What is the Insurance Industry, really?
The insurance industry exists to assist people with recovery after an accident. Specifics could be replacing damaged property or providing payments for necessary medical care to recover from an accident. Insurance can cover accidents related to automobiles, homes or apartments, health, life, or a myriad of other protection needs. While there are diverse types of insurance, each one is all about mitigating risk and recovery from losses, which makes your military experience and its focus on safety and security incredibly valuable. The insurance industry exists to protect people and corporations from financial loss. Policyholders pay insurers a comparatively small fee throughout the year with the assurance that they will be protected from a much larger financial burden if an illness, accident or injury occurs.
Do you find yourself wanting to help others in a time of need or prepare for the unexpected? If so, you may find a career in the insurance industry very fulfilling. The insurance industry careers exist in various areas to make and keep the promise of protection and recovery. Let’s find out which areas most interest you.
Veterans like you have excellent opportunities to start careers in the Insurance industry due to proven leadership skills, work ethic and the ability to stay calm under pressure. Because you have the military hardwiring to succeed in insurance, you can earn industry-specific qualifications quickly at a variety of educational institutions, including community colleges, technical colleges, traditional universities and job training centers.
For example, The American College of Financial Services program provides students with the education and skills to launch careers as insurance underwriters and the Disabled Veterans Insurance Careers organization works with the VA to place disabled Veterans into successful careers in the industry.
Employers are ready to help you translate your unique skills to a career and help you find the best transition resources available. Click "Leaders" button view Industry leading employers.
Featured Careers in the Insurance Industry
Scroll below to learn more about just a few of the career paths the Insurance industry provides to veterans, members of the Guard and Reserve, transitioning service members and military families.
$60,092 - $75,830
Insurance is based on the idea that given enough people, one could predict how many would have a given type of accident in a given year or time period. So, insurance companies accept premium or dollars from many to make certain that the few that have accidents have enough money to recover from the loss. You may imagine that in order to know how much premium to ask for a given insurance policy requires some very smart analysis and data. Actuaries use data, trends, and other information analysis to make accurate estimates about the probabilities of accidents, illnesses, deaths, and natural disasters. Because actuaries deal with complex calculations and statistics, they must have strong backgrounds in mathematics.
CLAIMS ADJUSTER I
$40,006 - $50,864
Insurance is at its core a promise made to protect. Claims adjusters are on the front lines of delivering on that promise. They are likely the first person from the insurance company that you speak to after an accident. And it is their responsibility to investigate accidents, illnesses or injuries, property damage, and other information to determine if and how much the insurance policy covers from the accident or illness. They are able to understand legal contract language and how it translates to the real-world occurrences and terrific personal skills to convey this technical information to people and how it applies to any given situation. They possess strong investigative and interpersonal skills combined with a desire to assist others in a time of need and help them recover from an unfortunate event in their lives.
$32,579 - $43,048
Enrollment representatives may assist sales agents and/or underwriters in the completion and review of insurance applications focusing on accuracy and completeness.
They have an eye for detail and assist in efficiently moving applications to completion – delivering additional data and information where needed to provide a complete picture of the insurance provided for the client, agent, and underwriters.
Underwriters ensure the insurance company has all the relevant information from which to make a good decision on the client and whether they are appropriately covered form the risks they have. They also look for potential fraud in the applications for insurance and have the responsibility to protect the insurance company from unforeseen expenses and coverage gaps along the way. Underwriters accept applications for insurance (usually from the sales agents) and determine if the application is an appropriate policy to issue based on the information provided. They ensure the company is not issuing policies that they cannot deliver on the promise of protection made.
Insurance Sales Agent
$45,297 - $63,139
As insurance is at its core a promise to protect, the insurance sales agent is responsible for making the promise of behalf of the insurance company. They might find people or companies in need of the protection insurance provides and explain the insurance coverage and ensure clients are appropriately protected from the many risks they may be subject to in life. Agents sell insurance products to new and existing customers by phone, in-person, or other means by developing protection plans, calculating insurance premiums, and gathering relevant information to get an accurate quote for the desired insurance protection. They deliver the policy on behalf of the insurance company to the client and periodically review the client’s needs to ensure they remain appropriately protected. Sales agents, usually enjoy working with people, have a powerful desire to protect as many as possible, and enjoy shepherding their clients through life with advice to keep them protected. Depending on the type of sales agent, you may have the ability to sell insurance from many different companies at once (an insurance broker) or be the sole provider of insurance for a particular company (captive agent). Some agents are paid based upon a commission of insurance sold, some are paid on salary, and some are paid as a combination of both. Income ranges can be vast based upon the type of agent status chosen.