Insurance Degrees & Careers How to Work in the Insurance Field

Find Job Insurance

Americans can insure just about anything. Drivers are required to get automobile insurance, renters and homeowners insure against theft and damage, and businesses must protect themselves from lawsuits.This is just skimming the surface; the Insurance Information Institute reported that $1.1 trillion in premiums were paid to insurance companies in 2014 to insure everything from properties to pets. To handle the demand, the industry employed about 2.5 million people to set premiums, sell plans, evaluate claims and perform other essential functions. This guide gives readers information about careers within the insurance subsector along with related degree information, corresponding salaries and job outlook.

Insurance Degrees and Career Paths

Workers can enter the insurance industry with anything from a high school diploma to a graduate degree. According to an O*NET survey, 35 percent of claims adjusters who responded had a bachelor’s degree compared to 81 percent of underwriters. Yet unlike with some fields, in which higher educational barriers to entry equate to greater demand and job growth potential, this is not necessarily true in the world of insurance. Underwriter jobs, for instance, are shrinking due to computer automation. Meanwhile, sales jobs, which rely on interpersonal skills more than formal education, are anticipated to grow at a rate of 10% this decade. The industry, then, welcomes a variety of people with a mix of backgrounds, knowledge and skills. A few of the more common career paths are outlined below.

Actuary in Insurance

Actuaries assess risk so they can set premiums. They usually specialize in one type of insurance. For instance, property insurance actuaries will analyze data about natural disasters to determine how much the insurance company would have to pay out in benefits should an earthquake occur. This helps the company set appropriate premiums so it can remain profitable even if disaster strikes. Education requirements Bachelor’s degree in math, statistics or related field

Claims Adjuster in Insurance

Leave a Reply

Your email address will not be published. Required fields are marked *