Insurance Employment
Insurance employment is one of the hottest types of jobs
employment in finance today. Insurance is a trillion dollar industry that
employs over 2.5 million people in the U.S. alone. With today's Americans
living longer and earning more money, the demand for insurance is dramatically
increasing and so is the amount of insurance employment available.
Insurance employment involves helping individuals and businesses to anticipate
potential risks and protect themselves from catastrophic losses. Insurance
employment is rewarding both personally and financially.
You will help clients understand their insurance needs, help explain their options and help them purchase appropriate insurance policies.
Skill Requirements for Insurance Employment and Risk Management
Insurance companies are in the business of assuming risk by writing
policies which transfer risks from customers to themselves.
Insurance companies are typically in the business either
of providing property and casualty insurance (protect owners of cars,
business and homes against loss and injury), life insurance or health
insurance.
Insurance may be one of the best kept secrets in the field of
finance. Most college students do not realize the high growth and enormous
potential for personal development and advancement that insurance employment
offers.
Risk managers are responsible for helping companies and
governments to minimize the likelihood and cost of accidental losses.
Work as a risk manager requires good communication skills, problem-solving
skills and business knowledge.
Insurance employment is well-suited for those who are good listeners,
who enjoy people and are comfortable with quantitative analysis of risks.
Many people avoid insurance employment because they perceive that the
insurance business is about selling and slickness. Certainly, part of
the insurance business involves selling but keep in mind that insurance
policies help people, especially in times of need. Moreover, most types of insurance
employment do not involve direct selling.
Key Insurance Employment Functions
- Actuary: Employment as an actuary requires the use of analytical
skills to predict the risk of writing insurance policies on property,
businesses and people's lives and health. Why does automobile cost so
much more if you under the age of 25? Because an actuary somewhere found
that the risk of insuring automobiles is highly age-dependent. Actuaries
are a crucial part of the insurance process because they use statistical
and mathematical analysis to determine the risk of providing coverage.
To perform their this type of employment effectively, actuaries must
be informed about general societal trends and legislative developments
which may affect risk. Actuaries can work either within insurance companies
or for government, pension planning organizations or third-party advisors.
- Agent or Broker: Employment as an insurance agent or broker
requires one to advise people and organizations on how to protect things
they value and to sell customers insurance contracts. Agents and brokers
are the first people contacted after an accident, fire or injury. An
understanding of insurance contracts is essential to this type of employment.
Employment as an agent or broker can be financially rewarding. This
type of employment is highly time-flexible, requires some background
in business and is best if you enjoy interacting with people.
- Claims Adjusters: Employment as a claims adjuster requires
one to negotiate insurance claims with people have experienced a loss.
The adjuster is responsible for reaching a claim settlement that is
fair to all parties. Doing well in this type of employment requires
a person who is resourceful, tactful and good with people. Some adjusters
work in the field, while others work out of an office.
- Service Representatives: Employment as a service representative
requires one to provide the link between insurance agents who sell policies
and insurance companies who write the policies. Service representatives
must be good listeners and communicators. This type of employment requires
knowledge of your companies' insurance products and ability to establish
good rapport with those working for your companies. A background in
liberal arts can be a great preparation for this type of employment.
- Loss Control Specialist: Employment as a loss control specialist
requires one to help keep accident and losses to a minimum. Loss control
specialists visit factories, shop floors and businesses to identify
potential hazards and help to eliminate them. In the health insurance
area, a loss control specialist might work with an organization to promote
preventive health care in the workplace or to limit exposure to certain
types of ailments. This type of employment requires an understanding
of safety management or engineering. A combination of a technical major
and a business major would be outstanding preparation for this type
of employment.
- Risk Manager: Employment as a risk manager requires one to
help identify the risks that an organization faces and to make recommendations
for dealing with those risks. The recommendations may include the purchase
of insurance, adoption of precautionary measures or presentations to
upper management. Risk managers are involved in the management of employee
benefit plans. This type of employment requires knowledge of the insurance
industry and of business practice as well as skill in making presentations
to upper management.
- Underwriter: Employment as an underwriter requires one to decide
whether to provide insurance to applicants seeking coverage. An underwriter
evaluates an applicant's exposure to risk and decides whether an applicant
meets an insurer's standards. An underwriter may also become involved
in setting prices for insurance applicants.
|
