Searching for careers in insurance
Within the insurance industry, you can find a variety of different career paths. From selling policies to helping insurance companies set rates, careers in insurance can appeal to a variety of interests. Taking time to research the careers in insurance that interest you will help you find a job that you'll be happy doing. While some insurance-related jobs do require a formal education, you'll also find careers in this field that are entry-level positions. Let's look at what some of these insurance careers are, what they pay, and the responsibilities associated with each one.
Well-Paying Careers in Insurance
The following list will give you a better idea of the types of careers you can pursue in the insurance industry. Whether you’re looking for a lucrative career or just a job that challenges your skills, here are some of the best careers in insurance:
Average base pay: $46,289 per year
Typically, an insurance underwriter specializes in one area of insurance, such as auto or health. Their main job is to determine whether a client should get the insurance coverage they’re requesting and what their level of risk might be to the insurance provider. After they go over the information submitted by the client, they work with an insurance broker or an insurance company to write a policy for that client. This job can be challenging because the insurance company wants an insurance underwriter who can help them balance risk versus reward when taking on new customers.
Average base pay: $46,950 per year
When someone submits a claim to their insurance company, the insurance company is expected to pay out. However, the company may feel that the claim needs further examination due to the amount of damage or the circumstances of the damage. This is where a claims adjuster comes in. As a claims adjuster, you’ll have to look into the claim being made by the insurance provider’s client. This job typically involves frequent travel time because you have to go to the location of the incident. Your job is to determine whether the information provided in the claim is true.
Claims adjusters can work for insurance companies, but they can also work for private firms. Working for an insurance company often means that you’ll be trying to save the company money, while with a private company, you’re typically working to get the client the largest possible settlement.
Average base pay: $97,776 per year
An actuary is a person responsible for helping an insurance company determine and set premiums. They have to analyze data to determine risk factors. This helps insurance companies know what to charge their customers. Actuaries look at statistics to figure out things like whether or not an area has a high crime rate or if hurricanes are prevalent. Usually, actuaries specialize in one type of insurance, such as homeowners insurance. They’ll work to assess things like how often break-ins occur, what natural disasters happen in the area, and the age and quality of the other homes in the neighborhood.
With this data, they can inform the insurance company of the risk associated with the client’s property and come up with a rate that ensures the company doesn’t lose money if a claim is made.
Average base pay: $73,091 per year
Risk consultants are responsible for assessing how much risk is associated with insuring certain items. For instance, they make look at all the car accident reports during a certain time period to find out which ones are more likely to be involved in a collision. They then share this information with actuaries and underwriters or anyone else in the insurance company that may find it useful.
In some cases, a risk consultant may travel to a business or drive by someone’s home to assess risk and report it back to the insurance provider. Their job is to make sure that what’s being insured is valued appropriately to limit losses for the insurance provider if a claim is made.
Claims and policy processor
Average base pay: $32,801 per year
When a person files a claim with their insurance provider, someone has to process the paperwork. On the same note, when an insurance company gets a new client, their policy has to be processed. A claims and policy processor is responsible for processing client information in both of these circumstances. This job entails a lot of data processing, so good computers skill are a must. You’ll have to ensure that all of the client’s information is entered correctly on forms and in the computer database. A claims and policy processor works for an insurance company.
Insurance sales agent
Average base pay: $40,075 per year
Most insurance sales agents spend a lot of time networking and talking directly with people, so good communication and interpersonal skills are a must. It’s an agent’s job to sell insurance policies to customers. They also need to make sure that their clients understand the coverage of the insurance policy they’re buying. Insurance sales agents can work independently or with a specific insurance provider. Some insurance companies provide their agents with leads, while some expect you to find your own clients or make cold calls.
Typically, agents are paid commission, which means they earn money for every policy they sell. They’re paid a percentage of the monthly premium, so for some, this can end up being one of the careers in insurance that is very lucrative.
Customer service representative
Average base pay: $27,834 per year
Customer service representatives are needed in a number of industries, including insurance. As a customer service representative for an insurance agency, you’ll be a point of contact for the company’s clients. You’ll be responsible for answering phones and emails and directing clients to the proper department or agent. Having some knowledge of insurance will help you when talking with clients, so you can easily answer simple questions. This is a great entry-level position for those who want to learn the insurance industry from the inside and work their way up to a more lucrative position.
Insurance agent trainer
Average base pay: $36,995 per year
When someone is new to a job, they need training in order to better understand their position. This is true even in the insurance field. As an insurance agent trainer, you’ll have insurance sales agents under you who you’re responsible for training. It’s your job to provide sales agents with educational materials and resources that help them learn how to sell insurance and work with clients effectively. They also need to be well-versed in the products offered by the insurance company that employs them.
As an insurance agent trainer, you’ll want to provide scenarios for your team that will help them deal with a variety of clients. When they finish the training program, you want them to feel confident going out into the field to sell insurance policies.
Average base pay: $68,679 per year
When a business needs insurance, it might be purchased through an insurance broker. As an insurance broker, you’re going to help businesses find the insurance coverage that meets their needs. You’ll work directly with an insurance provider to obtain a policy with the right coverage for the business. It’s your job to know the needs of the individual businesses you deal with and the value of everything that needs coverage under the policy. With this information, you can make sure that the business is covered for anything that might come up.
Corporate finance officer
Average base pay: $57,875 per year
Corporate finance officers deal with financial matters for insurance companies, and they oversee the day-to-day operations, including advising and supervising employees. They work directly with risk consultants and actuaries to ensure that the company remains profitable. It’s a finance officer’s job to oversee all finances of the company as well as to ensure that the company is practicing and following all regulations at the state and federal level. In this position, you will process all corporate taxes. Creating and sticking to a budget is also an important part of this career in insurance.
Careers in insurance are quite varied and require many different skill sets. Before you choose a career path in the insurance industry, it’s important to understand your interests, strengths, and weaknesses to help you find the one that’s right for you. Think about the different jobs on this list and which one sounds the most appealing to you, then use Glassdoor to find out more about the career of your dreams.