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One of the most popular financial sectors for people to work in is insurance. The sheer variety of roles on offer along with job security and good salaries has made it an area of employment that is thriving. If you are looking at what career path to take or are thinking of changing the one you are on, this is a sector that demands closer inspection. Of course, if you are new to the world of insurance then you may need a little help in deciding which roles might be best for you. Doing some research beforehand is sensible so you can find out which are the most popular roles in insurance, and which may be of most interest to you.
Be sure to get the right qualifications and training
Before we look at what are the top roles you could move into, it is important to think about your educational qualifications. Having the appropriate qualifications in place is essential for insurance roles. It is also necessary to get the right training in place so that you can pass any exams you may have to take when forging a career in certain roles.
The life and health insurance license training course offered at Bryant and Stratton illustrates why. This course of study gives you pre-licensing training in order to prepare you for state licensing exams in life, accident and health insurance which you will need to pass for some insurance jobs. By having the passes you need under your belt in advance, you will be able to move into the career you want without delay.
But what are the most popular insurance-based jobs you can take on?
This may sound a little obscure, but it actually isn’t. An actuary assesses risk for insurance companies and sets premium rates based on research. Normally, you would specialize in one specific type of insurance here, such as property insurance. This is because each insurance type has its own nuances and you must know about them in detail when setting premiums. In simple terms, an actuary helps insurance companies remain profitable by setting premiums at levels which allow them to make money while still paying out claims. Normally, you would need a Bachelor’s degree in an area like mathematics to follow this career path.
Insurance companies can be targeted by criminals who make money through making false claims. The job of an insurance investigator is to look into any claims which a company feels are suspicious in order to clarify if they are genuine or not. This is an interesting role which is perfect if you like digging deeper into things and conducting detailed research. The salary is also pretty good with an average annual income of over $60,000. It is also a role that is in constant demand as insurance companies will always need investigators to tackle false claims.
This is similar to working as an actuary but is much more focused on specific cases. Actuaries look in very broad terms at what they do, whereas underwriters will work on individual cases or applications when dealing with premiums. This role requires a keen eye for detail and a logical, organized approach. If you do not decide to sell someone insurance, then the company you work for loses out on the monthly premium. If you do, however, and the client makes a large claim, then the company could lose money. Underwriters earn around $65,000 per year on average and you would need a Bachelor’s Degree in a subject like finance or economics to work in this highly-specialized role.
This is another well-paid role to think about with an average salary of around $63,000. A claims adjuster evaluates claims which come in and decides how much should be paid out by the insurance company on eligible ones. This work involves handling claims according to strict legal guidelines and negotiating any settlement with the applicant. Working in this role requires good people skills and a head for figures. While it is possible to start at a junior level with a high school diploma, you would need a degree to move higher up the ladder.
Insurance is a great sector to work in
As the above shows, working in insurance is a wise move. Not only are there a variety of roles on offer but it is an industry that will always be needed. When you add in the decent salaries many roles bring and the interesting work, it is a career choice worth thinking about. With the right qualifications in place, it is also a career that can allow you to progress to senior levels.