Find a Job You Really Want In
Yes, specialty insurers is an excellent career path. Insurance is a huge, lucrative industry that requires complex calculations to make it profitable. It requires a lot of expertise and bureaucracy to work properly, meaning that there are a lot of available careers in specialty insurance.
Many of the jobs in insurance are office jobs, which are known for being comfortable and steady. If that doesn’t appeal to you, then there are some exceptions, such as insurance investigators and insurance appraisers that will go into the field to inspect claims.
There are also sales positions, such as an insurance broker or insurance agent, that involve a great deal of more human interaction.
Insurance positions also typically have a lot of upward mobility, meaning that you’re likely to be able to get promotions and make good money in the field.
Here are 20 great jobs in specialty insurers
10 of the Best Paying Jobs in Specialty Insurers
There are several different types of jobs you can do in insurance, ranging from trying to get people to purchase a policy to validating claims and so on. As with other professions, these jobs require higher education and experience, which is why they’re better paid.
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Average Annual Salary: $73,000
This career isn’t restricted to insurance, but it’s a very big market for this area of expertise. Loss control consultants look for potential risks in a company or industry and come up with ways to mitigate them.
This means that they have to be well acquainted with the industry in question and usually have experience in that industry before moving into this role.
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Average Annual Salary: $78,000
Risk assessment analysts can work in any industry. Their responsibility is to determine how risky various business choices are. They mainly focus on operational risks – as in, risks associated with the business that the company is in.
Risk is the basis of insurance, and this determines how much they charge, so they’re important in terms of insurers deciding who to insure and how much to charge and companies looking to reduce their insurance rates.
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Average Annual Salary: $75,000
Insurance law and regulations are complex and involve a lot of money changing hands. That’s where insurance attorneys come in. They are experts on insurance law and regulations and help settle disputes between insurance companies and claimants.
They can work to represent the insurance company in the case of preventing fraud or lowering a payout or represent an insurance policyholder who feels that they’ve been maligned.
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Average Annual Salary: $81,000
A liability analyst analyzes a company or organization’s risks. This can be what assets they have that are vulnerable or if a practice they’re engaged in is risky. That can be in terms of financial loss, asset loss, or a high probability of being sued – especially if the suit is likely to be successful.
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Average Annual Salary: $43,000
Insurance fraud is a major concern for insurers, especially when large sums of money are involved. That’s where insurance investigators come in. Their job is to investigate the claim and make sure that it isn’t fraudulent.
It requires knowledge of what to look for in a fraudulent claim – which will vary depending on the type of insurance – as well as attention to detail and familiarity with forensics.
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Insurance Sales Representative
Average Annual Salary: $75,000
This is a sales position. Insurance sales representatives call clients and potential clients to try to get them to sign on. They also need to know their audience in order to offer them an insurance deal that they’re likely to purchase. They may need to adjust individual agreements as needed, as well as develop a rapport with their clients.
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Average Annual Salary: $46,000
Insurance appraisers are responsible for checking up on claims. Their job is to assess the damage and make sure that the cause is covered by the insurance policy. Most of their duties are focused on evaluation, both in terms of making sure that the coverage is applicable as well as deciding how much money the insurance company owes.
They’re also supposed to look to make sure that the claim is valid and isn’t an attempt at fraud.
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Average Annual Salary: $97,000
Unlike an insurance sales representative that represents the insurance company, insurance brokers represent the client. They have strong knowledge of insurance policies, risk assessment, and coverage to help their client pick the best insurance policy for their needs.
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Billing and Insurance Coordinator
Average Annual Salary: $50,000
Billing and insurance coordinators are responsible for making sure that the billing and insurance administrative tasks are taken care of. They are most often employed in medical settings, meaning that they need to also be extremely strict about confidentiality due to HIPPA regulations.
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Average Annual Salary: $61,000
As the title implies, this is a management position. That means that this job is focused more on overseeing the process and helping the employees in the department effectively do their jobs. A liability claims manager manages the department that processes liability insurance claims.
