Working in the insurance industry can bring financial security and personal rewards. You can help individuals and companies protect their lives, health and property, coming to the rescue if there is an illness, accident or other loss. The wide variety of careers in insurance offers something for everyone, from high school graduates to professionals with advanced degrees.
In this article, we’ll discuss some of the most popular jobs in the insurance industry, including how much they pay and what you’ll need to get started. But first, let’s review some of the unique benefits that make an insurance career particularly rewarding.
Jobs to Fit Your Skills and Personality
Do you enjoy solving problems and helping people? You may be a good fit as a customer service representative. Are you outgoing with strong communication skills? You should consider becoming a sales agent. Are you the analytical type? You should find out what it takes to become an examiner or adjuster.
Jobs to Fit Your Level of Education
Whether you’re starting with a high school diploma, some college or an advanced degree, the insurance industry offers positions for everyone from entry-level workers to skilled managers, as well as staff roles in traditional professions such as law, medicine and engineering.
Jobs to Work at Home or in the Office
Some positions may require you to work in an office environment, but other positions may offer the potential for flexibility to work remotely or with a hybrid schedule. Some careers will also take you out into the community, visiting customers or inspecting insured properties.
Competitive Pay
Insurance is a dynamic business in a growing market which leads to most positions offering a competitive salary or hourly rate. According to the U.S. Bureau of Labor Statistics, the median annual income for customer service representatives is $39,680. A sales agent can expect to earn $59,080. Examiners, adjusters and appraisers can earn $75,020 while actuaries average $120,000.
Employee Coverage and Discounts
One obvious benefit of working in the insurance industry is insurance. Many companies offer employees health insurance coverage and, in some cases, employee discounts on other policies. For example, GE offers its employees discounts on auto, home and personal liability coverage.
A Strong Industry Outlook
Nearly all positions in the insurance industry have a growth outlook, averaging seven percent. However, some specialties have a much higher growth outlook. For example, actuaries can look forward to a growth in demand for their services of 23 percent over the next 10 years.
Learn as You Earn
Many insurance company positions offer on-the-job training and as you learn, there are many paths to grow your career and your earnings by becoming a manager or by moving up to the next level of skill and responsibility.
Opportunities to Serve
Insurance companies can help people finance cars and homes without fear of losing their investment. Health coverage allows people to be free from worry that an injury or illness would be financially devastating. Life insurance lets breadwinners know that their families are secure and the same is true for business risk. Throughout history, merchants and investors have relied on insurance companies to share the risk of starting new ventures. You can help businesses safeguard the value they create.
Opportunities to Get Involved in Your Community
Insurance companies are usually active participants in supporting their communities through charities and volunteer work. You can expect that your company will provide you with new opportunities to make a difference in people’s lives.
Jobs in the Insurance Industry
Below are some of the most familiar ways to work in the insurance industry. In addition to these roles, bear in mind that insurance companies also often require employees in finance, administration, human resources, information technology, legal services and marketing.
Insurance Sales Agents
Insurance sales agents are also known as insurance sales representatives or customer service representatives. It is an agent’s job to determine strategies to sell new insurance policies or to adjust current insurance policy coverage for existing customers. Agents appraise the needs of new customers, whether the new customer is an individual or a business, to determine the best coverage to fit their needs. When someone needs to assess their long-term insurance needs, they typically speak to an insurance agent.
Customer Service Representative
A customer service or claims representative processes new policies and claims. Many customer service representatives are high school graduates who receive much of their training on the job.
Insurance Claims Clerk
If you’re all about accuracy, a claims clerk job may be the right fit for you. A claims clerk reviews claim documents and forms to determine if they have been completed fully and accurately. If they find flaws in these forms, it’s their responsibility to contact the customer for corrections or clarification. This is the person who determines what the benefits of your claim are and submits requests for payment of claims.
Insurance Underwriters
Underwriters determine the risks of insuring people and their assets. They recommend premiums to counteract the amount of risk present when insuring individuals or businesses. Using software, they analyze and calculate the risk involved in working with businesses or individuals.
Claims Adjusters
Claim adjusters investigate all claims with a focus on a claim’s financial cost to the insurance company. A claims adjuster inspects the property and conducts interviews with claimants and witnesses to determine how much money the claimant is owed. Often, claims adjusters are the first point of contact in the claims process. Adjusters will submit information to the claims examiner who continues the claims process.
Examiner
A claims examiner determines if the claimant and the claims adjuster followed the appropriate processes. Legal compliance is one benchmark by which claims examiners measure the claims adjuster’s work. This is a mid-level role that is ideal for someone who complies and familiarizes themselves with regulations, is adept at making decisions and can easily oversee the work of others.
Appraiser
Do you like determining the value of a property? If so, a career as an insurance appraiser may appeal to you. An appraiser’s primary role is determining the value of insured assets and deciding if the insurance company should pay a claim. Appraisers may conduct a field investigation to determine the amount of damage to a wrecked car.
Insurance Investigator
When an insurance company has concerns that a claim may be fraudulent, the insurance investigator is charged with determining the validity of the claim. The investigator reviews insurance claims by reviewing paperwork, interviewing witnesses and viewing surveillance footage to determine the accuracy of a claim. Investigators speak to claimants, witnesses, law enforcement and insurance adjusters to evaluate a claim.
Insurance Field Inspector
Have you ever heard of an insurance field inspector? It’s the field inspector’s job to evaluate the amount of money a property is worth. Field inspectors can work for an insurance company, mortgage company or bank. The field inspector visits various properties, assesses their condition and documents it. The field inspector is also responsible for determining potential issues for the insurance company.
Actuaries
Mathematics, statistics and financial theory are the tools used by actuaries. This career is for someone who understands the importance of risk management and enjoys developing risk prevention protocols. Actuaries offer comprehensive assessments to help businesses decide on insurance policies, make financial decisions and select investment choices.
Financial Analysts
Do you get excited over budget analysis and statistics? If so, consider a career as a financial analyst in the insurance industry. Financial analysts use financial theory and analysis tools to help companies with financial planning. They analyze market conditions and business performance to predict revenues and expenditures, create cost structures and decide on a budget.
Insurance Brokers
Insurance companies view brokers as an important part of risk management. A broker is charged with informing customers of potential risks and advising which insurance policies would be most beneficial for the client. Brokers work with both individuals and businesses and may specialize in one area of the insurance industry. They communicate coverage options and make recommendations based on the client’s needs.
Loss Control Consultants
A career as a loss control consultant is perfect for someone who enjoys using their skills to analyze risks for inventory loss and theft. They also analyze the safety practices of a business to determine any potential issues. Risk assessment and analysis of workers’ compensation claims are two additional responsibilities for a loss control consultant.
Why work for Higginbotham?
Our mission is to exceed the expectations of our employees, clients, carriers and communities in a partnership to deliver a Single Source for insurance and financial services. Higginbotham offers a collaborative and inclusive work environment where employees are encouraged to innovate and grow professionally. With a strong emphasis on personal and career development, Higginbotham provides many opportunities for training, mentorship and advancement. Employees enjoy a comprehensive benefits package that promotes work-life balance and well-being. Also, Higginbotham’s commitment to community involvement and corporate social responsibility allows employees to positively impact both within and outside the workplace.
For those seeking a rewarding career with a company that values its people and their contributions, Higginbotham stands out as an exceptional choice. Learn more about joining the Higginbotham team.
