possible career options in the insurance industry
Do you want to make a career in insurance industry? There are ample opportunities for success and prosperity in the insurance industry. There is always a demand for insurance professionals as insurance is a trillion dollar business, where 3 million people are employed in the United States alone. Go through this article to know about possible career options in the insurance industry.
5 Possible careers in insurance industry
There are several options to make a career in insurance industry. The options are discussed below.
1.Insurance agent and broker: Insurance agents and brokers usually sell insurance policies. They are the ones whom you need to contact when you want to purchase a policy. The responsibility of an agent and a broker is somewhat same; however, a broker usually sells policies from several companies whereas, an agent usually sells policies from a specific company. Insurance brokers and agents tailor programs in order to fit individual needs of their clients.
There are independent insurance agents who work on a commission basis. However, there are also salaried agents who may or not get commissions for a sale.
2.Insurance underwriter: The primary job of an underwriter is to decide whether or not to accept an individuals application for the required coverage. An underwriter actually weighs the risk associated with a person or an entity. These insurance professionals write policies in such a way so that it becomes profitable for the company in the long run.
3.Insurance actuary: You can become an insurance actuary if you want to make a career in insurance industry. An insurance actuary is actually a financial analyst, a forecaster and a planner. Their job responsibility comprises of studying the frequency of events that cause losses along with calculating the chances of the recurrence of such events. The actuaries also calculate the cost of the resulting injuries and damages and recommend what price to change in order to insure against the probable risk.
4.Insurance adjuster: It is the responsibility of the adjuster to inspect the destroyed or damaged property. They also estimate the cost of replacement or repair and also assess whether or not the particular loss is covered by the policy. The adjusters sometimes need to negotiate with the policyholders in order to settle a claim that is genuine.
5.Risk manager and loss control specialist: A loss control specialist usually work with large insurance companies and associations. They design programs in order to prevent the losses before they occur. The job responsibility of a risk manager is somewhat same as a loss control specialist, only difference being that a risk manager works for a corporation instead of an insurance company.
It is the primary duty of the insurance professionals to look after the benefit of the company they are working for. You also require dedication and a sound knowledge about insurance in order to make a career in insurance industry.