Jeffrey Wade
There are many different job titles in the insurance industry, and professionals in the field are commonly referred to as insurance agents or brokers. Insurance agents represent a small number of insurance providers and sell insurance plans to meet their clients' needs. Brokers, on the other hand, represent consumers and work with various insurance companies to find the best coverage and rates for their clients. Other roles in the insurance industry include underwriters, claims adjusters, actuaries, and customer service representatives. Each of these roles plays a crucial part in the insurance process, from assessing risks and determining policy terms to handling client inquiries and claims processing.
| Characteristics | Values |
|---|---|
| Job Titles | Insurance Agent, Broker, Clerk, Customer Service Representative, Sales Agent, Underwriter, Claims Adjuster, Actuaries, Loss Control Specialist, Claims Examiner, Claims Trainee, Broker Assistant, Commercial Lines Account Manager, Investigator, Analyst, Specialist, Appraiser, Financial Analyst |
| Description | Insurance agents sell insurance policies to people. Brokers represent consumers in their search for coverage and can sell policies from different insurance companies. Clerks handle all the paperwork related to insurance policies. Customer service representatives handle client inquiries, policy renewals, and claims processing. Sales agents design and implement marketing strategies to help insurance companies sell new contracts. Underwriters decide which people and things an insurance company should insure and how much to charge. Claims adjusters investigate insurance claims and decide how much an insurance company should pay for a damage or loss. Actuaries use analysis to predict the risk that an event will occur and help decide how much to charge for coverage. Loss control specialists inspect businesses to provide strategies for reducing the risk of loss or damage. Claims examiners look at insurance claims to verify that claimants have followed the correct process. Claims trainees work under the guidance of experienced claims adjusters to investigate insurance claims and assess damages. Broker assistants aid brokers in selling and negotiating insurance policies. Commercial lines account managers handle business insurance policies, providing tailored solutions to businesses of various sizes. Investigators gather information from law enforcement, witnesses, claimants, and insurance adjusters to evaluate the case and determine if the insurance claims are valid. |
| Educational Requirements | Insurance agents, clerks, customer service representatives, and sales agents need at least a high school diploma. Most insurance industry jobs require a bachelor's degree with a background in math and statistics. Actuaries must be skilled in statistics and mathematics and must pass a series of tests. |
| Salary | Claims adjusters: $68,130 per year. Actuaries: $111,030 per year. Claims examiners: $64,469 per year. Claims adjusters: $81,476 per year. Loss control consultants: $63,093 per year. Insurance sales agents: $73,812 per year. |
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What You'll Learn
Insurance Agents
There are two main types of insurance agents: captive agents and independent agents. A captive agent, also known as an exclusive agent, works for a single insurance company and can only sell the policies offered by that company. They can provide in-depth knowledge about their employer's portfolio of products. On the other hand, independent agents sell products from multiple companies and may be better equipped to find the most cost-effective insurance for the customer.
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Underwriters
Insurance underwriters are specialists who assess the risks of providing insurance coverage for individuals or assets and determine the cost of that coverage. They are industry experts who measure the risks associated with insuring people and their property. Underwriters establish pricing for accepted insurable risks, with the term 'underwriting' referring to receiving remuneration for the willingness to pay for a potential risk.
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Brokers
Insurance brokers are professionals who act as intermediaries between insurance buyers and the insurance market. They are distinct from insurance agents, who represent one or more specific insurance companies, whereas brokers work with a variety of carriers and represent their clients.
To become an insurance broker, one must obtain a license to practice. In most cases, this involves taking pre-licensing courses and passing an examination. Some states also require background checks and fingerprints. Once licensed, brokers must also take continuing education courses to renew their licenses.
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Claims Adjusters
Insurance workers have various job titles, including actuary, claims adjuster, sales agent, and underwriter. This answer will focus on claims adjusters.
There are a few different types of claims adjusters:
- Company or Staff Adjuster: Works full-time for one insurance adjuster firm exclusively and are usually salaried with benefits.
- Independent Adjuster: Works as a contractor for multiple insurance firms or third-party administrators and are sometimes called "catastrophe claims adjusters" as they are on the ground after major weather events and emergencies.
- Public Adjuster: Works directly on behalf of policyholders and are typically hired by claimants who prefer not to rely on the insurance company's adjuster. They are usually contract workers and are paid a percentage of the settled claim.
The salary of a claims adjuster can vary depending on their location and the number of claims they are working on. In the United States, the average salary is $61,465 per year, while the median annual income is $68,130. However, some adjusters can earn thousands of dollars a week, and those in auto damage appraisals earn a median of $76,650 annually.
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Actuaries
To become an actuary, individuals must possess strong analytical, business, and communication skills, along with a deep understanding of human behavior and information systems. They use these skills to design risk management programs, ensuring that the proposed strategies for mitigating risks are cost-effective. The path to becoming an actuary involves rigorous structured training and examinations, which can take many years to complete.
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Frequently asked questions
Insurance workers are called insurance agents, brokers, underwriters, claims adjusters, customer service representatives, and sales agents.
An insurance agent represents a small number of insurance providers and sells insurance plans to meet the needs of their clients. An insurance broker, on the other hand, works with a variety of carriers and represents consumers in their search for the best coverage and rates.
An insurance underwriter assesses risks and determines policy terms and premiums. They work closely with agents and use data and special software to evaluate and analyze risk. They also set prices for insurance policies and specialize in one area of coverage, such as auto or life insurance.
