Top 43 Best Paying Jobs In Specialty Insurers In 2022
Insurance is a profession that generally requires higher education and experience in order to be successful. The salaries and benefits vary depending on the type of insurance job, but most require at least a college degree.
Best Paying Jobs In Specialty Insurers
1. Consultant for Preventing Losses
Average Annual Salary: $73,000
Loss control consultants are typically well-versed in the industry they work with and often have experience working within that field before taking on this role.
2. Expert Advice on Loss Avoidance Consulting
Average Annual Salary: $78,000
Risk assessment analysts work in any industry and focus on operational risks – risks associated with the business that the company is in. This includes things like financial, legal, and environmental risks as well as health and safety hazards.
Risk assessment is a fundamental part of insurance, so companies need to decide who they want to insure and how much they’re willing to pay for that protection. That’s why risk assessments are so important in the industry, as they help insurers set rates and identify which customers could benefit from lower premiums. Furthermore, businesses looking to reduce their insurance costs often look at risk assessments when making decisions about who to insure and how much to charge.
3. Insurance Counsel
Average Annual Salary: $75,000
Insurance attorneys can be important allies for insurance companies and policyholders in disputes. They know the ins and outs of insurance law, which can help prevent fraud or reduce payouts when claims are made.
4. Responsible Party Analysis
Average Annual Salary: $81,000
A liability analyst assesses a company’s or organization’s risks by looking at their assets and practices. This can include whether their assets are at risk of financial loss, asset loss, or if they are likely to be sued – especially if the suit is likely to be successful.
5. Agent of an Insurance Company
Average Annual Salary: $43,000
Investigators are responsible for investigating insurance claims to ensure that they are not fraudulent. If the claim is found to be fraudulent, the investigator can take steps to prevent further fraud.
There are certain characteristics of a fraudulent claim that vary depending on the type of insurance, and claimants must be aware of these so they can identify potential scams. They also need to be familiar with forensic evidence – including how to analyze it and what clues might suggest fraud – in order to determine if a claim is legitimate.
6. Representative in the Field of Insurance
Average Annual Salary: $75,000
This is a sales position that involves making calls to potential and current clients, trying to persuade them to buy insurance. They also need to be familiar with their audience in order make the best offers, and may need to adjust contracts as needed.
7. Estimator for Insurance
Average Annual Salary: $46,000
An insurance appraiser is responsible for checking up on claims, assessing the damage, and making sure that the cause of the damage is covered by policy. Most of their duties are focused on evaluation – determining whether coverage is applicable as well as deciding how much money the insurance company owes.
8. Representative of Insurance Companies
Average Annual Salary: $97,000
An insurance broker is a professional who represents the client, and has knowledge of insurance policies, risk assessment, and coverage to help them choose the best policy for their needs.
9. Administrator of Insurance and Billing Systems
Average Annual Salary: $50,000
Billing and insurance coordinators are responsible for ensuring that billing and insurance administrative tasks are completed correctly. They work in medical settings, which means they need to be very careful about confidentiality under HIPPA regulations.
10. Manager of Insurance Claims
Average Annual Salary: $61,000
The title of this position is liability claims manager, which means that this person is responsible for overseeing the process and helping employees in the department effectively do their jobs. This position involves managing the department that processes insurance claims.
11. Insurance Attorney
Average Annual Salary: $75,000
Insurance attorneys are experienced professionals who know the ins and outs of insurance law and regulations. They can help settle disputes between insurance companies and claimants.
The insurance company will work to prevent fraud and lower a payout in the case of a claim. They can also represent an insurance policyholder who feels that they’ve been maligned.
12. Insurance Investigator
Average Annual Salary: $43,000
Insurance fraud is a serious concern for insurers, especially when large sums of money are involved. Investigators are tasked with investigating the claim and making sure that it isn’t fraudulent.
When investigating a fraudulent claim, it is important to have an understanding of the types of insurance that are involved and how to spot suspicious behavior. Additionally, detail and familiarity with forensic techniques can be helpful in detecting fraud.
13. Insurance Appraiser
Average Annual Salary: $46,000
An insurance appraiser is responsible for investigating claims and ensuring that the coverage provided by the policy is applicable. Most of their duties involve evaluating damage and verifying the cause of it, in order to ensure that the company pays what they’re owed.
