Insurance Careers

The insurance careers have different roles to play in an insurance company. The Insurance companies protect the people as well as the organizations from financial loss at times of incidents like car accident, illness, property loss or any other consequences. The two major functions within an insurance company are underwriting and investment. The insurance agents help clients to choose the insurance policies as per their needs. On the other hand, the underwriters decide if the insurance is provided and needed to find and calculate the risk of loss from policy holders.

Tasks :
In the insurance careers there are different tasks that are carried out. The tasks carried out by insurance agents are given below:-

  • Prepare and keep the reports or records.
  • Search for new clients.
  • In case of any loss, insurance agents help policyholders to claim for insurance compensation.
  • Help clients in financial planning services like retirement planning, pension plans or estate planning. The tasks carried out by insurance underwriter are as follows:-
  • Study consultants report.
  • Request and analyze medical reports.
  • Assessment of reports from actuaries.
  • Analyze all the data that is stored. Those working in call centers carry out tasks like:-
  • Provide accurate information about policies
  • Answering questions of clients.
  • Gather facts to produce quotations and estimates.

    To enter the insurance careers most of the insurance companies prefer a bachelor's degree in business or economics. However, most of the times a bachelor's degree in other disciplines is also enough to enter any insurance company. Along with it, courses in business administration and accounting may be an added advantage. For senior positions a bachelor's degree and insurance related experience is necessary. The candidates with a Master's degree in Business Administration can get higher level jobs. For example those who have done master's in Marketing can become sales manager easily.

    Other necessary skills:-
    For insurance careers a person should have following skills:-

  • Excellent communication and interpersonal skills are necessary as they have to deal with different clients in day- to-day life.
  • Strong decision-making skills.
  • Strong analytical skills and a detailed observer.
  • Computer skills and language fluency.

    Place of work:-
    In the insurance careers, most of the underwriters work in insurance companies offices. Most of the insurance jobs are also available in banks, and real estate firms. Those as agents may need to travel to visit clients. Some may also need to visit the property in case of property damage. Mostly they work for 40 hours a week, but working for longer hours is common in insurance companies.

    Job Opportunities:-
    The insurance careers have a wide scope of job opportunities. The major careers available are as follows:-

    The major jobs available in executive, administrative and managerial occupations are as follows:

    Others may also work in call centers as insurance advisors.

    In the insurance careers the salary received by insurance professionals is good as compared to other employees. The salary also depends on the type of industry and the type of work. The salary goes on increasing with increase in skills and years of proficient experience. Insurance companies also offer many benefits apart from the salary. They offer many benefits like retirement plans, health and medical insurance. The salary incentives or bonuses are also given based on their performance.

    Job Progress:-
    The insurance careers offer different entry-level jobs in many insurance companies for a fresh graduate. However, a person with background of finance can expect promotion easily. An insurance agent for example, who has good experience and good leadership qualities, can become a supervisor or manager. Others in sales can become sales managers and supervisors. Some others working as underwriters, and having leadership qualities can get senior positions. Thus in the insurance career with years of experience in similar field, the candidates can get promotions.

    Employment forecast:-
    In the insurance careers the employment for insurance agents and underwriters is expected to slow down, because of increase in development of software applications which have decreased data processing and storing time. Many insurance companies are expected to be merging, which may cut down the number of insurance jobs. However, the job opportunities would be better in health and medical insurance, compared to property and life insurance. The increase in technology like internet will increase the demand for insurance agents as the agents can interact with different clients easily. The insurance agents can easily gather clients and communicate with them, so the use of internet will make a huge demand for insurance agent job.

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