Insurance Jobs
To the customer, most people working in insurance, seem to be doing much the same thing. They dress in a business suit, sit behind a desk and spout on about quotes and insurance benefits. However, inside the industry, the picture is much more complex and each job role is designed to keep a particular cog in the insurance engine turning. Money has to be found to cover claims, insurance risks have to be assessed, claims have to be assessed, premiums have to be invested and risks have to be underwritten. Below is a list of the most prominent job roles asscoiated with the insurance industry. There are of course many others ranging from the computer programmers to the security staff at a head office.
Actuarial Jobs - Someone who uses mathematical models and statistics to make long-term financial forecasts. Using this information they then calculate how much should be paid as a premium in order to ensure the required benefits. Without actuaries, life insurance companies would run the risk of paying out much more than they are taking in premiums.
Insurance Agents/Insurance Brokers - This job involves meeting the customer face to face and searching all of the available insurance policies to find the best quote for the customer. This means keeping up to dat with what insurance policies are on offer and fully understanding the customer's requirements and situation.
Claim Assessors - This job role encompasses managing and assessing incoming documentation relating to insurance claims. Investigating and requesting necessary evidence to support the assessment is required which may include getting medical or accident reports.
Claim Handlers - These people accummulate the paperwork and documentation relating to the claim and make are the hub the necessary communications between the claimant, the insurer and any professional or consultant providing reports for the claim. The ability to accurately communicate on the phone and write insurance correspondence is important in this role.
Regulatory Compliance Officer - This role focuses on ensuring that the company's policies and activities remain with the laws of the legal jurisdiction within which they operate. Government are constantly tightening up laws related to financial services. Companies that ignore these laws will either incur substantial fines or even be prevented from continuing their business.
Loss Adjuster - A loss or claims adjuster will analyze reports to determine the nature of the loss, coverage provided and scope of damage. They inspect the damage, meet with the insured or their representative, and develop an accurate analysis of the losses through their investigations;
Marketing - Because the insurance market is so competitive, marketing insurance products is a highly important task in ensuring a reliable customer base for the insurance company. This could involve designing marketing campaigns, promotional literature, analyzing customer and market trends or being involved in online pay per click advertizing.
Reinsurer - A job role involved in the re-insurance market.
Risk Management - A risk manager's duties are to act on behalf of the company in ensuring that a plan of action is in place to mitigate any current of future risks. These could be financial risks or regulatory and fraud related risks to the state of the company.
Underwriting - Underwriters analyze the details of the insured on insurance application. If not satisfied then they request further information, usually via the insurance broker the insured acted through. The underwriter then determines whether or not to accept the risk.
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