Why choose a career in the insurance industry? Insurance Careers Why choose a career in the insurance industry? Chapter 5

Agenda A Trusted Choice Independent Insurance Agent Help your community Be your own boss What’s your passion Job Stability Flex Scheduling Insurance is Fun! Resources Video

Independent Agents VS.

Independent Agents Trusted Choice Independent Agents represent multiple insurance carriers to offer the best coverage based on your needs Chubb Group C N A Fireman’s Fund Hanover Hartford Liberty Mutual MetLife Progressive SAFECO State Auto Travelers Westfield When you are at home tonight you can ask your parents who your insurance agent is and who your company is  State Farm, Allstate and GEICO sell only their own products and coverage

Help Your Community Recent weather events – Hurricanes in OK, Hurricane Sandy in New Jersey Accidents in winter weather here in Maine Ice dams

Be Your Own Boss

Do you like problem solving? Making decisions?

What’s Your Passion?

Company Actuary or Analyst What makes a great Actuary? Detail oriented Strong math, statistical and analytical skills Enjoys statistical challenges and probability National Annual Mean Wage: $107,750 Both the Wall Street Journal and CareerCast agree that being an actuary is one of the best jobs you can land. Actuaries mathematically determine the probability an event will occur using statistics and other information, so keen math and analytical skills are a must. Actuarial science is an important part of determining cost of insurance and sets the terms and conditions of an insurance policy, including premium costs. Actuaries need to pass a series of exams through the Casualty Actuarial Society. Many students begin taking these exams while still in college to get a jumpstart on their career. Education: Bachelor’s Degree Actuaries are on the top of an annual ranking of best jobs by Careercast.com, which ranks careers based on dozens of factors, such as the income growth potential, employment outlook, competitiveness, travel and contact with the pu

Company Claims Adjuster What makes a great claims adjuster? Enjoys helping those at a time of need Detail-oriented Passion for investigating situations Good written and oral communication skills Strong negotiation skills Claims adjusters work for an insurance carrier and are responsible for estimating the cost of damage for the customer after an event has occurred. Along with insurance agents, they serve as the first responders. Claims adjusters perform initial investigations of the facts surrounding a claim, determine if and what coverage applies to the incident and recommend payment to the client. Claims personnel also need to know standard claim settlement policies, procedures and statutory or regulatory requirements. Education: High School Degree Associates or Bachelors preferred National Mean Wage: $62,340

Information Technology What does it take to be an IT Insurance professional? Tech savvy Strategic thinker Ability to diagnose problems Great problem solving skills Detail oriented Insurance is heavily dependent on technology for day-to-day operations.  IT professionals help develop and maintain the various technology functions necessary to keep agencies and companies operating at peak performance. Technology specialists are heavily involved in developing new technologies used to predict losses, track customer data and help companies underwrite business.  Education: Bachelors Degree National Mean Wage: $132,570

Company Underwriter What makes a great Underwriter? Analytical thinker Enjoys learning about different types of businesses Able to understand impact of decisions on stability of company Strong negotiation skills Education: High School Degree Associates or Bachelors preferred National Mean Wage: $70,110 An underwriter is responsible for deciding which insurance applications to insure or reject. Underwriters must be able to read and analyze insurance applications, ask the right questions to determine the true exposures presented and determine the appropriate price for insurance based on the exposures of the applicant.  The underwriter is in a position to obligate the company’s assets to pay for claims and also to increase its income with profitable business. Underwriters are responsible for selection, underwriting, pricing, negotiating and servicing of business for the agent.

Lots of Choices in Insurance

Job Stability

Flexible Schedule

Opportunity Currently 60% of insurance professionals are over age 45 and will be retiring within the next 15 years What does that mean for you? Lots of opportunities for great jobs in the insurance industry

Strive to Achieve

Designations

Insurance is Fun!

Resources www.investprogram.org www.independentagent.com

Questions or Comments? Several slides from: Maine Association of Insurance Agents Wage info. from U.S. Dept. of Labor / 2013