The demand for insurance professionals is increasing dramatically. Jobs in insurance involve helping individuals and businesses manage risk to protect themselves from catastrophic losses. You could work in a variety of insurance jobs including brokerage, underwriting, claims, sales, asset management, customer service or as an actuary. You'll have the opportunity to help people when they need it most.
The insurance industry consists mainly of insurance carriers (or insurers ) and insurance agencies and brokerages. In general, insurance carriers are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers.
Brokers and agents sell insurance policies to individuals and companies that want to guard their assets. In the event of a fire, injury, or accident, customers turn to their agents who must have a detailed knowledge of policies and their limitations.
Actuaries are responsible for determining the risk involved in insuring a person's life, their property, their health, or their business. A successful actuary understands government legislation and social tendencies that effect risk. They often work with government entities, insurance agencies, pension management firms, and other advisors.
When a person applies for a policy, it is the underwriter who determines whether that person is worth the risk of insuring. By assessing how much risk a person represents, underwriters ensure that all policyholders fit the company's requirements. In addition, underwriters often help determine policy pricing.
Customer service representatives process insurance policy applications, changes, and cancellations. They review applications for completeness, compile data on policy changes, and verify the accuracy of insurance company records. They may also process claims and sell new policies to existing clients.
Claims adjusters, examiners, and investigators decide whether claims are covered by the customer's policy, confirm payment, and, when necessary, investigate the circumstances surrounding a claim. Claims adjusters work for property and liability insurance carriers or for independent adjusting firms.
Source: Bureau of Labor Statistics