Insurance Job Structure | Insurance Industry Introduction

1. Actuary: Actuaries are responsible for determining the risk involved in insuring a person’s life, their property, their health, or their business.

If you’re 23, you probably pay more for auto insurance than your friend who is 27. That’s because an actuary determined that age has a dramatic effect on the risk of insuring a driver.

Because there analysis is used to establish coverage risk, actuaries are one of the most important elements of the insurance industry. 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.

2. Agent and Broker: Brokers and agents sell insurance policies to individuals and companies that want to guard their assets against liability. In the event of a fire, injury, or accident, customers call their agents; therefore agents must have a detailed knowledge of policies and their limitations.

Those who are familiar with business practices and comfortable talking with all types of customers can make a good living working an adjustable schedule in the insurance industry.

3. Claims Adjuster: When a customer has had an accident, been injured, or been through a loss, adjusters help determine a fair settlement between all involved.

A successful claims adjuster must have excellent communication and negotiation skills and should be able to arbitrate with grace and empathy. Adjusters spend time in the field, as well as behind a desk.

4. Service Representatives: Because of their function as a go between insurance companies and insurance agents, service representatives must have excellent communication skills and a detailed understanding of insurance products.

A successful representative is good at building relationships with agents and company representatives. A General liberal arts education provides a solid foundation for a career as a service representative.

5. Loss Control Specialist: Loss control specialists work in the field inspecting job sites, shops, warehouses and other business areas looking for hazardous conditions and ways to fix them. Their primary responsibility is to limit injury, loss, and accident.

Specialists in healthcare focus on preventative medicine as well as improving work environments. Those interested in this career should be familiar with engineering, or safety management. Ideally, candidates should prepare by getting a degree that emphasized both technical expertise and business skills.

6. Underwriter: When a person applies for a policy, it is an 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.

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