32 Insurance Jobs

The US insurance industry is worth approximately $1.32 trillion as of 2019, greatly contributing to the wealth of the country. About 2.69 million people are employed by insurance companies annually, meaning insurance is responsible for hiring nearly 1% of the US population. Insurance is considered one of the most prestigious and important sectors to the modern economy, as insurance can technically be applied to almost any personal or business endeavour. The sector can also be very lucrative, meaning it can attract a lot of very skilled and intelligent people. Common job titles in the insurance industry include insurance broker, claims manager, loss adjuster, and underwriter.

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Insurance is a broad industry and so are the job descriptions. As a result, what you do will depend on the job you take and the type of company you work for. You could be an actuary, analysing and predicting the risk involved in certain insurance policies and work at an insurance agency or brokerage. Or you might want to be a claims adjuster at an agency, deciding how much your company should pay for a damage or loss. Or you could be an underwriter, determining the validity of insurance claims and ensuring each applicant is eligible for insurance plans. There are many more similar positions to be found in agencies and brokerages, so this list is not exhaustive. Insurance companies also employ a lot of professionals in customer service and marketing to deal with client relations and to promote their products.

While it is not a strict requirement, most insurance companies tend to hire people who have at least a bachelor’s degree, often in related subjects like math, statistics, or economics. Certain jobs in the insurance industry, like an actuary, may require you to know a thing or two about database management and SQL. This may require specific training or licensing.

The future is bright for the insurance industry for most roles. The Bureau of Labor Statistics projects that roles like insurance sales agents and actuaries are expected to grow by 5% and 18% respectively, largely due to the growth in the insurance industry and the need to accommodate the increasing complexity of the modern economy. Other roles, however, may be more difficult to get into. Underwriters, for instance, are expected to decrease in number over the coming years with the rise of underwriting software.

Careers in insurance are known to be very stable and well paid. Some positions can also be very lucrative. Insurance sales, for instance, can be very well paid since many salesmen earn a commission on every sale. Many insurance positions also give you transferable skills that you can carry into lots of other roles.

If you work in sales, finding and converting clients can be difficult. There is also a lot of pressure to sell, and this can be stressful for people who are not suited to meeting tight targets. Insurance professionals are also required to keep up to date with the latest laws and regulations regarding the industry, which can be very time consuming.

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