Great insurance jobs are everywhere in America. If you are looking for a good, steady job in a stable industry, the insurance job market is a great place to look. Let’s look at the various options for your next great insurance career.
The insurance industry is a booming industry, and it doesn’t seem to be going anywhere, anytime soon. Life insurance, health insurance, car insurance, house insurance, and renter’s insurance are just some of the insurances that are provided in the insurance industry.
The American Insurance Industry
The American insurance industry generates over $1.32 TRILLION a year! That is a lot of money, which makes insurance jobs some of the best jobs in the country. Because the insurance industry is so big, the industry has a large variety of jobs. In 2019, the insurance industry employed 2.8 million people.
Most of these jobs will be full time insurance jobs, but that doesn’t mean companies don’t offer part time insurance jobs. There are also a lot of independent contracting jobs to allow you to work as much or as little as you want.
Highest Paying Insurance Jobs
Here are the highest paying jobs in insurance. From actuaries to underwriters, there are great paying American insurance jobs for all types of people.
ACTUARIES – Median Salary $102,880
Actuaries analyze data to predict risks. These predictions help guide insurance companies on how to price their products their services. For example, an actuary who works for an insurance company that supplies automobile policies, will analyze car thefts, natural disasters, car accidents, and other data, to determine the risk of the insurance company having to pay out a claim in a specific area.
Actuaries typically have an undergraduate degree in a mathematical field. They also have to take numerous exams to gain certifications. In the United States, most actuaries go through the Society of Actuaries to take these exams.
FINANCIAL ANALYSTS – Median Salary $85,660
Insurance companies make a significant portion of their profits from investments. To continue making money, they hire financial analysts to develop investment plans and strategies to help the company make investments that will make them money. Financial analysts must have a bachelor’s degree in a field related to finance or accounting. In addition to have a degree, many financial analysts are also a Certified Public Accountant (CPA) or Certified Management Accountant (CMA).
INSURANCE BROKER / INDEPENDENT INSURANCE AGENT – Median Salary $65,500
Insurance brokers (agents) are not employed by insurance companies. They are independent agents who work with clients to find them the best insurance company for their needs. Typically, insurance brokers earn a commission when they sell a policy to a client. In addition, some brokers may charge fees to the client for doing the work of finding and comparing policies.
The salary for this job can vary greatly since they are an independent agent. The broker has to work hard to make connections in their community to generate clients. For those in wealthy communities who have built a great customer base, their salary could exceed $100,000. Brokers require licensure for their state, which requires some specific courses and education, as well as an exam.
The job of insurance broker can also be called an Independent Insurance Agent and is included in both the best paying jobs in Property Casualty Insurers and also in Life Insurance.
As a subset of Insurance Agent / Broker, we categorize the Financial Representative as one of the best paying jobs in Life Insurance. Financial Reps often sell both Life Insurance products, as well as financial solutions (like stocks, bonds, mutual funds and annuities). They are are also required to have FINRA licenses to sell securities products. As a result, they have another way to diversify and grow their income.
Best Paying Jobs in Accident & Health Insurance
Insurance Agents and Brokers can also sell health insurance products. One of the most popular option for making money in health insurance sales is in Medicare.
INSURANCE UNDERWRITERS– Median Salary $69,380
Actuaries analyze data to determines what risks exist and the extent of those risks. Underwriters use that information to determine what an applicant will pay based on the policies and risks developed by the actuaries. For example, an actuary may determine that there is a higher risk of car thefts in a specific city, an underwriter will see that an applicant lives in that city, and apply the appropriate cost to the policy.
The insurance industry can be a competitive field, and most underwriters will have a bachelor’s degree. However, there is no standard list of requirements for this position. In some cases, people with extensive experience and no formal education can still get a job as an underwriter.
CLAIMS ADJUSTER, EXAMINERS, AND INVESTIGATORS – Median Salary $65,900
Claims adjusters, also called examiners and investigators, are the individuals who examine or investigate insurance claims. Their job usually includes doing on site evaluations, especially in the case of house and vehicle claims. Occasionally they may just review photos, it depends on the extent of the damage and the potential payout of the claim. This job does not require special education or a college degree, though college degrees and experience in the field will make you a competitive applicant.
