Jobs Roles within the Insurance Industry

Job Roles within the Insurance Industry

Insurance Agent

An Insurance Agent is responsible for selling insurance products and services to customers. They represent insurance companies and interact directly with clients.
They are often specialized in a specific type of insurance, such as life, health, or property insurance.
Their tasks include providing information about insurance policies, offering insurance advice, arranging insurance coverage and processing paperwork.
Insurance Agents may work independently or for an insurance firm and needs to have good understanding of the insurance principles and policies.

Insurance Underwriter

An Insurance Underwriter evaluates the insurance applications and determines whether to provide insurance, and if so, under what terms.
They are vital to the insurance industry as they evaluate the risk and exposures of potential clients.
They use software to analyze information, calculate the risk and decide the cost of insurance for clients.
It’s important for Insurance Underwriters to accurately price risk so the insurance company can be profitable while also providing a fair price to customers.

Claims Adjuster/Handler

A Claims Adjuster/Handler investigates insurance claims by interviewing the claimant and witnesses, consulting police and hospital records, and inspecting property damage.
Their role is to determine how much the insurance company should pay for the claim.
They negotiate with policyholders to settle the claim, and may work to help recover costs from third parties if they were responsible for the damage.
Claims Adjusters need strong negotiation skills and a good understanding of insurance policies and claims procedures.

Risk Manager

A Risk Manager identifies potential risks and creates plans to prevent or minimise their impact on the insurance company.
They assess risks to the profitability and continuity of the company.
Their tasks include producing risk profiles, implementing policies, developing contingency plans and acquiring insurance.
Risk Managers play a proactive role in ensuring an insurance company is compliant with insurance laws and regulations.

Remember that these roles are highly interrelated, and they work together to ensure the smooth running of the insurance company. Understanding these roles can give you a broader view of the insurance industry and how insurance policies are created, sold, and implemented.