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Careers in Insurance The insurance industry employs over 2.3 million workers Wage and salary employment in the industry is projected to grow 10% in the.

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Presentation on theme: "Careers in Insurance The insurance industry employs over 2.3 million workers Wage and salary employment in the industry is projected to grow 10% in the."— Presentation transcript:

1 Careers in Insurance The insurance industry employs over 2.3 million workers Wage and salary employment in the industry is projected to grow 10% in the next ten years In 2004, weekly earnings for workers in the industry averaged $756, considerably higher than the average of $529 for all private industry

2 Careers in Insurance How many insurance jobs can you name? Actuary Agent Attorney Broker Chemist Claims Adjuster Data Systems Manager The Possibilities are Endless! Field Representative Financial Manager Loss Control Specialist Marketing Nurse Operations Officer Personnel Director Physical Therapist Public Relations Manager Risk Manager Training Manager Underwriter

3 Careers in Insurance Growing areas of the insurance industry are medical services and health insurance and expansion into other financial services such as securities and mutual funds Office and administrative occupations usually require a high school diploma, whereas employers prefer college graduates for sales, managerial and professional jobs

4 Careers in Insurance: Operations Three Segments of Insurance Company Operations MarketingUnderwritingClaims

5 Careers in Insurance: Operations Insurance Marketing The process of identifying potential customers and then creating and supplying the products and services they need

6 Careers in Insurance: Operations Insurance Marketing Four types of distribution systems Independent agencyIndependent agency Exclusive agencyExclusive agency Direct writingDirect writing Direct responseDirect response

7 Careers in Insurance: Operations Insurance Marketing Independent Agency Independent agents are in business for themselves and usually represent several different insurance companies

8 Careers in Insurance: Operations Insurance Marketing Exclusive Agency Exclusive agents are in business for themselves but are contracted to do business with only one company

9 Careers in Insurance: Operations Insurance Marketing Direct Writing Direct writers are employed by an insurance company and rely on personal contact, direct mail, the internet, or telephone contact with the customer for their business

10 Careers in Insurance: Operations Insurance Marketing Direct Response Direct writers are employed by an insurance company and rely solely on direct mail, the internet, or telephone contact with the customer for their business

11 Careers in Insurance: Operations Insurance Marketing Advertising Insurance companies use traditional advertising campaigns such as television, radio, magazine, mail and the internet Insurance companies also rely on local agents to advertise the company

12 Careers in Insurance: Operations Insurance Marketing Marketing Management Activities include producer supervision, producer motivation, and product management and development

13 Careers in Insurance: Operations Insurance Underwriting Determines: who an insurance companys customers will bewho an insurance companys customers will be what the companies products will be what the companies products will be at what price those products will be soldat what price those products will be sold

14 Careers in Insurance: Operations Insurance Underwriting Underwriter Evaluates applicants for insuranceEvaluates applicants for insurance Selects those that are acceptable to the insurerSelects those that are acceptable to the insurer Price coveragesPrice coverages Determines policy terms and conditionsDetermines policy terms and conditions

15 Careers in Insurance: Operations Insurance Underwriting Line Underwriter Responsible for the day-to-day decisionsResponsible for the day-to-day decisions Must refer to the insurers underwriting guidelinesMust refer to the insurers underwriting guidelines Underwriting Management Sets the company guidelines for underwritingSets the company guidelines for underwriting Delegates underwriting authorityDelegates underwriting authority

16 Careers in Insurance: Operations Insurance Underwriting Process that underwriters follow Gather necessary information from various sources to evaluate applicantsGather necessary information from various sources to evaluate applicants Making the underwriting decision, which includes analyzing options and choosing the best optionMaking the underwriting decision, which includes analyzing options and choosing the best option Implementing the underwriting decisionImplementing the underwriting decision Monitoring the underwriting decisionMonitoring the underwriting decision

17 Careers in Insurance: Operations Insurance Claims A claim is a demand by a person or business seeking to recover from an insurance company for a loss that might be covered by an insurance policy

18 Careers in Insurance: Operations Insurance Claims Claim Representative Also called an adjusterAlso called an adjuster Responsible for investigating, evaluating, and settling claimsResponsible for investigating, evaluating, and settling claims

19 Careers in Insurance: Operations Insurance Claims Responsibilities of a Claim Representative To respond promptly when a claim is submittedTo respond promptly when a claim is submitted To obtain adequate informationTo obtain adequate information To properly evaluate the claimTo properly evaluate the claim To treat all parties fairlyTo treat all parties fairly

20 Careers in Insurance: Operations Insurance Claims Types of Claim Representatives Staff claim representativeStaff claim representative Insurance company employeesInsurance company employees Independent adjustersIndependent adjusters Independent representatives that charge a fee to a company for claim servicesIndependent representatives that charge a fee to a company for claim services

21 Insurance Claims Types of Claim Representatives AgentsAgents Companies give agents authority to settle small claimsCompanies give agents authority to settle small claims Public adjustersPublic adjusters Hired by the insureds to represent themHired by the insureds to represent them Careers in Insurance: Operations

22 Careers in Insurance Advantages to a Career in Insurance Recognition Insurance professionals lead businesses and communities Rewards Competitive compensation matches job satisfaction

23 Careers in Insurance Advantages to a career in Insurance Flexibility The industry invites people to take charge and work at their own pace in any location Challenge People in insurance make a difference by solving problems and helping people

24 Careers in Insurance Advantages to a career in Insurance Variety Every day is a new adventure. The work is as varied as the customers' needs Advancement Self-motivated, skilled people advance quickly


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