APPRAISERS AND ASSESSORS OF REAL ESTATE – Median Salary $54,980
Appraisers and assessors review the features of a property and similar properties in the surrounding area and develop a cost for the property based on that data. Appraisal of a property is important for insurance purposes because it ensure the property has insurance coverage that is not too much or too little. The education requirements varies by state, some require a bachelor’s degree, certification, or license.
Customer Service and Sales Great Insurance Jobs
Insurance sales and service is the face of the insurance industry. These are the employees who are going to be talking to customers to gain their business and help them with their policies and claims.
CAPTIVE INSURANCE AGENT – Median Salary $50,940
Insurance agents are typically contracted by an insurance company to sell the company’s policies. Unlike an independent agent or broker, an insurance agent is going to try and sell a person on their company and they are paid directly by the company they work for. The insurance agent owns the agency, similar to how insurance brokers own their own agency, however, the insurance agent sells for a specific company. In most states insurance agents, even when contracted by a company, still need a license to sell insurance policies.
SALES REPRESENTATIVE – Median Salary $47,001
Sales representatives are employed directly by a company, and usually earn am hourly wage. The sales representative takes phone calls from people looking to purchase or renew their policies. Their job is to sell the person on the policy and close the deal, however they do not have to look for clientele and they cannot sell policies on their own.
The Sales Rep positions are overseen by the company, and because of this they do not require licensure. The salary for sales representatives varies by company and location. Many companies may offer this job as a remote position or a work at home position. They may require some in office training before starting, but it is a good option for those looking to work from home.
CUSTOMER SERVICE REPRESENTATIVE – Median Salary $35,414
The customer service representative is the position that handles most customer interaction. You may handle claims, answering questions, and directing calls to the appropriate department. You may have to cancel policies, adjust policies, update customer information, and other tasks. Most insurance companies offer remote customer service jobs.
The salary may start on the lower end, but the job does not require any special education or training. As a result this is a great starting point for anyone interested in the insurance industry.
Other Great Insurance Jobs
Most insurance companies are corporations that require a large variety of departments and employees. If you aren’t interested in the insurance aspect of the insurance industry, you might be interested in a different department that supports the industry.
Each department within a company requires oversight. Management helps bridge the gap between the executives of a company, and the employees. Sales, customer service, marketing, claims, underwriting, are just some of the departments within an insurance company that will have various levels of management. Management requirements vary based on the department.
A manger for the customer service department may not be required to have any formal education if they have worked in the industry for a long time. Departments that require higher levels of education for their entry level positions, will have a higher requirement for their management.
Marketing is very important in the insurance industry. Commercials, branding, and media presence is all apart of the marketing department. Marketing jobs usually require at least a bachelor’s degree in a related field, but sometimes even a master’s degree. Marketing often requires an understanding of marketing tactics and trends in society.
INFORMATION TECHNOLOGY (IT)
IT jobs continue to grow in every industry because technology has become the foundation of business. The IT department has the responsibility to keeping the company’s technology up to date and working properly. As this field continues to grow, the salaries grow too. This job usually requires some amount of formal education or training. However, because the need for IT specialist continues to grow, there are a lot of trade programs that teach IT skills.
The insurance industry employs a lot of people. Recruiters review applications and find the applicants that align most with the company’s needs and requirements. Some recruiters may even actively search out potential job candidates by reaching on platforms such as linkedin.
Most corporations, especially in the insurance industry, employ a legal team to manage all of their legal needs. The Legal team includes general counsel lawyers and paralegals to assist with contracts and legal research. Corporate lawyers and their legal team do a lot of contract writing and reviewing. This is to ensure the company does not violate any laws. In addition, this protects the company from lawsuits. Within the insurance industry, companies need lawyers to defend them. Or, they can also defend the client in instances there is a dispute over a claim.
Great Insurance Jobs for You
Whether you’re looking for part time insurance jobs, full time great American insurance jobs, or just great insurance jobs that let you work from home, the best insurance jobs are ones that you enjoy doing. You are bound to find a field you will enjoy within the insurance industry. Moreover, you can’t match the job security.