Some 2.3 million people in the U.S. are employed by the insurance industry. And forget the old stereotype of selling policies door-to-door. The types of careers available in this dynamic, competitive field are some of the most interesting, exciting and not to mention well-paying jobs out there! Everything from working a catastrophe team during a natural disaster to fraud investigations to owning your own business, describe careers available through the insurance industry.
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Types of Insurance Careers
Actuary. These are the people who price the policies and the demand for these highly skilled individuals is great. People with analytical minds and backgrounds in actuarial science, math, statistics or possess good decision-making skills are prime candidates for these jobs.
Underwriter. An underwriter decides whether the risk involved in writing a policy is worth taking. The job involves analyzing data and making sound and balanced business decisions. This job category offers the most professional growth and is often considered one of the best positions from which to advance up the ladder!
Agent and Broker. If you are a natural salesperson (a "people person") or you have dreams of owning your own business this may be the career for you! Being an agent also offers you the opportunity to actually get out and help people who need advice making important financial decisions or are struggling through a crisis. Sales involves working with people to determine the right amount of insurance they need at the right price for them. If the situation arises, the agent will work with his or her client on a fair settlement. Agents and brokers must be licensed in the state they work, usually requiring passing a written test. Agents can work independently or join a company as a salaried employee.
Field Representative. This is a position of major responsibility and influence within the industry. A field representative acts as the primary liaison between the insurance company and the agents/brokers. A field representative must possess excellent inter-personal skills and acquire a great deal of knowledge about how insurance works. The field rep keeps agents informed on company policies and current procedures. The job also involves assisting with sales and claims settlements.
Claims Adjuster. This is a front-line job that requires the ability and desire to help people. Claims adjusters investigate damages and losses to determine if they are covered by policies and estimate the cost of repair or replacement. This job requires a well-rounded knowledge of insurance—a background in law can also be helpful. You'll need to be able to keep a cool head and be a good decision maker, since this type of activity generally takes place during a crisis situation.
Risk Manager. Risk Managers work for a specific corporation rather than a particular insurance company. This employee helps identify various types of risk and helps the corporation prevent, control and minimize losses from property damage, personal injury, faulty products, embezzlement and burglary. Risk Managers also buy insurance products such as property, liability and workers compensation insurance for their company. This is a challenging and demanding position that is well compensated. It requires an analytical mind and a thorough knowledge of insurance.
And Many, Many More.
The list goes on and on. There is a place for you in the insurance industry, whether your interests are in computers, media relations, event planning, public affairs, marketing, human resources, administration, etc. The insurance industry generally pays well, offers job security and encourages continuing education in your specialty.