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.
Career Opportunities
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.
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. The average starting salary for an insurance customer service representative is $39,680.
Insurance Sales Agent
Sales agents contact businesses and individuals to offer various types of insurance. Although you can become a sales agent with a high school diploma, many successful sales agents have a bachelor’s degree. An insurance sales agent receives some on-the-job training and must also be licensed by the state to sell policies as an insurance professional. The 2023 median income is $59,080.
Underwriter
Underwriters evaluate policy applications to decide whether a risk should be insured, and on what terms. Most have a bachelor’s degree, although it is possible to become an underwriter with suitable insurance experience. Underwriters must also study for professional certification exams to advance to management or senior underwriting positions. An underwriter’s median income is $77,860.
Insurance Adjuster
Adjusters evaluate losses to determine how much the insurance company should pay. An adjuster may interview the claimant and review other evidence, such as a police accident report. When necessary, they may consult with an engineer or a doctor for a more expert opinion. The adjuster’s written and photo evidence are reviewed by an examiner. The adjuster then negotiates a settlement with the claimant. If there is a dispute, the adjuster may have to work with attorneys to defend the insurance company position.
Appraiser
Appraisers are specialists in estimating the value of an insured item or in estimating the cost to repair damage. The largest number of appraisers working for insurance companies and independent adjusters are experts in the damage caused by automobile accidents. The appraiser’s estimate then goes to an adjuster, who uses these details to prepare a settlement, as outlined above.
Examiner
Examiners review the evidence submitted by adjusters and appraisers to ensure that industry guidelines and company policies have been followed. They may have specialized experience or knowledge to determine whether the amount of the claim is reasonable. The examiner will either authorize payment or deny the claim. In some cases, the examiner may refer the claim to an investigator.
Insurance Investigator
An investigator may become involved in a claim when an insurance company suspects fraud. Auto accidents have been staged, warehouse fires have been started by arson and unethical medical practitioners have billed for false claims. Insurance investigators must often work covertly. For example, they may keep a claimant under surveillance to determine whether a claimed injury is legitimate or exaggerated.
Insurance Actuary
Actuaries are financial analysts who use statistics to compute the cost or certainty of various risks. Most are staff actuaries for insurance companies. However, some work as consultants for multiple clients. Actuaries must have at least a bachelor’s degree and a strong background in mathematics and statistics. They must also pass a series of examinations for professional certification. The median annual income for actuaries is $118,304.
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.
