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Careers in Insurance The insurance industry employs over 2.3 million workers Wage and salary employment in the industry is projected to grow 10% in the next ten years In 2004, weekly earnings for workers in the industry averaged $756, considerably higher than the average of $529 for all private industry Careers in Insurance How many insurance jobs can you name? Claims Adjuster Public Relations Manager Data Systems Manager Operations Officer Nurse Chemist Field Representative Risk Manager Training Manager Actuary Marketing Agent Broker Attorney Physical Therapist Personnel Director Loss Control Specialist Underwriter Financial Manager The Possibilities are Endless! Careers in Insurance: Operations Three Segments of Insurance Company Operations Marketing Underwriting Claims Careers in Insurance: Operations Insurance Marketing The process of identifying potential customers and then creating and supplying the products and services they need Careers in Insurance: Operations Insurance Marketing Four types of distribution systems •Independent agency •Exclusive agency •Direct writing •Direct response Careers in Insurance: Operations Insurance Marketing Independent Agency Independent agents are in business for themselves and usually represent several different insurance companies Careers in Insurance: Operations Insurance Marketing Exclusive Agency Exclusive agents are in business for themselves but are contracted to do business with only one company Careers in Insurance: Operations Insurance Marketing Direct Writing Direct writers are employed by an insurance company and rely on personal contact, direct mail, the internet, or telephone contact with the customer for their business Careers in Insurance: Operations Insurance Marketing Direct Response Direct writers are employed by an insurance company and rely solely on direct mail, the internet, or telephone contact with the customer for their business Careers in Insurance: Operations Insurance Marketing Advertising Insurance companies use traditional advertising campaigns such as television, radio, magazine, mail and the internet Insurance companies also rely on local agents to advertise the company Careers in Insurance: Operations Insurance Underwriting Determines: •who an insurance company’s customers will be •what the companies products will be •at what price those products will be sold Careers in Insurance: Operations Insurance Underwriting Underwriter •Evaluates applicants for insurance •Selects those that are acceptable to the insurer •Prices coverages •Determines policy terms and conditions Careers in Insurance: Operations Insurance Underwriting Line Underwriter •Responsible for the day-to-day decisions •Must refer to the insurer’s underwriting guidelines Underwriting Management •Sets the company guidelines for underwriting •Delegates underwriting authority Careers in Insurance: Operations Insurance Claims A claim is a demand by a person or business seeking to recover from an insurance company for a loss that might be covered by an insurance policy Careers in Insurance: Operations Insurance Claims Claim Representative •Also called an adjuster •Responsible for investigating, evaluating, and settling claims Careers in Insurance: Operations Insurance Claims Responsibilities of a Claim Representative •To respond promptly when a claim is submitted •To obtain adequate information •To properly evaluate the claim •To treat all parties fairly Careers in Insurance Advantages to a career in Insurance Recognition Insurance professionals lead businesses and communities Rewards Competitive compensation matches job satisfaction Careers in Insurance Advantages to a career in Insurance Flexibility The industry invites people to take charge and work at their own pace in any location Challenge People in insurance make a difference by solving problems and helping people Careers in Insurance Advantages to a career in Insurance Variety Every day is a new adventure. The work is as varied as the customers' needs Advancement Self-motivated, skilled people advance quickly
