InsuranceEmployment
Insuranceemployment is one of the hottest types of 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 insuranceemployment available.
Insuranceemployment involves helping individuals and businesses
to anticipate potential risks and protect themselves from catastrophic
losses. Insuranceemployment 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 InsuranceEmployment 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 insuranceemployment
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.
Insuranceemployment is well-suited for those who are good
listeners, who enjoy people and are comfortable with quantitative analysis
of risks.
Many people avoid insuranceemployment 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 insuranceemployment do not involve direct selling.
Key InsuranceEmployment Functions
- Actuary: InsuranceEmployment 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: InsuranceEmployment 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. InsuranceEmployment as an agent or broker
can be financially rewarding. This type of InsuranceEmployment is highly
time-flexible, requires some background in business and is best if you
enjoy interacting with people.
- Claims Adjusters: InsuranceEmployment 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 InsuranceEmployment
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: InsuranceEmployment 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 InsuranceEmployment
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 InsuranceEmployment.
- Loss Control Specialist: InsuranceEmployment 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 InsuranceEmployment 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 InsuranceEmployment.
- Risk Manager: InsuranceEmployment 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 InsuranceEmployment
requires knowledge of the insurance industry and of business practice
as well as skill in making presentations to upper management.
- Underwriter: InsuranceEmployment 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.
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