CAREERS IN INSURANCE
The opportunities are endless……
Do you know?
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60 percent of the insurance industry’s
current employees are older than the age
45.
The insurance industry had about 2.3 million
wage and salary jobs in 2006.
Insurance carriers accounted for 62 percent
of jobs, while insurance agencies,
brokerages, and providers of other
insurance-related services accounted for 38
percent of jobs.
Are you creative with entrepreneurial
spirit?
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Top executives direct the operations
of an insurance agency or an
insurance carrier.
Marketing managers direct
development of new types of
policies that might appeal to the
public and strategies for selling
them to customers.
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Market research analysts
Sales managers direct the activities
of the sales force. They sell
insurance products, work with
clients, and supervise staff.
Do you like CSI type shows? Are you
good with conflict?
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9.9% of insurance positions are in the claims related field.
Claims adjusters work for property and liability insurance carriers or for
independent adjusting firms. They inspect property damage, estimate how much it
will cost to repair, and determine the extent of the insurance company’s liability.
Insurance investigators handle claims in which companies suspect fraudulent or
criminal activity, such as suspicious fires, questionable workers’ disability claims,
difficult-to-explain accidents, and dubious medical treatment. Investigators often
consult with legal counsel and are sometimes called to testify as expert witnesses
in court cases.
Auto damage appraisers usually are hired by insurance companies to inspect the
damage to a motor vehicle after an accident and to provide unbiased estimates
of repair cost.
Claims examiners are the counterparts of the claims adjuster who works in a life
and/or health insurance firm. Review health-related claims to see whether the costs
are reasonable based on the diagnosis, interview medical specialists, and consult
policy files to verify information on a claim, review causes of death in life
insurance claims.
Do you like knowing how things work and
what can be done to make something safer?
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Loss control representatives inspect
the business operations of insurance
applicants, analyze historical data
regarding workplace injuries and
automobile accidents, and assess
the potential for natural hazards,
dangerous business practices, and
unsafe workplace conditions that
may result in injuries or catastrophic
physical and financial loss.
Do you like putting pieces of a puzzle
together and crunching numbers?
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Underwriters evaluate
insurance applications to
determine the risk involved
in issuing a policy. They
decide whether to accept
or reject an application,
and they determine the
appropriate premium for
each policy.
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3.9% of insurance positions
Actuaries study the
probability of an insured
loss and determine premium
rates.
Do you connect well with people, love learning new things,
traveling to different businesses, and have a skill for
negotiation?
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Insurance sales agents or
producers may work as
exclusive agents, or captive
agents, selling for one
company, or as independent
agents selling for several
companies. They recommend
coverage, assist with claims,
ensure customer satisfaction,
and obtain referrals.
Are you good with people, like
educating others?
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Customer service representatives have
duties similar to insurance claims and
policy processing clerks, except they
work directly with customers by
processing insurance policy
applications, changes, and
cancellations over the phone. They
may also process claims and sell new
policies to existing clients.
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11.4% of insurance positions
Human resources and training
More people work in insurance
than you can imagine?
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Insurance companies’ lawyers defend clients who are sued,
especially when large claims may be involved. These lawyers also
review regulations and policy contracts.
Nurses and other medical professionals advise clients on wellness
issues and on medical procedures .
Computer systems analysts, computer programmers, and computer
support specialists are needed to analyze, design, develop, and
program the systems that support the day-to-day operations.
Are you good with numbers, computers,
and want to work behind the scene?
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Office and administrative support - secretaries,
typists, word processors, bookkeepers, and other
clerical workers.
Bookkeeping, accounting, and auditing clerks
handle all financial transactions and
recordkeeping for an insurance company.
Insurance claims and policy processing clerks
process new policies, modifications to existing
policies, and claims forms.
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9.6% of insurance positions
Flexibility within the Industry
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Employers prefer college graduates but some
positions may be entered with a high school
diploma. Specialized training is usually obtained
on the job or through independent study.
Insurance employees working in sales jobs often
visit prospective and existing customers’ homes
and places of business to market new products
and provide services.
Others working in the industry may need to
frequently leave the office to inspect damaged
property, and at times can be away from home
for days, traveling to the scene of a disaster—
such as a tornado, flood, or hurricane—to work
with affected policyholders and government
officials.
What are employers looking for?
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Graduation from high school or college- business, finance, economics,
communication, or insurance degrees. Some insurance specialtiesengineering, medical, actuarial science, mathematics, or statistics etc are
also a good degree.
Courses in word processing and business math are good, and the ability
to operate computers is essential.
On-the-job training is provided by the employer.
Most employers look for individuals with ingenuity, communicate well,
and should be able to think on their feet. Persistence, good work ethic,
and maturity also are important.
Customer service representatives and agents need to become licensed.
In some states claims adjusters also need to be licensed.
Actuaries must pass a series of national examinations to become fully
qualified. Completion of all the exams takes from 5 to 10 years.
Several years of experience and training can help beginners advance to
higher paying positions. Office and administrative support workers may
also advance to higher paying claims adjusting positions and entry-level
underwriting jobs.
For more information, contact national staff at 1-800221-7917 or info@investprogram.org