What are the Different Insurance Industry Jobs?

Insurance companies create policies, maintain records, investigate claims, pay settlements, and recruit new customers. Due to the broad range of services and specialties within the field, there are many different types of insurance industry jobs. Professionals in the industry may work in sales, underwriting, claims adjusting, or fraud investigation, among many other specializations.

In order to find the right insurance policy, a prospective customer often needs the assistance of a qualified insurance expert. Therefore, several insurance industry jobs are held by professional salesmen and women, who cater to businesses and individuals. Independently employed salespersons, known as insurance brokers, research different insurance companies to find the best policies and rates for their clients.

Insurance underwriters create new policies for individuals and businesses. Underwriters commonly work in life, health, property, and casualty insurance companies to determine if customers are worth the risk of insuring. They assess risks by closely examining medical records, credit histories, living and working conditions, and criminal background checks. Insurance underwriters then determine the type and amount of policy to offer and set a premium to be paid regularly by the customer.

Many insurance industry jobs can be found in claims adjustment and fraud investigation. When a client submits a claim after an accident or theft, a claims adjuster determines its legitimacy and attempts to settle with the client. An adjuster might interview the claimant and witnesses, visit the scene of the accident, and confer with experts about damage estimates and medical costs. When a claim is deemed valid, the adjuster and policyholder attempt to settle it accurately and efficiently.

When a client's claim seems overly suspicious, or when an adjuster cannot gather enough information to settle it, an insurance fraud investigator is called upon to conduct detective work. A fraud investigator might perform an extensive background check on a suspected criminal, interrogate the claimant and witnesses, and perform covert surveillance. In the event of a case going to court, the investigator may be required to present evidence and act as an expert witness.

There are different educational requirements for the various insurance industry jobs. Sales agents typically hold bachelor's degrees in economics or business, while underwriters often have degrees in accounting or financing. Adjusters and fraud investigators are usually required to have high school diplomas and experience in accounting, law, or customer service. Several licensing and certification programs are offered by governments and private certification boards, though licensing requirements vary by specific insurance industry jobs, locations, and employers.