INSURANCE: Diverse, Dynamic and Rewarding Careers

Black Collegian, Apr 2005 by Green, Marvin V

In insurance underwriting, in which professionals identify and calculate risk, establish premium rates, and write policies, decision making and analytical skills are paramount, according to the BLS. Because insurance applications are supplemented with reports from loss-control consultants, medical reports, data vendors and actuarial studies, underwriters must decide whether to issue the policy and are the conduit between the insurance carrier and the sales agent. Underwriters must be computer literate, as technology is helping them to manage, analyze and rate applications more effectively today.

Education requirements for underwriter candidates vary but large insurance companies prefer college graduates with degrees in business administration or finance with courses in accounting. But the BLS points out that a bachelor's degree in any field, along with courses in business law and accounting, will usually qualify you.

While sales and underwriting positions are highly visible in the industry, as students look more closely at insurance they will see job titles like actuary, group insurance representative, broker, insurance regulator, claims representative, pension specialist, auditor, customer service, risk manager, benefits manager, loss control expert and financial planner. Here are definitions for a sampling of some of these titles:

Actuary: Actuaries assess accident and risk likelihood by doing statistical analyses. They use their statistical skills to help the carrier determine prices for policies and the types of clients to insure. Actuaries are usually well informed about societal trends and legislation that may affect risk.

Benefits manager: These specialists manage health and life insurance programs for employees of companies who receive these benefits as a part of their employment. Benefits managers work closely with human resources professionals at companies.

Claims representative: These adjusters negotiate claims for people who have losses, helping the insurance company and the insured reach a fair settlement. Claims reps work in the office and in the field.

Customer service representative: These professionals provide a link in the field between sales agents and the insurance companies. Customer service reps must be good communicators knowledgeable of the company's products and services.

Loss control expert: These specialists help client companies minimize accidents and losses by identifying potential hazards and helping to mitigate them.

Risk manager: Professionals in this category help organizations identify risks and make recommendations for solving the risks, which may include insurance or precautionary actions. Risk managers also assisted in managing benefit plans for a company's workers and typically make business presentations to a firm's management.

Other positions: Marketing, business development, information technology and corporate finance are all positions in the insurance industry.

Insurance industry companies tend to be large, diverse organizations that by necessity hire many people and amass considerable assets to keep their risks as low as possible when paying out claims. Many jobs require specialized certification or licensing, and regulations typically differ from state to state.