14. Insurance Broker
Average Annual Salary: $97,000
An insurance sales representative who represents the insurance company is different than a broker, who represents the client. A broker has strong knowledge of insurance policies, risk assessment, and coverage to help their clients pick the best policy for their needs.
15. Insurance Clerk
The insurance clerk is responsible for processing applications, modifications to a policy, and cancellations. They must be detail-oriented and organized in order to maintain accurate records which can affect the payment of policies. The average annual salary for this position is $33,000.
16. Medical Coder
Medical coders are experts in the medical insurance and billing systems. Their primary duty is to translate medical procedures into codes that can be processed by insurance companies. Their average annual salary is $44,000.
17. Marine Underwriter
Underwriters generally analyze risk in terms of insuring a particular person, vehicle, or policy. In this case, you would be focused on marine insurance. That means you need to be familiar with maritime law, what ports the insured vessel will be expected to visit, as well as the value of the cargo, the vessel itself and crew. The average annual salary is $54000
19. Billing and Insurance Coordinator
Billing and insurance coordinators are responsible for ensuring that billing and insurance administrative tasks are completed in a medical setting. They typically earn an annual salary of $50,000.
20. Consulting Actuary
As a consulting actuary, you work with clients to collect and analyze data in order to provide solutions for their financial concerns. You will need several years of experience in the actuarial field, as well as skills related to performing financial audits and risk modeling. If you are self-employed as a consulting actuary, you will need to be comfortable seeking out new clients.
21. Life Insurance Actuary
As a life insurance actuary, your job is to help determine the best price for life insurance policies so that both you and your customers can minimize risk. A typical qualification for this position includes a bachelor’s degree in mathematics, actuarial science, or another related field and professional actuary certification.
Many candidates gain relevant job experience and skills through summer internships or by starting at a different position at an insurance firm. These skills include strong attention to detail, excellent written and verbal communication, and analytical problem-solving abilities.
22. Pricing Actuary
A pricing actuary is a statistician who uses their mathematical skills to determine the price of products. Their goal is to ensure that the company’s expenses are covered, such as the cost of claims or employee retirement benefits.
Actuaries need strong analytical and computer skills to carry out their job duties. They must have a bachelor’s degree in math, statistics, or actuarial science to qualify for the position.
Actuaries play an important role in the insurance industry by modeling and measuring financial risk. They often use software like Excel and SQL to do this.
Actuaries work in a variety of fields to price insurance policies and advise businesses on how to meet regulatory standards. They are often busy professionals who must review, prepare, and present reports to clients and executives whose financial well-being depends on the results of actuarial science. There are four main actuary specializations: property-casualty, life, health, and pension.
24. Automotive Finance Manager
An automotive finance manager is responsible for overseeing the financing process for new and used vehicles, as well as creating sales training programs.
25. Underwriting Manager
As an underwriting manager, your main responsibilities include overseeing the daily operations and administrative tasks of the underwriting department, as well as helping underwriters review applications and establish appropriate screening protocols. You also play a role in developing new methodologies and models to assess the financial risks that your company takes on in its dealings with clients.
As the manager, you are responsible for making sure that your team is meeting its goals and understands the objectives of the office. You may also perform customer service functions on behalf of the department.
26. Casualty Underwriter
Casualty underwriters review commercial and personal insurance applications to determine the risk exposure of the applicant.
The property insurance analyst reviews property statistics and applicant history, financial status, and employment to ensure premiums can be met. They also weigh the risks of taking on applications and approve amounts for claims and premiums. Finally, they are responsible for monitoring the policyholder’s existing policies.
27. Claims Director
A claims director is charged with the oversight of an insurance claims department and establishing policy standards for coverage and handling of claims. This career can involve guiding the department through a variety of situations, based on appraisal information and verification by other specialists.
You are responsible for a variety of tasks in a managerial capacity, including advising subordinates and taking over claims that are particularly complex. Additionally, you represent the department and company by ensuring that customers receive excellent service.
28. Health Actuary
Health actuaries work in the healthcare industry to help organizations and insurance companies understand trends in healthcare costs and coverage. They use data from national databases to analyze future financial prospects and make strategic decisions about how best to provide coverage for their clients. Health actuaries also provide monthly reports that summarize aggregate health plan data from across the country.
