Jobs in Insurance
Key Roles Within the Industry
The insurance industry relies on the expertise of many individuals, some of which are listed below:
- Loss adjuster
- Insurance agent
- Insurance broker
- Risk manager
One of the more well-known jobs in insurance, the underwriter decides if the risk of the applicant seeking an insurance policy or cover is viable and determines whether the practical insurance package would benefit both the applicant and the insurance company. The role requires analytical and technical skills, good communication skills, a background in research and aptitude with computer use.
Typically, an underwriter looks at and analyses financial statements, prepares a report that includes flowcharts and graphs using Excel models, and summarizes the company’s financial gains. The underwriter then provides expert advice based on the analysis. This report is submitted to management and is reviewed before any action is taken on the insurance application.
Just as applications are carefully evaluated, extra attention must be given to claims as well. The claims staff examines the insurance policy, obtains evidence, and interviews the claimants, the family and other involved parties. To arrive at an accurate decision, the claims staff works with the investigators and loss adjusters before making any recommendations for payment, including payment amount. It is also their responsibility to help individuals properly file their claims.
The loss adjuster checks on damaged property claims and determines if the insurance had been written properly. They review policies, look for supporting documents to validate claims and do actual site investigations to determine if a damaged property deserves compensation. They can be independent contractors or employees of the insurance company.
The insurance agent represents the company and acts on its behalf. They have a pivotal role in helping consumers with their choice of insurance policy, and they aid in the completion of a policy application. Agents are not generally on the company payroll but are paid a commission for every policy sold.
Insurance agents either work as freelancers, meaning they offer multi-insurance packages from different insurance companies, or they are affiliated with one company. Many specialise in life insurance. All insurance agents must have extensive knowledge of insurance products and of the company they represent.
The insurance broker is independent from both client and insurance companies. They act as the go-between for the client and the insurance company. Their extensive knowledge of the insurance industry makes them the ideal candidate to help individuals find the best deals when it comes to insurance policies. They also advise clients whether it is appropriate to make a claim.
The reinsurer works to insure the insurer. With this responsibility, a reinsurer must have an in-depth knowledge of the insurance market and the relevant legalities. They help the insurance company secure their financial capacity to pay claims, handle disputed claims and provide advice on various insurance issues.
Risk managers evaluate the risks that may endanger the company’s funds or capacity to pay claims. They work with underwriters by providing their analysis on the degree of risk the company can cover and the potential profit the company can make on the insurance application. It is also his job to advise on investment strategies and give pricing on policies.
The actuary deals with mathematical probabilities and applies the results to predict the probability of future events. They use statistical data, demographics, financial and economic data, as well as social data to assess the risks related to financial planning. The position requires the ability to communicate technical concepts to non-technical individuals.