8 Careers in Insurance (with Job Duties and Compensation)

Insurance is a stable and rewarding career path that offers good salaries and growth opportunities. Insurance professionals help people protect their financial future by providing coverage for a variety of risks, such as accidents, illness, and property damage.

Most insurance careers require some level of education or certification. Some employers may also prefer candidates with experience in customer service, sales, or finance.

If you’re looking for a stable and rewarding career with good growth potential, consider a career in insurance. With the right skills and education, you can make a real difference in the lives of others.

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1. Insurance claims and policy processing clerks

Insurance claims and policy processing clerks process incoming insurance policies and claims, ensuring the documents are complete and accurate. If there is any missing or incomplete information in the documents, the clerk will contact the customer and speak with them to get everything completed properly.

If a customer wants to change their existing policy, a clerk will make the updates and ensure all parties get a copy. When a customer makes a claim, claims clerks also calculate coverage and submit the documents for payment.

Compensation range: $33,710 to $64,350

2. Insurance sales agents

There are two main categories of insurance sales agents: independent and captive. An independent insurance sales agent represents multiple types of insurance and carriers. A captive insurance agent represents a single insurance company.

The independent sales agent is responsible for building their book of business and is often commission-only. However, insurance is a recurring product. Over time, a sales agent can create a sizable recurring income.

An insurance agent who works for a single company may receive a mix of salary and commission.

In both cases, insurance agents employ sales and marketing strategies to attract new customers. These may range from cold calling and networking to email marketing and online advertising. When they connect with a potential client, they appraise the client’s insurance needs, propose one or several policies as part of a long-term plan, and work with them to close the sale.

Some insurance sales agents sell to individuals, while others cover businesses.

Compensation range: $29,970 to $126,510

3. Insurance appraisers

When a customer makes a claim, an insurance appraiser is responsible for ensuring the claim is valid and estimating the cost of repairs. They can refuse to pay if the claim seems fraudulent. If the claim is legitimate, they will calculate how much the insurance company should pay.

Insurance appraisers may base their value estimates on photos and reports or go out into the field and investigate, talking with the claimants and inspecting the damage. They may also forge agreements with businesses that provide repairs or other services to claimants to reduce costs for the insurance company.

Compensation range: $49,940 to $94,440

4. Claims adjusters, examiners, and investigators

Claims adjusters, examiners, and investigators provide the next level of inquest and protection for insurance companies.

If someone claims personal, property, or casualty loss or damages against an insurance company or other organizations, and the claim involves an insurance company, claims adjusters investigate. Their goal is to verify the validity of the claims and settle out of court, if possible.

Examiners uphold an insurance policy’s provisions by analyzing claims and determining the extent of the insurance company’s liability and how much they need to pay.

Investigators are called in when a deeper look is required on a claim. For example, an investigator will gather facts in a personal injury case by interviewing doctors, witnesses, claimants, and other relevant parties. They compile all the information to determine the insurance company’s liability and the amount it should pay on the claim.

Compensation range: $46,040 to $102,630

5. Insurance underwriters

When an insurance sales agent writes a new policy for a business or person, the insurance underwriter uses special computer software to calculate the policy risk and approve or reject the policy. Some policies are simple calculations that can be done automatically with the software, while others require an in-depth analysis.

The goal of the underwriter is to balance risk and caution. They want to insure everyone possible without burdening the insurance company with too many high-risk accounts.

Compensation range: $47,330 to $126,380

6. Financial analysts

Financial analysts track market conditions and use models to forecast business performance. They help construct sustainable budgets and help companies make sound financial decisions now to secure a profitable future.

Compensation range: $57,900 to $166,560.

7. Financial risk specialists

Financial risk specialists are similar to financial analysts but emphasize avoiding potential risks. They track, analyze, and measure a company’s exposure to credit and market risks that might threaten its core business, earning capacity, or assets.

Compensation range: $59,370 to $171,000

8. Actuary

An actuary’s work is essential to insurance companies. They use statistics, mathematics, and financial models to measure a company’s potential risks. Based on these findings, actuaries help develop risk prevention policies, which may include insurance policies, investment choices, and the development of new products.

Compensation range: $63,260 to $206,820

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