The good news for Chicago insurance underwriters and those looking to get into the profession is there are many open positions and not enough qualified candidates to fill those positions. An insurance underwriter is responsible to determine if a potential customer will be offered insurance, along with the coverage, the terms and also the cost. Those underwriters in specialized areas will do a more in-depth and detailed analysis of the potential customer and their background.
The Bureau of Labor Statistics, U.S. Department of Labor projects the employment of insurance underwriters to decline 6 percent from 2012 to 2022, due to the increase of automated underwriting software. However, the Jacobson Group, a Chicago-based industry recruitment firm did a survey, and based on the survey, the unemployment for the insurance industry is at 3.1 percent, which is about half of the national average. More than half of insurance employers are expecting to add additional employees to their payroll.
According to the Bureau of Labor Statistics, U.S. Department of Labor, the median annual wage for insurance underwriters was $62,870 in May 2012. Those with specialized skills who can fill the niche areas of the insurance underwriting field will be the ones to start at a higher rate of pay. A bachelor’s degree is typically preferred by employers, but those with underwriting experience and also excellent computer skills will most likely have the opportunity to find a position within the field.
The commercial underwriters are the individuals in the industry who are most sought after. The candidates with the technical skills and expertise to fill the niche of the insurance underwriting world are often the most difficult to find. Commercial underwriters mainly work on offering insurance to companies based in part on their business activities and claim history. Those in the commercial underwriting area will tend to deal more with brokers and not deal with the customer directly. Those candidates who have a deep understanding of the economy, are detailed oriented and can evaluate risks in a methodical manner will be the ones who will have their choice of open positions.
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