Insurance Career

Insurance Career

There are many large multinational insurance companies that offer to insure companies and individuals from the risk of financial loss in the event of fire, accident, diseases, death, earthquake, flood and many other natural catastrophe that may occur. A monthly, quarterly or yearly premium is charged for these protection. The amount that is charged will depend on the amount that is being insured.

On the corporate level, the protection policies are usually group policies where the employees are protected against accidental death, diseases, or work related accident. Besides the protection on employees, the protection against fire for the building and its content is also offered to the clients.

On a personal level, life and health policies are usually offered in return for a premium. General insurance such as home content insurance and motor insurance are also offered by many companies, banks and other financial institutions.

There are many opportunities that exist in the insurance career that one can opt to do. Among them are insurance claims adjusters, insurance sales agents and insurance underwriters. Other supporting jobs that exist are in the area of administration, finance, marketing and the management of the operations of the company.

Insurance Career - Sales Agents

I am sure you have encountered insurance sales agent that comes to offer life policies that protect you and your family financially in the event of accident or death. Insurance sales agent job is flexible in which one can work from home at ones own pace. In fact, this job is the most sought after job for most home makers and other executives who prefer to work and build a business without setting up a company.

They earn commission based on the insurance policies that are sold to their clients. One has to sit for examinations and obtain a license in order to be an insurance agent. The initial years may be difficult as one starts to build the customer based by using ones network. If you are able to serve your clients well, repeat sales will definitely come as generally each person in a family will usually purchase a policy at least once in their lifetime. Referral sales is also another way to increase the customer based of ones business.

On top of doing life policies, insurance agents usually offer other services such as mutual funds, education and financial planning. Some enlarge their scope to include general insurance policies such as motor insurance, travel insurance and health insurance as a service to their customers.

The typical job tasks that an insurance agent does are listed below. 

  • Meeting Clients Meeting up with clients take up a large portion of ones time. Usually one has to meet the clients during the weekend or in the evening as most of them work during the daytime. Presentation on the products offered by the insurance companies to existing and prospective clients make up the most of the meeting time. One has to be well versed in the products offered and be ready to answer any questions the client may have.
  • Preparing Reports After a sales have been confirmed, one will have to prepare all the necessary documentation and report to be submitted to the insurance company for further action. Putting the particulars of the clients in the database will help one to remember and keep in touch with the clients. Sending birthday cards and greeting cards are some of the ways that one can do to keep in touch with the clients.
  • Claims In the event of a loss, one will have to help the policyholders to settle the insurance claims. This is a traumatic time for the clients and every support that one renders will surely be appreciated.

Insurance Career - Underwriters

Underwriters are responsible for calculating and determine the level of risk that the company has to take. Knowing this risk will enable the company to determine the premium that a company or an individual has to pay in taking up the policies.

They are usually based in the insurance company head office and work during office hours unlike the insurance agents. By using the reports from actuaries, medical experts, consultants and other sources, they analyze the data using a software to determine the risk level that the company is taking and hence the premium can be determined.

Insurance Career - Claims Adjusters

When an accident or a mishap happened, the insurance claims adjusters will be the one who will travel to that location to assess the damage that has been done. They will be the one who will determine the amount of compensation that needs to be paid to the clients. 

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