Insurance Jobs
Insurance jobs are some of the hottest jobs 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 number of insurance jobs.
Insurance jobs involve helping individuals and businesses to anticipate
potential risks and protect themselves from catastrophic losses. Insurance
jobs are 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 Jobs 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 jobs
offer.
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 jobs are well-suited for those who are good listeners,
who enjoy people and are comfortable with quantitative analysis of risks.
Many people avoid insurance jobs 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 insurance
jobs do not involve direct selling.
Key Insurance Job Functions
- Actuary: Actuary jobs require 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 these jobs 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: Insurance agent and broker jobs require 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 these type of jobs. Jobs as an
agent or broker can be financially rewarding. These jobs are highly
time-flexible, require some background in business and are best if you
enjoy interacting with people.
- Claims Adjusters: Claims adjusting jobs require one to negotiate
insurance claims with people who have experienced a loss. The adjuster
is responsible for reaching a claim settlement that is fair to all parties.
Doing well in these jobs 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: Service representative jobs require
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 job 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 job.
- Loss Control Specialist: Loss control jobs require 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.
These jobs require an understanding of safety management or engineering.
A combination of a technical major and a business major would be outstanding
preparation for these jobs.
- Risk Manager: Risk management jobs require 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. These jobs require knowledge of the insurance industry
and of business practice as well as skill in making presentations to
upper management.
- Underwriter: Underwriting jobs require 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.
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