29. General Adjuster
A general adjuster is an insurance professional who is responsible for analyzing incidents to determine the financial liability of the insurance company. Their duties include researching the property or physical damage related to insurance claims, assessing the cause of the incident, and determining how much money will be needed to repair/replace what was damaged.
To carry out a thorough investigation, you may need to speak with law enforcement, medical professionals, and eyewitnesses. These individuals have important insights into the case and may be able to help you reach a conclusion. Qualifications for this career include investigative research experience and strong interpersonal skills.
30. Final Expense Agent
Your job as a final expense agent is to sell life insurance products that cover the legal, funeral, and immediate household expenses of the deceased. These packages typically range in price from $5,000 to $25,000, and your employer wants these sales to go as high as possible. You pursue leads by contacting new clients; calculate expected expenses in a given region; and coordinate with the agency’s marketers.
Final expense agents also spend time researching their market, studying available plans, and determining which plans are most likely to appeal to a specific client. Most buyers are 55 or older.
31. Property Underwriter
As a final expense agent at an insurance company, my job is to sell life insurance products that cover the legal, funeral, and immediate household expenses of the deceased. These packages typically range in price from $5,000 to $25,000. My employer wants these sales to go as high as possible and so I pursue leads by contacting new clients; calculate expected expenses in a given region; and coordinate with the agency’s marketers.
Final expense agents spend time researching their market, studying available plans, and determining which plans are most likely to appeal to a specific client.
32. Field Underwriter
Underwriters review the property listed in insurance applications to determine whether or not coverage should be provided for it. This includes reviewing each application to ensure it is complete, checking the applicant’s credit score, contacting the applicant to confirm information submitted, and setting up a time to travel to inspect the property.
You should inspect the property thoroughly, documenting all of your findings, in order to provide an informed recommendation on whether or not to approve or deny the request. Once you have completed your inspection, you forward this information to the agent handling the applicant’s file for processing.
33. Life Insurance Agent
Like insurance salespeople, life insurance agents will contact clients and walk them through the process of applying for and purchasing life insurance coverage. While some companies offer life insurance as part of a benefits package, it is also available for individual needs.
An insurance agent can help clients with the confusing process of filling out insurance forms. They offer advice and explaining difficult financial and insurance terms in ways that the client can understand. A life insurance agent has to be great at communicating, so they can easily translate a complicated process into something that is easy to understand for the client.
34. Insurance Manager
An insurance manager is responsible for ensuring that all corporate policies are followed, including the filing of client records. This includes supervising a sales agent or broker to make sure they sell enough policies and getting commissions based on their performance.
To maximize profits, you use data from actuary and appraiser reports to set premiums. This information helps you determine the likelihood of clients filing claims, as well as the value of their assets. In this role, you are involved in many actions that the branch takes, such as approving or denying claims or investigating them.
35. Production Underwriter
Underwriters are responsible for helping insurance companies sell property and casualty products. They work with agents to build relationships and promote the company’s services.
After you have contracted with an agency, the underwriting department looks at the financial risk of applicants that come in through that agency and determines if they are likely to qualify for coverage. You may also be responsible for reviewing loss history reports, checking credit scores, and inspecting properties. Other duties may include developing underwriting guidelines for your company and training new staff.
36. Commercial Real Estate Underwriter
Commercial real estate underwriters examine loan requests that involve commercial buildings or projects to determine their risk. They may also suggest contingencies in case of unforeseen circumstances.
An underwriter for commercial real estate loans is responsible for determining a borrower’s creditworthiness by using data such as their job and credit history, and recommending any changes to the loan coverage. Qualifications for an underwriter include a bachelor’s degree, an understanding of current lender policies, and the ability to evaluate property values.
37. Actuarial Analyst
Actuarial analysts use mathematical models to assess the probability of various types of accidents, injuries, product failures and deaths. This information helps insurance companies create policies and set prices for their products. In order to be successful in this career, you need excellent computer skills, a deep understanding of mathematics, and an ability to research complex issues.
38. Reinsurance Analyst
Reinsurance is a business that helps to lessen the risk for insurance companies by spreading out the responsibilities of paying insurance claims. Reinsurance analysts work as bridges between primary insurance agencies and reinsurance companies, analyzing insurance accounts, reviewing insurance plans, and managing reinsurances firms’ accounts.
In addition to reviewing insurance plans, identifying potential policy issues, and recommending whether or not reinsurance should be taken, the reinsurance analyst may also prepare the claim documents and develop an account for the reinsurer.
39. Claims Consultant
Salary range: $45,000-$94,000 per year
A claims consultant is an insurance adjuster who helps protect their employers from insurance fraud. Claims consultants typically perform the job duties of an insurance claims adjuster, while also conducting specialized investigations on complicated cases. They may be called upon to give court testimony in cases that involve insurance liability and loss.
Claims consultants typically receive specialized training in forensic accounting or related fields, which helps them to better understand insurance cases and the skills necessary to analyze them. This experience is essential, as claims consultants work closely with management, legal teams, and clients. They often need a degree in forensic accounting or a related field to be successful in this profession.
40. Reinsurance Accountant
A reinsurance accountant is responsible for preparing, reviewing, and approving payments; helping to implement and improve systems to ensure accurate accounting; and reporting on ceded reinsurance activity. In addition, the accountant may be responsible for setting up new client reporting, assisting with agent negotiation, handling enrollment in new or amended agreements, as well as administrative tasks.
You are responsible for reviewing and approving claims, managing risks, and leading the analysis and reconciliation of reinsurance to support financial statement preparation. You are also expected to fulfill reporting requests from various departments and clients as needed, as well as communicate issues or new trends to management.
41. Insurance Compliance Analyst
An insurance compliance analyst is responsible for ensuring that the activities of an insurance company comply with applicable regulations, as well as conducting research to ensure that policies and procedures are up-to-date and compliant with any legal changes. Additionally, this individual may be responsible for verifying that employees hold necessary licenses and certifications, abiding by company rules, and following laws external to the insurance industry.
42. Insurance Loss Control Surveyor
As an insurance loss control consultant, your job is to inspect sites, assess their risk, create a report, and produce documents to support the underwriting process. You may also fill out paperwork for a claim or coordinate with managers and overseers for a project. In addition to this work, insurance loss control surveyors frequently look for ways to reduce their company’s overall exposure.
Most people who work in the insurance industry work for businesses instead of insurance companies, but some insurance agencies use this position to help their customers. Regardless of your employer, your main role is helping others understand and reduce their chances of experiencing losses.
43. Home Insurance Agent
Home insurance is an important part of protecting your property and possessions. An insurance agent can help you find the policy that best fits your needs, based on information such as your budget and the value of your home. You’ll also need to be knowledgeable about the options available to you, as well as able to engage with clients effectively in order to build trust.
As a Home Insurance Agent, you’ll have an understanding of the industry and be able to communicate policy features and explain benefits. Additionally, being familiar with local insurance regulations can help you provide better service to your clients. To become a licensed Home Insurance Agent in a state, you must pass an exam.
What is the highest paying job in the insurance industry?
The 25 Highest Paying Insurance Jobs in 2022 – ZipRecruiterwww.ziprecruiter.com › All Jobs › Insurance JobsHigh Paying Insurance Jobs · Consulting Actuary. Salary range: $85,500-$181,500 per year · Life Insurance Actuary. Salary range: $65,000-$150,000 per year.
Is insurance a good career path?
According to the U.S. Bureau of Labor Statistics , the job outlook for insurance sales agents is positive, with an estimated growth rate of 5% by 2030. This number amounts to 27,500 new jobs, marking a higher growth estimate than average for all occupationsIs Insurance Sales a Good Career? (With Pros, Cons and Tips)www.indeed.com › Career Guide › Finding a jobAbout Featured Snippets
Which insurance company is best for job?
Best Insurance Companies To Work ForFarmers Insurance. Ready to join more than 20,000 employees with the team at Farmers Insurance®? … Liberty Mutual. … State Farm. … PURE Group of Insurance Companies. … Aetna. … MassMutual Arizona. … Lovitt & Touché, A Marsh & McLennan Agency LLC Company. … MJ Insurance.These Are The 11 Best Insurance Companies to Work Forbestcompaniesaz.com › best-insurance-companiesAbout Featured Snippets
Who makes the most money in insurance companies?
Top 10 Most Profitable Insurance Companies in 2020CompanyProfit ($)1. Berkshire Hathaway$81.4B2. MetLife$5.9B3. State Farm$5.6B4. Allstate$4.8BVisualizing the 50 Most Profitable Insurance Companies in the U.S.howmuch.net › articles › top-50-most-profitable-us-insurance-companies-2…About Featured Snippets