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Alli Walsh, Social Media Strategist
The insurance industry is a great place to build a career, whether you’re just starting out or looking for a satisfying job change. It’s a stable industry, filled with opportunity, thanks to peoples’ omnipresent need for financial protection across all areas of their life—their health, property, businesses and more. In fact, the fast-growing health insurance segment of the industry has been growing for decades, with agent/broker jobs continually increasing in number.1,2
This is great news for Combined Insurance, our employees and prospective employees, not to mention our customers! Take a look at the different functional job areas you’ll find in most supplemental health insurance companies—and see what interests you! You never know when your next job opportunity might come along.
Statistically minded? Check out the actuarial department.
Actuaries predict statistical probabilities—in other words, the likelihood of certain events, such as accidents or health diagnoses, occurring. This helps an insurance company manage their financial investments, including the granting of insurance policies to protect policyholders from losses. They help design policies and develop product pricing that minimizes the costs of these risks. Employment of actuaries is projected to grow 22% from 2016 to 2026, resulting in about 5,300 new jobs over that period.3 Will you be among them?
Risky business? Assess the underwriting department. Using math and analytical skills, technical-minded underwriters calculate what their insurance companies should charge policyholders. They also evaluate applicants to determine their risk. They see if they’re suitable for granting coverage, based on the company’s requirements. An underwriter is the person who decides if an application is approved and how much coverage is granted, often digging into medical records and conducting interviews with applicants and their providers.
File it under “paid” in the claims department.
Claims professionals manage the settling of claims for an insurance company. They determine whether or not a policyholder’s losses are covered and how much money the company will pay out for the losses. There are a number of job titles in this category, representing the range of activities performed in the average health insurer’s claims department. These include claims adjusters, appraisers, examiners and investigators.
Follow the rules of the compliance department.
Insurance companies have to make sure that both employees and insurance policies comply with the various laws, rules and regulations of regulatory agencies—on state and federal bases. Compliance officers write and review the “fine print” associated with policy language, marketing and sales materials and almost any and all correspondence going out of the company.
Get them covered in the sales department.
Employment of insurance sales agents is projected to grow 10% from 2016 to 2026, faster than the average for all occupations—and even faster growth is projected for health insurance agents.4 Sales agents and brokers are on the front-lines with customers and policyholders, helping people assess their needs, understand their insurance product options, and assisting through the process of applying for coverage. They often work closely with underwriters and claims or customer service personnel, making sure everyone has the information they need to issue coverage and payments.
To learn more, explore the 5 Things to Love about Being an Insurance Sales Agent.
In addition to these areas, every insurance company has busy professionals working in IT, finance and accounting, marketing and customer service. Your skills and experience might be just what’s needed. Why not find out about the current job opportunities at Combined Insurance?
References: 1 Insurance Industry Employment Trends: 1990-2017 (January 2017). (n.d.). Retrieved November 30, 2017, from https://www.iii.org/presentation/insurance-industry-employment-trends-1990-2017-january-2017-031017.link opens in a new window 2 Look to the Insurance Industry for Job Stability. (n.d.). Retrieved November 30, 2017, from https://www.monster.com/career-advice/article/insurance-industry-careers.link opens in a new window 3 Summary. (n.d.). Retrieved November 30, 2017, from https://www.bls.gov/ooh/math/actuaries.htm.link opens in a new window 4 Summary. (n.d.). Retrieved November 30, 2017, from https://www.bls.gov/ooh/sales/insurance-sales-agents.htm.link opens in a new window
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Combined Insurance Company of America (Chicago, IL Illinois) is a leading provider of individual supplemental accident, disability, health, and life insurance products and a Chubb company. With a tradition of nearly 100 years of success, we have an A+ rating by the Better Business Bureau and are one of Ward’s Top 50® Performing Life-Health Insurance Companies. Combined Insurance is also the number one Military Friendly® Employer in the over $1B revenue category for 2019 by VIQTORY. This is the company’s eighth consecutive year on the top 10 list and fifth consecutive year in the top 5—Combined Insurance was previously named the number one Military Friendly® Employer in the nation for 2015 and 2016. In New York, products are underwritten by Combined Life Insurance Company of New York (Latham, NY).
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