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A Guide to Jobs in the Insurance Industry

By Sambit Aug 25, 2021
insurance industry

Did you know there were 501,300 insurance sales agents in 2019? If you’re thinking about pursuing an insurance career, we can help.

In this guide, we’ll go over different insurance jobs to consider.

Want to learn more? Keep reading.

Insurance Agent

Insurance agents will sell insurance policies to customers. An insurance agent will get in touch with people who need insurance policies.

The insurance agent will go over the different policy options and help clients pick a plan that suits them. Also, the insurance agent will manage customers’ accounts and provide financial management services.

Agents work in health insurance, life insurance, or property and casualty insurance. Some agents have licenses to sell mutual funds, annuities, or other securities. An agent tends to work for one insurance company.

Are you interested in this particular role? Learn more about becoming an insurance agent.

Insurance Risk Analyst

An insurance risk analyst tests the risk involved in an insurance policy. They try to figure out ways to lower the risk. The analyst will travel to stores, homes, or factories looking for coverage.

After, the insurance risk analyst will meet with clients and perform examinations. They will also take photographs and inspect the safety codes.

The analyst will tell the clients about different policies. Then they will make a report and detail how much risk’s involved. They will also report to the insurance company if the client’s a significant risk.

Insurance Actuary

An insurance actuary will assess the price of uncertain events that could happen.

The actuary uses statistics to figure out the potential cost of insurance policies. They will also try to determine the statistical probability of payouts.

Insurance Underwriter

An underwriter figures out the risk an individual, company, or homeowner presents. Insurance underwriters are like insurance risk analysts, but they don’t travel.

Instead, an insurance underwriter will complete a background check on applicants. They determine the premium amount for a policy and figure out the coverage the company will offer.

Underwriters use the information from insurance risk analysts, insurance investigators, and insurance actuaries.

Insurance Claims Investigator

An insurance claims investigator will look into insurance fraud and suspicious claims. Insurance claim investigators tend to work by contract.

Insurance claims investigators will look for discrepancies in claims. They will also visit accident sites, interview witnesses, and question customers.

An insurance claims investigator will protect an insurance company from fraud. The investigator will need to establish who’s liable and help negotiate the payout.

Auto Appraiser

Auto appraisers will inspect vehicles that got damaged in an accident. The auto appraiser prepares insurance forms. The forms reveal the estimates or repair costs for the insurance claim settlements.

The appraiser might work with an auto shop to determine the insurance case details. Auto appraisers need mechanical knowledge, customer service skills, and admin skills.

Insurance Claims Adjuster

An insurance claims adjuster will figure out how much the insurance company has to pay for a claim.

The insurance claims adjuster works with customer claims. They give the customer an offer. If the offer gets rejected, the adjuster must work with the lawyers and company to find a new offer.

Claim adjusters will specialize in specific areas like automotive or homeowner claims.

Insurance Broker

An insurance broker is like an agent, yet they work with a bunch of different companies. The broker will offer a variety of products and services.

The broker will work as a liaison between the insurance company and the customer. The broker will represent the customer. Brokers stick to high professional and legal standards.

Insurance Loss Control Consultant

This kind of consultant will figure out strategies to reduce the risk of damage or loss. The consultant might make a workplace safer by helping to reduce work injuries.

Loss control consultants use their industry knowledge to help prevent paying out claims. They will communicate with customers and help some if they need to place a claim.

State Regulatory Agencies

You could work with state regulatory agencies. The state regulatory agency will watch out for bad agents in insurance companies.

They will also look out for insurance companies who file forms that aren’t fair to the customer. The state regulatory agency will also look out for sneaky consumers who want to try and cheat the system.

What About Product Development?

You could also work at an insurance company and develop products. You will create policies that customers need and want, but also you’ll protect the company.

You’ll create products that can meet the risk financing needs of customers. You’ll need to balance how much risk to assume and how much to give back to the consumer.

You’ll have a chance to improve insurance coverage in this role.

Become an Insurance Educator

Do you have a passion for teaching? Consider becoming an insurance educator. You will need to teach insurance professionals how they can improve at their job.

You’ll use your knowledge of different policies and help others understand them better. You can help increase professionalism within the insurance industry.

Consider this role if you’re passionate about teaching and helping others.

Consider a Wide Variety of Jobs in the Insurance Industry

We hope this guide on the different jobs in the insurance industry was helpful. Consider what kind of insurance industry job you would like to choose.

Work as an insurance claims investigator, an insurance underwriter, or an insurance agent.

Are you looking for more career or education tips? Check out our resources on the blog.

By Sambit

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