What Are My Career Options in the Insurance Industry?
Find out about the types of jobs you could pursue in the insurance industry. Read on to learn more about career options along with job duties and salary information. Schools offering Risk Management degrees can also be found in these popular choices.
What Types of Careers Are Available in the Insurance Industry?
Careers in the insurance industry include selling plans and processing claims for all types of insurance, such as life, health and auto insurance. You could be a policy processing clerk, a sales agent or an insurance examiner. As a policy processing clerk, you would primarily process incoming applications for new insurance policies. This may involve interviewing clients to see if they qualify for insurance.
Insurance sales agents are responsible for reaching out to prospective clients and explaining the details of various insurance policies in hopes of making new customers. Finally, insurance examiners are responsible for reviewing insurance claims that have been submitted by customers in order to make sure they were filed correctly, fall within the respective insurance policy, and then they issue orders for a payout. The table below lists the general requirements for a career in the insurance industry.
|Policy Processing Clerk||Insurance Sales Agent||Insurance Examiner|
|Degree Required||Post-high-school training||Post-high-school training||Post-high-school training|
|Job Duties||Provide customer service to policyholders, help with the application process||Build client base, help clients determine what policies they need||Review claims and ensure their accuracy|
|Job Growth (2014-2024)||6%*||9%*||3% (for all claims adjusters, examiners, and investigators)*|
|Median Salary (2015)||$37,530*||$48,200*||$62,980 (for all claims adjusters, examiners, and investigators)*|
Source: *U.S. Bureau of Statistics
What Insurance Industry Careers Can I Choose?
There are many different types of jobs in the insurance industry. You could work for an insurance carrier, a brokerage or an agency, which each serve different functions in the industry. Additionally, you could specialize in a particular type of insurance such as life, disability, health, liability or property insurance. Some of the job options available to you are insurance policy processing clerk, sales agent, claims clerk, appraiser, adjuster, examiner and investigator.
What Would I Do As an Insurance Policy Processing Clerk?
Insurance policy processing clerks provide customer service to policyholders. Your job would begin with the application process which involves collecting payment, interviewing clients, assisting with filling out applications, answering questions and reviewing completed applications for accuracy. After the policy is written, you would file and record policy information, including the value of insured property. You also assist the customer with policy modifications and cancellations. The median salary for a policy processing clerk was $37,530 in 2015, according to the U.S. Bureau of Labor Statistics (BLS).
What Would My Duties Be As an Insurance Sales Agent?
Selling insurance policies through soliciting and maintaining client relationships is your primary duty as an insurance sales agent whether you are with multiple insurance carriers or work exclusively with one. You help customers determine what types and amounts of coverage they need by assessing the insurable value of the property or person being insured. You may also assess the risk of maintaining the policy. The median salary for insurance sales agents was $48,200 in May 2015 according to the BLS; however, many insurance agents are paid partially or completely on a commission basis.
What Would I Do As an Insurance Examiner or Adjuster?
As an insurance examiner or adjuster, you review claims to ascertain or verify the insurance company's liability. This is accomplished by inspecting and assessing damages, interviewing witnesses and reviewing police or hospital reports. If you suspect that a claim is fraudulent, you refer it to an insurance investigator. You may also be tasked with collecting evidence for court cases. According to the BLS, the median salary in this specialty field was $62,980 in 2015.
What Are Some Related Alternative Careers?
Another career you may be interested in pursuing is a job as a bill and account collector. This job, which requires a high school diploma, involves analyzing bills that are past due and contacting customers to seek repayment. They may work with the customers to figure out a way to make payments more reasonable. If you have pursued some post-secondary education, you may likely qualify to work as an accounting, auditing, or bookkeeping clerk. This job involves keeping track of financial records for companies and organizations.
To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below: