An insurance career requires training and licensing; starting as an assistant and working up to becoming an agent can be financially rewarding.
Insurance is a legal contract that provides compensation for losses suffered by people or their property, such as damages to vehicles. Auto insurance rates depend on factors like type of car owned, driving record and credit history – among others.
Insurance agents are responsible for reaching out to potential clients and selling one or more types of policies that fit their clients’ needs. They explain the different policies available and help clients select one that matches up perfectly, as well as renew their policy on time each year and handle renewal paperwork efficiently.
Insurance agents typically work on commission and devote most of their time to finding new business. They may place ads in newspapers and online publications, attend community events or make cold calls in search of people needing coverage and provide them with quotes before trying to persuade them to buy policies from their agency.
Some agents are known as captive agents, representing only one company, while other are independent and provide an array of products. No matter what position they hold themselves in, all insurance agents must uphold client financial interests as opposed to brokers who don’t. Furthermore, agents must maintain accurate sales records and report back to their managers on regular basis.
Insurance underwriters are responsible for assessing whether or not it is worthwhile taking on an insured person or asset and then calculating a premium, or compensation amount, from insurers. It’s an ideal career choice for people with strong analytical skills and an interest in risk management.
Underwriters need to assess a large volume of data when issuing policies or setting premiums, which can take time if reviewing multiple applications. Third-party data and AI solutions may help shorten this process by automating certain tasks for underwriting purposes.
Underwriters typically work at insurance companies; however, they may also be employed by credit and business management firms. According to the Bureau of Labor Statistics, underwriters earn an annual median wage of $71,790 which exceeds most other jobs’ median wages despite having a high turnover rate.
Claims adjusters investigate insurance claims to assess how much to pay the insured, by inspecting damaged property, reviewing police reports, interviewing witnesses and compiling a report with estimates for repair costs. A high school diploma may suffice as entry-level claims adjuster training; other positions require either bachelor’s degrees or previous work experience in this field; additional jobs include auto damage appraisers who spend their days at body shops assessing repair costs.
Claims adjusters’ primary goal is to ensure that every penny paid out accords with the policy terms, in order to protect insurance companies against fraudulent claims that could drain funds needed for legitimate payments.
An insurance adjusting firm employs staff or company adjusters who work full-time as salaried employees, while independent and public adjusters operate as contractors. Independent and public adjusters may have to put in more hours during catastrophic events than their company counterparts do.
Claims investigators are legal professionals specializing in insurance claims investigations. Their primary responsibility is examining whether customers’ claims are valid and looking out for fraud; they may collaborate with local law enforcement and interview witnesses or victims as needed, in addition to investigating physical evidence and documenting all findings – even potentially coveringtly watching claimants as evidence that could bolster or invalidate them as suspect.
This job demands high production, attention to detail and strong analytic skills. You will process and investigate a high volume of auto insurance claims; review coverage information; research claims databases; evaluate documentation prior to claim assignment by Claims Adjusters; as well as meet performance standards and benchmarks set for this position. A bachelor’s degree preferably related to either insurance or law enforcement would be ideal, though other fields are acceptable as well.