The insurance industry has flourished in past decades. There are several insurance companies in the United States, such as Prudential Finance, Nationwide Mutual Insurance Company, State Farm, and many others. Let’s know about the Insurance Job Titles.
Insurance consists of the broad area including health, life, property, auto, and casualty insurance. As insurance consists of a category, it also provides job opportunities at a wide range to qualified candidates with the right skills.
The insurance title is a title that fits a person into an insurance company’s hierarchy. If you are interested in an insurance career and want to know about the different job titles within the insurance company, you do not need to go anywhere. In this article, we will discuss the various hierarchy/ job titles of an insurance company.
Topics to be covered:
- Insurance jobs
- Required qualifications at insurance
- Job titles at insurance
Note: There are different categories and areas in the insurance industry, but in this article, we are talking about the general insurance job titles and their descriptions.
Insurance Jobs
The insurance sector concept is pretty much tangible. It’s one part that guarantees payment for unwanted and uncertain future. Another part ensures the exchange of protection for uncertain future occurrences.
If a person is interested in an insurance company, then go through this article. This article will provide you with knowledge about a different job with its roles and responsibilities.
There are some five most filling insurance job titles:
- Insurance Agent
- Actuary
- Claims adjuster
- Insurance underwriter
- Claim adjuster trainee
There are many insurance companies. These companies have some support jobs titles. The list shown below has some support job titles that we get in most insurance companies: There are six most supporting jobs under the five main jobs stated above. They are:
- Administrative assistant
- Customer service representative
- Market assistant
- Claim representative
- Processing clerk
- Junior underwriter
The insurance company also has some job titles which directly interact with the clients. They are:
- Senior underwriter
- Claims adjuster
- Claims examiner
- Salesperson
Most of the insurance companies also have some job titles which are significant only for analytical works, such as
- Risk analyst
- loss control specialist
These insurance jobs are the most crucial and profound titles. The reason for such job titles may be complicated to differentiate, but they perfectly define their job roles and responsibilities.
There are some steps to get a job at an insurance company. The steps given below will show how to get into an insurance job.
a) Step 1: Decide what kind of company you want to join?
b) Step 2: Get a high school diploma
c) Step 3: Get a bachelor’s degree in any of the streams such as Business, Finance, Mathematics, Accounting, or marketing.
d) Step 4: Earn a master’s degree ( not mandatory)
e) Step 5: Gain a working experience
f) Step 6: Earn certification or licenses in any fields, such as accounting, risk management, insurance law, or statistics.
g) Step 7: Get designations in fields like,
- Associate in claims
- Associates in insurance data analytics
- Associates in adviser in insurance
- Associates in general insurance.
Note: These designations are for some job titles or those who want to continue their education in these specific areas.
Qualification or education required.
The requirement of each state may differ, but getting certifications for working at the insurance company are much faster than any other profession. The minimum qualification that a candidate requires for an insurance job is a bachelor’s degree in any of the streams such as Business, Finance, Mathematics, Accounting, or marketing.
In an insurance company, some of the most challenging jobs are actuary. An actuary officer even requires an advanced level of skills and programming languages such as SOL, database management, and coding.
Most of the jobs in the Insurance industry must have a high school diploma, certifications, licenses, and special training.
There are also other jobs that do not need a high school diploma or GED, such as clerks, sales representatives (office), sales agents (field), and customer service representatives.
Insurance job titles
Let us have a look at these job titles in detail:
1- Insurance agent: Their responsibility is to sell and negotiate different types of insurance that match their clients according to their needs. Different types of insurances they sell are such as health, property, business, and many others. They also do additional jobs such as
- Creating insurance plans
- Initiating their customers for opening new plans
- Completing paper works of the clients
- Attending networking event
- Maintain insurance records of each client under them
In past decades, there has been an increase in the number of sales agents. The sales agent is categorized into different parts:
- Sales agency manager
- sales agent
- State sales manager
- Loss control specialist
- risk consultant
- consultant
Salary of an Insurance agent
The median salary of an insurance agent ranges up to US$50,940 a year.
2-Actuary: An actuary is responsible for assessing the risks by using financial theories, statistics, coding, mathematics, and other programming languages. They earn an annual median income of $102,880. Some of the additional duties of an Actuary are:
- Projecting costs for emergencies like natural disasters, deaths, and employee sickness.
- Predicting and estimating success probability.
- Creating strategies to reduce the financial risks.
This job title has some subparts. They are:
- Actuarial Analyst
- Actuarial Manager
- Actuarial Associates
- Actuary
Salary of an Actuary
The median salary of an Actuary ranges up to US$108,350 a year.
