By Maryanne Sutherland, Boston MA
Major insurance companies are a significant source of employment across the United States. There are several different professions to choose from in the insurance industry and most of these jobs pay well and have a good benefit structure.
Insurance agents are people that represent one or more insurance companies to a prospective insurance customer. The skills required are generally good people skills, good sales skills as well as the ability to be self-organized and self motivated. Most insurance agents work on commission and but some work on salary, most times with an incentive bonus. Agents sometimes work long hours and their pay may fluctuate. Unless the agent is employed directly by the company, they will most likely not have health benefits or other benefits.
Underwriters are the people working within an insurance company that decide on a daily basis which risks are most likely to be profitable, meaning less prone to losses. An underwriter must have good analytical skills, but also a good awareness of things that can go wrong with a particular risk. For example, when reviewing restaurants as possible customers, the underwriter will evaluate each individual applicant and determine if the building is safe for customers, and if there are any hazards that might give rise to a claim in the future. If there are factors that indicate that claims are likely to occur, the underwriter has to decide then whether the business is worthwhile. Underwriters typically work on a straight salary and often have vacations, health insurance and other benefits. Most of the underwriter’s time is spent at a desk reviewing applications and dealing directly with insurance agents.
Claims adjusters and investigators are the people that have to determine why a claim happened, and then analyze whether coverage applies under the policy. If it does, the adjuster then has to determine the value of the claim and negotiate a settlement. Claims adjusters need to have good communication skills, as well as the ability to deal with people well. Adjusters rarely meet with people that are in a good spirits, as they will have just experienced a loss. Additionally, there are many times that claims are not covered under a policy. A good claims adjuster needs to be able to deal with people who may not be at their best, and be able to speak straightforwardly to them when delivering bad news. Adjusters are often on the road quite often to visit with policyholders and claimants. Property adjusters must have the skills necessary to evaluate damages to buildings and property, while liability adjusters need to deal with complex legal and medical issues. In many states, adjusters must be licensed.
Most companies maintain a Special Investigation Unit or SIU for investigating potential insurance fraud. These individuals are usually people with some criminal justice background and many come directly from the law enforcement community. An SIU investigator is often on the road conducing field investigations, taking statements and photographs and gathering evidence in alleged fraud cases. SIU investigators are often involved in surveillance activities as well, and can often be called to testify in cases against policyholders who are accused of insurance fraud.
Loss control specialists are those who work directly with underwriting to help them decide whether or not to accept a risk for coverage. Since underwriters are typically stationed in an office setting they utilize loss control specialists to travel to individual risks and make physical inspections of properties to determine whether or not they are eligible for coverage. A loss control specialist must have a good general knowledge of building construction, mechanical systems, and safety laws and regulations to determine if a property is safe from losses.
The insurance industry employs about 2.3 million people in the United States, and many of the jobs described above require a physical presence in the areas where the insurers do business, making it very difficult to outsource these jobs to foreign countries.
