In today’s society, various forms of insurance are available to protect individuals and their personal and professional belongings, according to AM Best. Those interested in a career in the insurance field may inquire about an insurance analyst. An insurance analyst processes applications for insurance policies and makes the necessary modifications as needed for the holder and the company. Most insurance analysts specialize in a certain type of insurance, such as medical, life, or property casualty insurance. They commonly work for either insurance companies of brokerage firms.
Insurance Analyst Duties
Insurance analysts work for many different companies and their duties can vary greatly depending on the demands of the employer. Generally, insurance analysts evaluate different insurance policies to determine the associated risks involved for both the insurance company and the policyholder. They review insurance applications to make sure all the necessary information is complete, such as age, name, and value of property. They use computerized software to calculate risk and determine the best policies for clients. They often meet with applicants to discuss their findings and recommendations. Insurance analysts make changes to policies, gather data on lapsed coverage, cancel policies, and verify the accuracy of records. Insurance analysts commonly review claims to ensure they are legitimate and they also provide recommendations on payments to minimize the losses. They review the details surrounding the claim and conduct a thorough investigation, such as traveling to the scene of an incident, interviewing witnesses, and working with law enforcement professionals. After completing the rigorous investigation, insurance analysts provide recommendations to management regarding the claim. Insurance analysts commonly work closely with insurance agents and other professionals to obtain information.
Required Education
Many employers require a minimum of a bachelor’s degree for those seeking to become insurance analysts. Majority of individuals interested in this career pursue degrees in business administration with supporting insurance courses. The degree typically takes four years to complete and includes mathematics courses and advanced business classes. Examples of relevant insurance courses include introduction to insurance, personal insurance, commercial insurance, insurance risk assessment, and life and disability insurance. Many individuals pursue internship opportunities with insurance companies while they are completing their education. These opportunities provide them with hands-on learning experiences and give them a competitive advance in future employment opportunities. A lot of insurance analysts start their careers as insurance underwriters or related positions and then move into analyst careers as they gain experience.
Job Outlook and Salary
The U.S. Bureau of Labor Statistics expects a slower than average growth rate for insurance analysts, but some positions will stem from the emergence of new insurance companies and new locations for current entities. The rising number of health insurance claims will also generate job growth. The average yearly pay for insurance analysts is around $57,000, with the top ten percent earning more than $76,000 and the lowest ten percent earning under $43,000. Actual salary for these professionals varies greatly on location, employer, education, and experience. Additionally, various insurance companies offer competitive benefits, including retirement plans, medical insurance, and education reimbursement.
Related Resource: Certified Internal Auditor
The insurance field is broad and a career in this area is ideal for individuals with a genuine interest in assisting clients with protecting themselves and their property. Working as an insurance analyst can be a rewarding and lucrative career.
