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McKinsey & Company Hi all! Any fishes at BCG and/or McK have time to chat sometime within the next few days/weeks?
I’m a consulting analyst at Accenture, really interested in strategy work (mainly tech/software clients but open to all backgrounds) hoping to make the jump some time next year. I’d very much appreciate connecting to understand your journey with the firms and the work you do.
Thanks in advance, and happy holidays!
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I'm curious what the average salary is for an Associate Agent. I'm licensed & do everything after the sale is made as well as refer new business. I have 14 years in the industry but have been at the current company less than a year, so I know that plays a part as well. Anyone in a like-position by chance?State Farm Allstate Travelers
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With the upcoming recession and everyone being worried about layoffs, it would be reasonable to lean more towards the higher offer for the BI claims position vs the lower offer UW position. If layoffs do occur in those companies, you have valuable experience in claims so it would be difficult for them to fire you but it would be easier to let go of someone with relatively little experience in a new UW position. Whichever you decide on, good luck!
Agree here. A lot of UW has been or will be automated with AI.
Assuming this is an entry level underwriting spot and it’s what you want to do in the long run, if you can afford the pay cut I would do it, however if you don’t end up liking it you’re stuck and now with a brand new employer, if you have the option of doing underwriting with your current employer maybe there is a developmental opportunity with them that would allow you to test the waters to see if it’s really what you want to do and then this way at least you still have your old job to go back to and didn’t take a massive pay cut and if the work load is still an issue you can look elsewhere
I also started out in claims right out of college, also got my friends in but then she left for another company doing claims as well. She asked me to join her. We work with many people who been in claims for many many years and they told us they would jump around to different companies because it more money. It was too late for them to start over which is the reason why I didn’t follow my friend. I didn’t want to get stuck. I think I made the right decision because I love Underwriting. If you’re able to take the cut, go for the UW position. If you end up not liking it you can always go back to claims. Its a chance to get your foot in the UW door.
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I’d go with the higher salary at the other company in claims. Get your foot in the door and then look to transfer once you’re a year in. Much easier to land something when you’re internal than external and that way you won’t be taking a pay cut, either.
So some research and find out if the offer is in line with the market or low, then counter offer for the amount you want.
All depends on your career goals & financials.
How long will you be able to stay /live off lower salary?
I would at least 1-2 years to gain the experience of UW to qualify for next promotion.
If able to do this, I would go for UW position give you the chance to pivot your career. You can always go back to claims.
if it isn’t your cup of tea.
I currently work in claims and I’m moving to underwriting with another company. I goal was to get into underwriting. I think that if you want to get into underwriting negotiate the salary to at least be what your making now or close to it. You can always be an underwriter at a different company in a few years and you will have the experience under your belt. Claims can be very stressful I work as an auto adjuster and in order for me not to get behind I work 10 plus hours a week and I’m salary so I’m not getting paid for those hours.
Take u/w job. With adjusting experience and a few of underwriting under your belt, you’ll be a rock star. Very few underwriters come from the adjusting world, and the that do often have a leg up.
I think it depends on you career goals and where you are mentally comfortable. If you’re happy in going in UW and can afford a salary cut the why not. Plus, how many years of experience do you? And have you researched whether the UW job salary is even fair or not?
Thanks for all of your input. I decided to take the opportunity in claims with the higher salary. I feel optimistic that I’ll have an opportunity for career advancement at this new company.