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4 good career options in insurance

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While there are a few risk-takers out there who live with an all-or-nothing approach, most people prefer to hedge their investments. The general feeling is that if something is going really well, one can afford to lose a bit of that value. On the other hand, people like to be assured that if an investment is doing poorly, they will at least be somewhat protected with a way to decrease the losses.

Hedging is a common practice in many arenas, from financial investments in the stock market to sporting bets in Las Vegas. Most other types of hedging, however, come in the form of insurance. Pretty much any risk that can be quantified can also be insured. Popular types of insurance include auto, home, life, health, credit and unemployment, among many more. Within each world of insurance, there are many different types of roles and positions that need to be occupied.

Here are four such jobs in the insurance industry:

1) Actuary

What they do: Actuaries are financial analysts who work for insurance carriers, associations, ratings bureaus and state insurance departments. They are responsible for studying the probability of an insured risk and determining the amount that risk would cost in damages. They then use that information to come up with a price for insurance coverage. They must balance the requirement for their company to cover all individual claims with the need to be attractive to new and existing customers.

What they earn: The average salary for an actuary is $131,167, according to CBsalary.com. The 25th and 75th percentiles of salaries fall between $106,556 and $181,130, respectively.

2) Underwriter

What they do: Underwriters review all individual and group applications for insurance and ultimately determine whether or not the applicant will be accepted for coverage. They also carry the responsibility of establishing the applicant's premium for the policy. These decisions are based on both the statistics provided by actuaries, as well as the underwriter's own judgment.

What they earn: The average salary for an underwriter is $65,893, according to CBsalary.com. The 25th and 75th percentiles of salaries fall between $46,847 and $93,838, respectively.

3) Insurance sales agent

What they do: The position of insurance sales agent has the highest number of workers in America's insurance industry; according to the Bureau of Labor Statistics, nearly 14 percent of employees in the industry go by this title. They put together lists of potential clients, contact those leads, and recommend a type and amount of coverage to those leads. Some work exclusively for one company, while others are independent and sell for several different companies.

What they earn: The average salary for an insurance sales agent is $52,549, according to CBsalary.com. The 25th and 75th percentiles of salaries fall between $29,208 and $63,179, respectively.

4) Loss control consultant

What they do: Loss control consultants assess the risks that lead to claims by their clients, and also inspect the business operations where their clients work. From there, they can make safety recommendations to large industrial firms and public institutions to prevent future hazards and accidents.

What they earn: The average salary for a loss control consultant is $77,167, according to CBsalary.com. The 25th and 75th percentiles of salaries fall between $56,855 and $105,124, respectively.



Last Updated: 04/01/2012 - 10:54 PM


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