-The property and life insurance underwriter is usually considered the gatekeeper for their insurance company. They make sure that new and existing insured’s meet the insurance company's eligibility requirements. Their ability to assess risk, properly price coverage, and weed out ineligible applications is central to an insurance company's ability to thrive.
Underwriters work for insurance companies and are typically located at the company's headquarters or a regional branch office. Underwriting is typically a desk job with a standard 40-hour work week, although overtime may be required as determined by each underwriting project. Evening and weekend hours are not uncommon. The median ...view middle of the document...
Actuaries' insurance disciplines include life, health, pensions, annuities, and asset management, social welfare programs, property, casualty, general insurance, and reinsurance. Life, health, and pension actuaries deal with morality, risk, morbidity, and consumer choice regarding the ongoing utilization of drugs and medical services risk, and investment risk. Products prominent in their work include life insurance , annuities, pensions, mortgages, and credit insurance, short and long term disability, and medical, dental health savings accounts, and long term care insurance. In addition to these risks, social insurance programs are greatly influenced by public opinion, politics, budget constraints, changing demographics and other factors such as medical technology, inflation, and cost of living, considerations (Bureau of Labor Statistics 2009).
The median annual earnings of actuaries is currently $82,800 with the top ten percent earning more than $145,000. The profession has consistently ranked as one of the most desirable in various studies over the years.
-Insurance agents are the pulse of the industry. They market and sell property, casualty, life, and health insurance products to businesses and individuals. This role is a great option for sales professionals who wish to own their own customer-based businesses. Most insurance sales agents work for insurance brokerages selling the policies of several companies, some work directly for a single insurance company. Most insurance sales agents work in offices, although some may spend much of their time traveling to meet with potential clients.
Many insurance agent employers require agents to have a high school diploma, more than one-third of insurance sales agents have a bachelor’s degree. Agents must be licensed in the states where they work. Many agents choose to increase their knowledge and better serve their customers by becoming a Certified Insurance Counselor or Certified Insurance Representative.
The earnings for insurance agents can vary tremendously, but the Bureau of Labor Statistics reports that the median salary is around $43,870, but top sellers earn more than $100,000 per year. Most agents work on commission and take advantage of profit sharing programs. Employment of insurance sales agents is projected to grow 22 percent from 2010 to 2020, faster than the average for all occupations. An aging population and changes in federal regulation should increase demand for agents who sell health and long-term care insurance.
-Marketing representatives recruit insurance agents to sell products for the insurance companies they represent. They are valuable contributors to the marketing efforts of their insurance companies because they gather information on their competitors and report it to their superiors. While it is possible to become a marketing or sales representative without a college degree, it is important to note that 53% of outside...