| An overview of the insurance industry, and the | | | | charged in order to balance out the overall risk they |
| various career options available. | | | | pose to the insurance company. They identify and |
| Jobs in the insurance sector are not just about sales, | | | | calculate risks based on the latest methods, and they |
| though sales form a major part. Jobs in this industry | | | | need to have strong decision-making and analytical |
| can be as rewarding as that in any other sector, and | | | | faculties. They are the conduit that bring together |
| contrary to common impression, there are a wide | | | | the insurance carrier and sales agent, and are |
| variety of openings available, requiring disparate sets | | | | tech-savvy and computer-literate, in order to be able |
| of skills, ranging from good arithmetic or statistics to | | | | to efficiently process insurance applications. Large |
| good communication. Those employed in this field | | | | companies have big underwriting teams and require |
| need to be flexible and adaptive and be able to | | | | rapid-fire response mechanisms. |
| thrive in a fast-paced environment. According to the | | | | The money that comes in through the premiums paid |
| Industry overview provided by Insurance Information | | | | by the policy buyers is suitably invested by money |
| Institute, "The U.S. insurance industry, which is made | | | | managers, in the market or through other low risk |
| up of property/casualty and life/health companies and | | | | investment alternatives. In large insurance |
| agents, brokers and service personnel for all sectors, | | | | organizations with an international wingspan, this role |
| employed 2.3 million people in 2004". | | | | is especially important in order to spread out the risks |
| To begin with the much-maligned job of a sales | | | | across countries, if so required. |
| agent, it is a myth that this career keeps you desk | | | | Risk managers and loss control experts are also part |
| bound, and does not require much application or | | | | of insurance organizations, or may work in other |
| provide any challenge. The role is to promote policies | | | | organizations and collaborate with insurance |
| and help the customer select the policy that is | | | | companies in order to identify and resolve potential |
| correct for their situation, in order to provide the | | | | risks. They make presentations regarding business |
| best coverage for property, life and health. "Slower | | | | proposals to a firm's management, and help formulate |
| than average employment growth is expected | | | | benefit plans for employees. Loss control experts |
| among insurance agents through 2012. However, | | | | specialize in mitigating risks, and minimizing losses and |
| those with the right qualifications and skills will have | | | | accidents by anticipating them and adopting |
| favorable opportunities." according to the Bureau of | | | | precautionary measures. These can be international |
| Labor Statistics, ( Those who learn the ropes and | | | | careers in companies dealing with worldwide insurance |
| show leadership abilities rise to managerial or upper | | | | solutions for health and travel, or expatriate |
| executive positions. | | | | insurance, or in multinational companies that require |
| Most however, prefer to establish their independent | | | | risk assessment and loss control across various |
| brokerage firms and agencies: nearly one out of | | | | nations. |
| three insurance sales agents is self-employed. Sales | | | | It is today a part of healthy corporate policy to |
| agents can be captive, that is , sell insurance policies | | | | provide insurance to the employees, and companies |
| for one company. A majority of them are | | | | usually tie up with a particular insurance solutions |
| independent, and sell insurance on behalf of multiple | | | | provider to do this. To liase with the human resource |
| companies, the only requirement to become a sales | | | | department in the client company, insurance |
| agent being a license. According to the Bureau of | | | | companies employ benefits managers in order to |
| Labor Statistics, ( "Insurance sales agents must | | | | manage the relevant health and life insurance |
| obtain a license in the states where they plan to sell | | | | programs. Benefit managers need excellent |
| insurance. Separate licenses are required for agents | | | | interpersonal skills and a good knowledge of |
| to sell life and health insurance and property and | | | | corporate policy in order to succeed in their roles. |
| casualty insurance." | | | | In case of a claim by a buyer, the claim cannot be |
| Some sales agents later become insurance broker | | | | paid off without verifying its genuineness and it is |
| consultants, and work for various insurance | | | | here that the claim examiners, investigators and |
| companies, promoting their products, services and | | | | adjusters come in. The investigators often have a |
| key features to several insurance brokers. This is a | | | | background in criminal justice, and have a nose for |
| well paid job, though it might require travelling, and | | | | identifying true claims from false. Claim adjusters |
| can only be taken up by veterans in sales, as they | | | | negotiate with the buyer in order to ensure that both |
| face stiff competition from other insurance providers. | | | | parties involved reach a fair settlement and decide |
| If the sales position is too demanding in terms of | | | | how much is to be paid or if a claim should be paid at |
| smooth communication skills, there are other careers | | | | all, depending on the feedback from the investigators. |
| like those of actuaries, who use their analysis of | | | | If any claim requires litigation, these adjusters seek |
| statistics of relevant facts to predict the relative | | | | legal counsel. Continuous learning is crucial to these |
| likelihood of different kinds of unforeseen disasters, | | | | careers as the licenses initially acquired, as changes in |
| accidents, sickness, disability and mortality. They do | | | | legislation affect claims handling and coverage. |
| not need major mathematical prowess but an | | | | As the insurance industry is expanding, it is acquiring |
| inherent ability is useful as they often advice their | | | | various assets across the globe in order to reduce |
| organizations on liabilities for payments of future | | | | the risk involved in the business. As such, positions in |
| benefits and the premium rates desirable and cash | | | | insurance companies also include those involving |
| reserves essential to ensure timely payment of | | | | corporate finance, business development, IT and |
| future benefits. They also profile the buyers to be | | | | marketing, which can be globe-trotting careers, with |
| targeted for a particular policy and keep abreast of | | | | the right blend of qualifications. In short, insurance is a |
| social cultural and political trends as well as any | | | | lucrative field with relatively higher earnings, immense |
| changes in legislation, so as to be continuously aware | | | | growth opportunities, and avenues for work |
| of risk factors. | | | | satisfaction, and should be a serious consideration for |
| Underwriters are an invaluable part of the industry as | | | | any ambitious graduate on the lookout for a shining |
| they help determine the premium buyers are to be | | | | career. |