3- Claims Adjuster: This position is responsible for evaluating insurance claims of the clients to determine who is liable. They are also known as insurance claimers or examiners. They decide about all the damage or loss claims. Ultimately the goal of a claims adjuster is to save the company’s money.
For example, its claimer adjuster’s duty to decide how much an insurance company should pay to their clients for damage or loss?
Some additional duties of this position are,
- Interviewing witness or nominee
- Corroborating evidence
- Creating case file or report detailing damage in it
- Reviewing documents such as police reports, medical reports.
This job title has some subparts. They are:
- Adjuster
- Claims Adjuster
- Claims Analyst
- Claims Examiner
- Claims Manager
- Claims Representative
- Claims Specialist
- Claims Clerk
- Field Adjuster
- Estimator
- Examiner
Salary of a claims adjuster
The median salary of a claim adjuster ranges from US$$38,000-US$100,000 a year.
4- Insurance underwriter: They are responsible for evaluating and analyzing risks when insuring people and their assets. They use special software and data to calculate the risk for the clients to meet the minimum criteria. They also perform additional duties such as
- Setting prices for different insurance policies
- They work for an insurance broker or for a specific insurance company such as auto or life insurance.
- They decide about someone coverage
This job title has some subparts. They are:
- Underwriter
- underwriter Manager
Salary of an insurance underwriters
The median salary of an insurance underwriter gets US$76,880 a year.
5- Claims Adjuster Trainee: They are interns in an insurance company. They work as an assistant to a licensed claims adjuster. Their duties involve:
- Researching on different insurance claims
- Interrogate the registered event by the claimant
- Interview the witness, commence, and claimant
- Assisting the client with claim settlement
- Collects all the documents and review it
Salary of a claim adjuster trainee
The median salary of a claim adjuster trainee gets US$68,053 a year.
These companies have some support jobs titles. The list shown below has some support job titles. Let us have a look at them in detail.
- Administrative assistant: This job title is responsible for a variety of office assignments. They work in an administrative department under the supervision of the Administrative office (A0) in an insurance company.
They perform duties such as:
- Directing visitors and answering their quarries
- They perform activities such as editing, printing letters, revising documents and reports.
- Arranges meetings and schedules interview
- Performs functions such as bookkeeping, calculating bills, making travel and lodging arrangements for head officers.
Salary of an administrative assistant
The median salary of an administrative agent is US$37,690 a year.
- Customer service representative: This job title is responsible for solving clients’ problems. They make a valuable connection between a client and the company. To get a job as a customer service representative, you need a high school diploma or GED. You also must have in-depth knowledge of insurance policies and products.
They perform duties like:
- Answering customers calls and solving their issues
- They recommend available products and policies to the customers
- Manages customer complaints database
Salary of a customer service representative
The median salary of a customer service representative ranges from US$26,500 to US$52,000 a year.
3. Market assistant: This job title is responsible for managing the marketing strategies that increase sales of the products and services. The market assistant plays a Great role in the development of the company.
They perform duties like:
- Overseas demand and supply of the company
- Makes strategies to promote the products and services in an insurance company
- They increase the reliability of the insurance company through their posts and promotion ideas.
Salary of a market assistant
The average salary of a market assistant gets up to US$38,759 a year.
4. Claim representative: This job title is responsible for investigating and settling all the claims. To get a job as a claim representative, you need a bachelor’s degree or GED with experience in the claim department.
They perform duties like:
- They investigate in-depth regarding any claimant issue
- They act as a gatekeeper between an insured and an insurer
- They make sure any fraudulent does not get paid out
Salary of a claim representative
The median salary of a claim representative gets up to US$52,000 a year.
5. Processing clerk: This job title is responsible for keeping documents and paperwork regularly updated. To get a job as a processing clerk, you need a bachelor’s degree and months of onsite training.
They perform duties like:
- Ensure all the information on the documents are correct
- Makes changes in paperwork, cancels insurance policies, compiles records, and various other tasks.
Salary of a processing clerk
The median salary of a gets up to US$44,000 a year.
6. Junior underwriter: This job title work under the supervision of the underwriter. They are responsible for providing support underwriter in all the assigned tasks. They basically work as assistant underwriters. To get a job as a junior underwriter, you need a bachelor’s degree and prior experience as an underwriter.
They perform duties like:
- Verify documents related to loans
- Strategize and create probability for any future risk
- Provide credit analysis using risk management matrices.
Salary of a junior underwriter
The median salary of a junior underwriter gets up to US$47,061 a year.
Conclusion
In the United States, people can insure on anything. So there are also a lot of career paths in this industry. This industry welcomes a variety of people with a mixed backgrounds. People can make a good career in the insurance industry, as mentioned above.
If an interested candidate and want to make a career in an insurance company. We hope this post will help you learn the best job titles with the detailed job description of the insurance company.
