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Insurance Industry More than 443,000 insurance agents currently work in the United States. The industry projects a 10% growth over the next 10 years. Development of new insurance jobs relates to general economic growth, partially due to the need for property insurance on new purchases. As large numbers of the population age, the demand for life and medical insurance goes up, as well.
Jobs in insurance
Job Duties and Salary Insurance agents hold a variety of related responsibilities, including explaining policies to and interacting with clients, maintaining records, and processing policy renewals. Some agents train in specific types of insurance, such as life insurance or disability insurance, while others carry out more broad duties. The U.S. Bureau of Labor Statistics reports the median annual pay for an insurance agent as $48,150. Wages may partially or fully depend on commissions, with each employee earning percentage-based pay on every policy individuals sell.
The Insurance Industry at a Glance Applicants almost always need to possess high school diplomas or the equivalent to gain employment in the insurance industry. Further education may increase chances for hire, especially with education in business, finance, or economics. State-specific licenses also proves necessary to work as an insurance agent. Communication skills, including projecting confidence and analytic abilities, value certain applicants over others in the insurance trade.
Insurance Job Descriptions
Agent - Employed by a particular company or as an independent contractor through a brokerage, insurance agents work one-on-one with customers to analyze coverage and determine if better options may stand available. Many agents still process policy renewals also, though some companies allow clients to renew plans online. In addition, agents must clearly explain the details of policies to ensure the customer fully understands the features of the plan. Strong skills in communication prove critical, as most of the work involves interaction with clients. Workers advance through taking initiative and closing sales, so motivated and confident individuals stand more likely to prosper in the job. Applicants normally need a high school diploma or the equivalent to gain employment. All insurance agents must obtain a state-determined licensure through exams and course work. Regularly working from office environments, the annual salary for most insurance agents generally remains about $48,000.
Customer Service Representative - Frequently accessible to entry-level applicants, the position of customer service representative entails direct interaction with consumers at the company. Employees work to resolve patron issues in a friendly and efficient manner. Characteristic duties include answering phones, providing information, and making changes to customer accounts as needed. When unable to effectively solve a problem alone in a timely manner, a well-trained customer services representative may enlist the aid of another employee or refer the customer to a supervisor. Most employers prefer to hire candidates with a high school diploma or the equivalent. Hourly pay for customer services representatives usually hovers around $14.00.
Underwriter - Insurance underwriters specialize in risk assessment, typically studying relevant factors from indoor offices or occasionally travelling to a site to make an inspection related to a property claim. Decisions must err on the side of caution when choosing whether or not to insure various individuals in order for the company to continue to produce profits. Most underwriters hold an area of expertise and focus such as life, health, or property insurance. The position typically necessitates a bachelor's degree in a course of study such as business or finance, though job seekers with strong insurance credentials and experience may acquire an underwriting job without a diploma in certain cases. Underwriters earn around $30.00 per hour on average.