InsuranceJobs
Insurancejobs 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 insurancejobs.
Insurancejobs involve helping individuals and businesses
to anticipate potential risks and protect themselves from catastrophic
losses. Insurancejobs 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 InsuranceJobs 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 insurancejobs
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.
Insurancejobs are well-suited for those who are good listeners,
who enjoy people and are comfortable with quantitative analysis of risks.
Many people avoid insurancejobs 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 insurancejobs
do not involve direct selling.
Key InsuranceJob Functions
- Actuary: An actuary's job is to use his 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 job 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: An insurance agent or broker's job is 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 job. A job as an
agent or broker can be financially rewarding. This job is highly time-flexible,
requires some background in business and is best if you enjoy interacting
with people.
- Claims Adjusters: A claims adjuster's job is 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 job 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: A service representative's job is
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: A loss control specialist's job is
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 job requires an understanding of safety management or engineering.
A combination of a technical major and a business major would be outstanding
preparation for this job.
- Risk Manager: A risk manager's job is 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 job requires knowledge of the insurance industry and of business
practice as well as skill in making presentations to upper management.
- Underwriter: An underwriter's job is 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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