.8% by 2030
'Insurance Underwriters' is expected to be a very slow growing occupation in comparison to other occupations.
* Data from the Bureau of Labor Statistics for the period between 2020 and 2030.
Updated projections are due Sep 2022.

What are the median wages for 'Insurance Underwriters' in the United States?

In 2020 the median annual wage for 'Insurance Underwriters' was $71,790, or $34.51 hourly
'Insurance Underwriters' are paid 71.1% higher than the national median wage, which stands at $41,950
* Data from the Bureau of Labor Statistics

How many people are employed in this occupation?

As of 2020 there were 101,790 people employed as Insurance Underwriters.
This represents around 0.07% of the employed workforce across the United States.

Job description

Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

SOC Code: 13-2053.00

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Comments

Jecca (Highly likely) says
Automation is already taking the medical underwriting part out of my life and DI job duties. It is only a matter of time until there is code that gathers all online information and analytical reports regarding financials, credit scores, databases, pharmacy scans, motor vehicle reports, and criminal records. I give myself 10 years or less.
Oct 14, 2019 at 06:31 PM
Paul (Highly likely) says
They have already announced at my company that underwriting will see significant changes in the next 5-10 years. The underwriters job will be "entirely" different within this time frame. They have told us there will be ongoing meetings and announcements regarding these changes as time goes by.
Oct 07, 2019 at 01:37 AM
Brendan says
I am an underwriter.

There is no doubt automation will transform this job and remove the need for the underwriter defined above. There are two different types of underwriting, staff and line underwriting. Line underwriting is what is defined above, an employee who reviews applications and degree of risk on accounts on an individual basis. Staff underwriters develop guidelines and initiatives to help drive the changes in product performance . Line underwriters then follow these guidelines and initiatives.

Staff underwriting will adapt to automation and use the tools made available by it to make better decisions. You will see some reduction in this field due to ease of decision making and some of these functions will likely transfer to automation.

Another thing to consider is that is the complexity of insurance. Insurance is ever evolving based on the ever changing ways of the world. Especially in commercial insurance, there are way too many unique situations that occur on a daily basis that there is no true basic answer to based on past history, but instead require an instinctive decision by an experienced underwriter. It is highly unlikely automation will be able to adapt to these daily situations. This is how some line underwriting will survive.

Aug 09, 2019 at 03:23 PM

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