Best Insurance Jobs, Their Pay, & Qualifications

Insurance Careers with Stability and High Earning Potential

Jun 13, 2009 Crystal Lewis

The top careers in the insurance field offer stability, interesting work, and great pay. This category includes agents, underwriters, adjusters, risk managers and more.

Insurance jobs comprise 15% of America's work force, but most career seekers are unaware of the opportunities that exist in this rapidly growing field. Here are six of the most popular and most lucrative careers the insurance field has to offer.

Property and Life Insurance Underwriters

Underwriters act as gatekeepers for their insurance companies. They make sure that new and existing insureds meet the insurance company's eligibility requirements. Their ability to assess risk, properly price coverage, and weed out ineligible applications is central to an insurance company's ability to thrive.

The underwriter's job is one that is both meticulous and highly-specialized. Most insurance companies prefer applicants who:

  • Have two or more years of related experience in the insurance field.
  • Hold the CPCU (Chartered Property Casualty Underwriter), CLU (Chartered Life Underwriter), or ARM (Associate in Risk Management) designations.
  • Have four-year degrees in business, insurance or related fields.

The median salary for underwriters is $52,350 with the highest 10% earning more than $92,340.

Claims Adjusters

Claims adjusters investigate insurance claims to determine whether or not a loss is covered. If coverage applies, it is the claims adjuster's responsibility to determine how much will be paid to the claimant. Interested parties should know the following things about being a claims adjuster:

  • The claims adjuster's job requires constant travel, extended hours, and physically challenging work.
  • Adjusters should have backgrounds in customer relations, as they often work with insureds who have had traumatic experiences.
  • While most adjusters are employed by insurance companies, there are thousands who work as solely as independent contractors.
  • It will be necessary to obtain an adjuster's license in some states.

The median salary for claims adjusters is more than $50,000. Adjusters who hold the Associate in Claims Designation are most desirable.

Actuaries

Actuaries are statisticians who use their skills to develop pricing models for various insurance risks. While this position on represents a small percentage of insurance careers, the number of actuaries is expected to grow by 24% in the next seven years. The qualifications for becoming an actuary include:

  • A four year degree in a math-related subject,
  • two to four years of experience,
  • It may be necessary to obtain a license issued by either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).

The median annual earnings of actuaries is currently $82,800 with the top 10% earning more than $145,000.

Insurance Agents

The sales force is the pulse of the insurance industry. Insurance agents market and sell property, casualty, life, and health insurance products to businesses and individuals. This role is a great option for sales professionals who wish to own their own customer-focused businesses.

The earnings for insurance agents can vary tremendously, but the Bureau of Labor Statistics reports that the median salary is around $43,870, but top sellers earn more than $100,000 per year. Most agents work on commission and take advantage of profit sharing programs.

Many agents choose to increase their knowledge and better serve their customers by becoming an Certified Insurance Counselor (CIC) or Certified Insurance Service Representative (CISR).

Marketing Representatives

Marketing representatives recruit insurance agents to sell products for the insurance companies they represent. They are valuable contributors to the marketing efforts of their insurance companies because they gather information on their competitors and report it to their superiors.

  • While it is possible to become a marketing or sales representative without a college degree, it is important to note that 53% of outside sales representatives hold a college degree.
  • Extensive travel is required. Most representatives work more than 50 hours per week.
  • The best candidates will have successful backgrounds in sales and management.

The middle 50% of workers in the Marketing Representative's category, according to the Bureau of Labor Statistics, earned salaries and commissions totaling between $35,460 and $71,650.

Risk Managers

Risk management is the identification, assessment, minimization, and elimination of the various risks that can threaten an organization's financial stability. Businesses hire risk managers and pay them quite well to assist with this process.

  • The best risk managers understand both insurance and the world of finance.
  • Career options are most promising for candidates who have completed related graduate-level work.
  • Risk managers work primarily with commercial insurance products. The most competitive candidates will have backgrounds in underwriting or construction.

The Bureau of Labor Statistics reports that the median salary for risk managers is $90,970, with only the lowest 10% of those surveyed earning less than $50,290.

The six careers listed here are different in nature, but all offer stability, satisfaction, and great pay to qualified candidates.

Source: Bureau of Labor Statistics: Occupational Outlook Handbook, Available Online.

The copyright of the article Best Insurance Jobs, Their Pay, & Qualifications in Career Advice is owned by Crystal Lewis. Permission to republish Best Insurance Jobs, Their Pay, & Qualifications in print or online must be granted by the author in writing.
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