For almost all of the above jobs, you’re expected to have experience in either a previous insurance position or an adjacent industry. If you’re just looking to get into the industry, the below list is a better place to start.
10 Entry-Level Jobs in Specialty Insurers
Due to the nature of the industry, the majority of entry-level jobs in this field require a higher level of education. Even for those that don’t require it, it’s recommended – though an associate degree will likely be sufficient.
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Average Annual Salary: $54,000
Underwriters, as a rule, analyze risk in terms of insuring a particular person, vehicle, or policy. In this case, you’d be focused on marine insurance. That means you have 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 the crew.
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Liability Claims Representative
Average Annual Salary: $50,000
This is a heavily customer-facing job. A liability claims representative is the person that clients go to when making an insurance claim. They have to be available to take calls and get the information they need, all while being professional and calm.
Customers filing a claim may be extremely upset, frustrated, or frightened, and you have to be patient, understanding, and professional while speaking to them.
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Average Annual Salary: $44,000
Medical coders are experts in medical insurance and billing. Their primary duty is to translate medical procedures into codes that can be processed by insurance companies. These codes help with privacy for patients as well as determining how much will be reimbursed by the insurance company.
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Insurance Verification Representative
Average Annual Salary: $31,000
An insurance verification representative’s role is to make sure that a procedure is covered by the insurance policy. They work with clients to ensure they know what’s covered and what isn’t, as well as to explain why certain procedures aren’t covered.
This job requires excellent communication skills, patience, and the willingness to spend a lot of time on the phone.
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Average Annual Salary: $61,000
The main job of an insurance underwriter is to evaluate the risk of an insurance applicant. They then decide whether or not to offer them a policy and how high the premium should be.
Underwriters typically specialize in a type of insurance and are very familiar with the calculations to determine risk and how likely an accident will be, as well as the accepted level of risk.
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Average Annual Salary: $33,000
Insurance clerks are responsible for keeping records up to date. They process applications, modifications to a policy, and cancellations. Someone in this role has to be extremely detail-oriented and organized, as the accuracy of the information can determine whether or not an insurance company properly pays out a policy.
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Average Annual Salary: $55,000
While not exclusive to insurance, appraisers are necessary for insuring expensive items – especially ones whose value isn’t immediately apparent.
Appraisers may work directly for an insurance company to determine how much something should be insured for, or they work for a private party to calculate the value of artwork, antiques, or property.
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Average Annual Salary: $37,000
Insurance claims processors are responsible for the paperwork and monitoring of a claim. They verify that the information they’ve been given is correct and in line with the insurance policy. This job requires speaking with the claimant, the beneficiary (if they aren’t the same person), and other employees of the company, as needed.
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Average Annual Salary: $39,000
Someone in this role is a sort of go-between. They work with the client to help interpret insurance plans as well as explain risk management plans. They are typically employed by an insurance company and are responsible for following government requirements and regulations.
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Average Annual Salary: $46,000
Insurance agents are salespeople. They’re responsible for getting new clients in the door and signing up for insurance policies. They’re most often seen in automotive insurance, but they aren’t restricted to that industry.
Why Choose a Career in Specialty Insurers?
Insurance is a large and profitable industry and a necessary part of the economy. All of this is to say that insurance companies and careers are unlikely to go away anytime soon. Working in specialty insurance is best suited to a certain type of person, so here are some traits to consider.
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You’re rule-oriented. Insurance is a regulated industry, meaning that there are numerous rules and regulations to be followed. Also, due to the nature of the business, the policies are complex and only cover certain specific things, and you’ll be required to deny people coverage due to that.
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People describe you as precise and organized. Insurance policies are legal agreements, meaning that all the paperwork needs to be in order and up to date. Not every insurance job requires inputting data regularly, but the majority do.
