Insurance is a necessity for our daily lives. We need our cars, our homes and even our lives insured. Our healthcare needs are met by insurance companies. Whether we like it or not, insurance is a huge part of our lives and we need to invest in it wisely. We want to get the most for our money in this industry, because it helps us keep what is important to us safe. Most importantly, it keeps us safe.
There are many different options for gaining employment in this type of industry. This means that people who have all different types of talents can be employed here. There are people who deal with customers all day, and there are others who deal with number crunching. There are many opportunities in between that you can find a career in.
If you have previous work experience, this might be a great place for you to find a career rather than just a job. There is much room for growth in this industry and a person can find something perfect for their skills. If you’re great with sales, you can especially find a career here satisfying and beneficial.
Here are some employment opportunities you can find in this field:
Service Representative: This is the equivalent to a customer service rep at any other company. When you call up your insurance company, there are the people on the other line assisting with anything you need. They must have knowledge of their policies in order to properly answer and questions that the customer asks. They might also assist in changing their client’s policies in order to fit their needs, whether it is to add new information or remove something that the client no longer needs. They also handle any problems the customer might have with their policy or billing. A diploma from high school is preferred from anyone in this position. They must be licensed in insurance by their state of operation, as they do change items and client’s policies. On average, they might earn $32,000 a year.
Underwriter: When someone puts in an application to receive services, the application then goes to the underwriter. They will review all the information to determine whether a person meets the eligibility requirements for the type of policy they are requesting. They will then accept, deny or request more information from the potential customer to make the right decision. They will also look over policies that are already in the system. If the claims for a client seems excessive to the underwriter, he will often cancel the policy after researching the claims. It is preferred to have a college degree for a position like this, though you can work your way up with proven computer skills. Certification as an underwriter is required in higher level underwriter positions. An underwriter can earn a salary of around $60,000 per year.
Actuary: These are the people that determine the costs of premiums for the policies. They analyze the statics and data and will use that to determine the probability of if claims will occur. They must also keep an eye on the company’s ability to pay any future claim that happens in the future. The actuary helps write the insurance policies and any provisions that are found within them. They use statistics and all analytical data to assess all risks and probabilities of things occurring. This is to help keep costs low for their business while ensuring the costs and services remain competitive enough to keep and gain new clients. They are the essential personnel of the insurance industry. A bachelor’s degree is required for this position, as well as passing many certifications. They should be strong in the fields of math, statistics, and business. An actuary might earn an average of $93,000 a year.
Sales Agent: The sales agent is the person who helps get clients for their company, or getting current customers to purchase additional policies. They must have excellent knowledge of the services that their company provides to assist the customer in choosing the right policies for them. They might spend most of their time in the office, accepting and sending phone calls to gain customers. Sometimes, they will travel to visit clients to assist them. They might also conduct this business online, through their company’s website chat or emailing potential and current clients. A sales agent must have a license to sell insurance within their state and according to their state’s laws. The minimum level of education required is the completion of high school, however often times it is preferred to have a degree from college. They can earn a yearly salary of $48,000.
Claims Adjuster: The claims adjuster is responsible for overseeing claims and determining the amount to pay out. They will determine if they will even pay out the money for the claim. This might mean they must travel to a customer’s house or to where their car is to complete their assessment. For an entry level position in this field, it is required to have a high school diploma or equivalent. For a higher level position in a field like this, a college diploma is required. Additional training may be necessary depending on which field of insurance you are in, including medical and automobile claims. A claims adjuster can make an average yearly salary of $59,000.
For many jobs in an industry like this, the growth is expected to increase around the 11% that is the national average. Some jobs will be much slower, or even not grow at all. One reason for this can be the reliance on online services rather than working with actual people. Another reason can be since this is a great career to get settled in, there is not much of a turnover rate.