Do you think becoming an insurance agent is the only opportunity for you in the industry? If so, you’re missing out on a ton of potential career paths. Here are some of the most lucrative and intriguing jobs in the industry, for those with the right skill sets.
1. Insurance Investigators
Insurance fraud is a huge problem. Some people believe that insurance companies have infinitely deep pockets, and that it doesn’t hurt anyone to scam a little money. However, this practice drives up costs for everyone, and it’s the insurance investigator’s job to make sure claims are legitimate. Most investigators work by contract, and it’s ideal for someone who wants to use their interest in insurance for a little private eye work.
2. Insurance Claim Adjusters
Adjusters assess the damage involved in an insurance claim, and extend an offer to the policyholder to cover their losses. There are numerous types of claim adjusters, including those who specialize in homeowner policy claims, automotive claims, watercraft claims, recreational vehicle claims, etc. A large part of their job is negotiation, so if you drive a hard bargain, claims adjustment might be the perfect career for you.
The cost of an insurance policy is carefully derived by calculating the statistical probabilities of certain payouts and developing premiums that will allow the company to meet those payouts while still covering overhead costs and earning a profit. Actuaries have excellent math skills, including the ability to work with complex statistics. The work of the actuary is extremely important, because doing their job well assures the company will make a profit.
Every insurance policy has to be underwritten, which means looking at the person or property to be insured and calculating the risk of having to pay a claim based on the current situation. A life insurance underwriter, for example, will take a close look at the health of the person applying for insurance. An automotive underwriter will examine the person’s driving record, types of driving they do (such as long commutes or professional driving), and the type of vehicle they drive. Underwriters determine what coverage the company can offer and what the premiums should be based on tables developed by actuaries.
5. Loss Control Agents
Loss control agents look for preventative measures so that claims payouts aren’t necessary. For example, in an industrial environment, the loss control agent looks for ways to make the workplace safer in order to reduce employee injuries. In the medical field, loss control agents find ways to keep people healthier before a medical condition develops, including promoting flu shots, working to lower blood pressure, and encouraging healthy exercise. Loss control agents need a good balance of people skills and industry knowledge.
6. Insurance Agent or Broker
Insurance agents act as an intermediary between the insurance company and the customer. The agent explains what coverage is available and helps the customer select their coverage, complete the necessary paperwork, and handle any follow-up questions the company may have. Some agents work with only one insurance company, while others work with a variety of companies. Brokers offer a wider selection of services and products and are held to higher legal and professional standards than agents. Brokers also have to have a broker’s license in addition to the licenses required to become an insurance agent.
Whether you love working with numbers, people, facts, or a combination of all three, there’s a place for you in the insurance industry.
In addition to becoming an insurance agent, there are ample opportunities for profitable and enjoyable careers in the insurance industry.
Becoming an insurance agent requires passing a series of tests. America’s Professor specializes in preparing students to ace those tests on the first try. With their unique approach to learning, America’s Professor provides you with a variety of materials so that you’ll be able to master the material as easily as possible. With online videos, a free textbook, and an entire bank of practice tests, you can go into your test with confidence and courage.
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