Careers in Insurance

Insurance Claims Adjusters Determines whether a person claiming loss due to property damage, bodily injury, etc., is owed a payment under an insurance policy, and in what amount. Most insurance claims adjusters are employees of insurance companies, but some are independent consultants who represent claimants. Educational requirements vary greatly, depending on the position and the employer. A bachelor's degree is sufficient. There are no formal certification processes, but many larger insurance companies have in-house training programs. Previous experience in allied fields is often an important consideration in hiring. Pros and cons: The job has variety and tests your analytic and people skills. No two claims are alike. Unhappy or demanding claimants can be hard to deal with on a regular basis. Doing the job requires the ability to say no on a regular basis, which can be unpleasant for some people. Salary annual compensation was about $51,000, with the top 10% earning over $79,000.

Insurance Investigators They fill a private detective role. They assist insurance claims adjusters and insurance claims examiners in cases where fraud or criminality is suspected, especially if the claim is large. Some of these investigations include: accidents staged for profit, phony claims of injury or disability, arson for profit, inflated values claimed on lost, damaged or destroyed property, claims for stolen items that actually were hidden, sold or given away, losses deliberately created through neglect or recklessness, and much more Educational requirements vary greatly, depending on the position and the employer. A bachelor's degree is sufficient. Previous work experience is even more important. There are no formal certification processes, but many larger insurance companies have in-house training programs. Otherwise, insurance investigators often have experience as private detectives or as law enforcement officers. Pros and cons: The work can be exciting for those who relish detective work and the chance to fight fraud and corruption. But long irregular hours can make a personal life difficult to maintain. Dealing with dishonest and corrupt persons on a regular basis can be difficult. Salary annual compensation was $59,850 with the 90% earning between $36,950 and $89,810.

Insurance Claims Examiners The work is similar to that of insurance claims adjusters. Examiner, rather than adjuster, is the usual title in life and health insurance. However, in property and casualty insurance, the title of examiner often designates a senior adjuster who handles the most costly or difficult claims. Educational requirements vary greatly, depending on the position and the employer. A bachelor's degree is sufficient. There are no formal certification processes, but many larger insurance companies have in-house training programs. Previous experience in allied fields is often an important consideration in hiring. Pros and cons: Insurance examiner positions in health insurance and life insurance offer good pay, regular hours and a stable working life. A large part of the job is turning down claims that are excessive or not covered by the policy. This negative aspect of the job, especially in health insurance, where the treatment of ill people is concerned, can be unattractive. Salary annual compensation was about $51,000 with the top 10% earning over $79,000.

Insurance Appraiser They are experts in the valuation of certain types of property, providing expert advice to insurance claims adjusters. Auto damage appraisers represent a large and particularly significant category of insurance appraisers. Educational requirements vary greatly, depending on the position and the employer. But relevant experience is a must. There are no formal certification processes, but many larger insurance companies have in-house training programs. Previous experience in allied fields is often an important consideration in hiring. Pros and cons: The regular hours and good pay are attractive features of the job. For those who dislike desk- bound jobs, the constant field work is another plus. The job can become somewhat rote and repetitive after a while. Some people who crave variety in their work may not find a long-term position as an insurance appraiser to be exciting for this reason. Salary annual compensation was about $49,000 with the top 10% earning over $68,000.