Career Path and Jobs You Can Take in the Insurance Industry

Last Updated on October 26, 2024

Today, people are insuring almost everything that they possess. For instance, those who own vehicles are supposed to get auto insurance, insurance against damage and theft is necessary for homeowners and business people should protect their businesses against lawsuits.

Depending on a person’s financial muscle, they can insure other things such as pets, electronic devices, and toys. To ensure that this demand is handled, the insurance industry has employed millions of people across the globe. 

These people are responsible for different tasks, from selling plans, setting premiums, inspecting claims, and performing other tasks to ensure that everything works well and according to plan.

A career in the insurance industry can be lucrative. However, do you know what you need and the jobs available in the industry?

Career Path and Insurance Jobs

The experts at PolicyScout claim that you can get a job in the insurance industry with different levels of education, from a diploma to a degree. However, you need to have a passion for this industry and should have some insurance cover of your own. 

People should find it easy to get, buy, and understand insurance coverages. If you want a career in this industry, then you should be able to achieve the three things above when dealing with clients.

The insurance industry differs from other fields. This can be seen from the fact that in most industries, the higher your level of education, the higher the level of a job you will get. Things are different in this industry.

Some common jobs and their requirements in the insurance industry include:

Actuary

An actuary is responsible for assessing risks and making sure that premiums are set correctly. Every actuary specializes in a single type of insurance. For example, those who specialize in property insurance are tasked with analyzing data about disasters and finding out the amount of money insurance companies are supposed to pay when disasters occur.

This is important in ensuring that the companies have set reasonable premiums for both themselves and their clients and to avoid losses that might be realized when they pay premiums in excess.

Career Path: For you to get this job, you will need to have a bachelor’s degree in statistics, mathematics, or other related fields.

Claims Adjuster

When something happens and someone is claiming coverage, the insurance company is supposed to inspect the damage to determine whether the person should be compensated or not.

This job is tasked to a claims adjuster. The adjuster inspects the incident, conducts interviews, and gathers all information required for them to see if they can deny the insurance claim.

After gathering everything that they need, they generate reports that are taken to another person, known as a claims examiner. The claims adjuster then presents an offer to the person making the claim.

Depending on whether this offer is accepted or rejected, they can involve the company lawyers to look for a way forward.

Career Path: The highest qualification for one to get this job is a high school diploma.

Claims Examiner

As discussed above, a claims adjuster works together with a claims examiner. They are tasked with reviewing the reports sent to them by claims adjusters and determining if the company should compensate the claimants.

Career Path: Just like the claims adjuster, you will need at least a high school diploma for you to be a claims examiner.

Policy Processing and Insurance Claims Clerk

In every other industry, clerks are tasked with handling administrative work. Similarly, clerks in the insurance industry ensure that the claims made by customers and bought policies are processed in time.

They also keep all the records and update them to keep their colleagues updated and working with the right information.

Career Path: You will need at least a high school diploma for you to be a policy processing and insurance claims clerk.

Other Careers

Other careers in the insurance industry include an insurance investigator and a sales agent. While the investigator is tasked with ensuring that the insurance company is protected from fraud, a sales agent talks to potential customers to sell insurance policies.

Career Path: You will also need to have at least a high school diploma for both of these positions.

In conclusion, the insurance industry is growing every day. With this growth comes the potential for more money and successful careers. Following the right steps to build your career in insurance, you can work in one of the roles discussed above as long as you have the required qualifications.