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You like working with numbers. There are few exceptions to this, but a lot of insurance is going to involve calculating risk and policy costs, which is a matter of statistical algorithms. Luckily most jobs don’t need you to fully understand the algorithm, but it’s good to be handy with math and numbers.
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You can be calm and professional while dealing with upset clients. This is more on the customer-facing side of the industry, but some other jobs, such as an insurance appraiser or investigator, will also have to deal with people who’ve been through something difficult and are now having their integrity called into question.
There is variance, of course, depending on what part of the industry you work in. However, if the above list sounds like you, then you should consider looking into getting a career in specialty insurers.
Education and Certification Requirements for a Career in Specialty Insurers
The vast majority of careers in specialty insurers are going to require a college degree. There are a few exceptions that offer on-the-job training, but the best bet is to get a four-year degree. Here are some majors to consider.
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Insurance. This is a major that focuses on the insurance industry as a whole. It’s a good general choice for going into the insurance industry.
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Mathematics. If you’re looking to be an underwriter or analyst, this is an excellent choice.
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Statistics. This is another good choice for a math-oriented career, such as an analyst or underwriter.
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Accounting. Many careers in insurance are focused on finances and numbers, which is accounting in a nutshell.
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Finance. Insurance is extremely finance-focused, making this a good choice.
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Marine Transportation. This is a good choice if you want to be a marine underwriter or specialized marine insurer.
Most careers in insurance don’t require a specific major, meaning that as long as you get something that isn’t completely unrelated, you’re likely to be able to get started in insurance.
And even a completely unrelated degree may not be a stopping block, either. So don’t agonize over the best degree for the industry, and if you already have an unrelated degree, it’s unlikely to stop you from getting into specialty insurance.
There are a few jobs in this industry that require a license.
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Insurance brokers must have a license.
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Insurance agents are required to be licensed.
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Insurance Investigators often need to be licensed as private investigators. However, it depends on the state and the nature of their employment.
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Insurance attorneys need to have passed the bar and be licensed to practice law.
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Appraisers must be state-certified or licensed. This will vary depending on the type of appraising you specialize in and what state you want to practice in.
There are some certifications that can help you as well. Such as:
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Certified Insurance Counselors
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Certified Risk Managers
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Management Liability Insurance Specialists
Due to the nature of specialty insurers, it’s recommended you select a certification that fits with the type of insurance you work with. Generic insurance certifications are useful as well.
What Do People Working In Specialty Insurers Do?
People in specialty insurers insure people and companies with out-of-the-ordinary risk or insurance needs. This is an important role to fill, as it covers the risk for businesses and individuals in certain industries. High-risk endeavors, such as a skydiving school, need insurance as well, but not every insurance company is going to cover it.
Specialty insurance is a type of insurance for businesses with irregular insurance needs. This includes liability insurance for professions such as medical doctors, attorneys, and stockbrokers. It also includes unusual types of insurance, such as marine, high-risk items like firearms, or not easily replaceable items, such as antiques.
Some professions carry the possibility of ruining people’s lives or livelihood with a mistake, so they carry liability or malpractice insurance. Physicians and other medical professionals are the ones who spring to mind, but other professionals such as lawyers, therapists, teachers, and accountants are in similar situations.
Insurance work to reduce risk by spreading it out. So, if an insurance company covers a number of high-risk companies, the premiums are going to more than cover the payouts needed when a company has an issue. This spreads it out for the companies as well, meaning that one mistake won’t bankrupt them, as the insurance covers it.
The insurance company has to balance that with making a profit, which is where underwriters and risk assessors come in. Insurance companies calculate and assess risk and base their policies on that.
Author
Di has been a writer for more than half her life. Most of her writing so far has been fiction, and she’s gotten short stories published in online magazines Kzine and Silver Blade, as well as a flash fiction piece in the Bookends review. Di graduated from Mary Baldwin College (now University) with a degree in Psychology and Sociology.
