If you’re a recent business or economics grad looking for a job, the idea of working in insurance might sound a little stuffy. But the truth is, insurance is a huge industry with lots of different roles and job descriptions.
Each type of insurance job is suited to different skill sets, education levels, and previous experience, so don’t knock all insurance jobs if you don’t like the sound of one. You definitely won’t find much in common between actuaries and sales agents besides the fact that they both might work for insurance companies.
The insurance industry has various sectors, including health care and health insurance, life insurance, property and casualty insurance, car insurance, and workers’ compensation.
As much as we might all want to follow our passions after graduating, finding a stable job has its perks. The insurance industry is nothing if not steady. The Insurance Information Institute found that roughly 2.9 million people worked in the insurance industry as of 2022, up from 2.8 million in 2021.
Plus, the Bureau of Labor Statistics (BLS) projects employment for insurance sales agents to grow 6% between 2021 and 2031 (on par with average new job growth) and employment for actuaries to grow 21% in the same time frame (much faster than average job growth).
This page will outline the top 10 insurance jobs, including what they entail and which companies have open positions.
1. Underwriter
Median salary: $63,000
Underwriters approve or deny applicants that have submitted insurance proposals. They must calculate the risk a particular applicant poses to the company before deciding whether to approve them.
Typically, underwriters work for direct insurance carriers or insurance agencies.
Business, math, economics, and finance majors can all excel as underwriters. A background in mathematics can help you calculate risk and other factors.
You can find an underwriter position as an entry-level job, although some employers might require prior experience.
Qualifications:
- High school diploma or bachelor’s degree, depending on the employer
- Must work under a supervisor for 12 months
Skills:
- Analytical skills
- Customer service
- Mathematics
2. Account manager
Median salary: $52,726 per year
As the name suggests, account managers manage insurance accounts. They may manage just one account or a portfolio, depending on the size of the company and its accounts. They’re responsible for developing new business for insurance companies and getting referrals from established clients.
Account managers might also produce quotes for potential customers and resolve client issues.
You’ll usually need a few years of experience in insurance before handling accounts, so finding an entry-level account manager position is unlikely.
Qualifications:
- Bachelor’s degree
- Relevant experience in the insurance field
Skills:
- Computer skills
- Analytical skills
- Strategic thinking
- Communication
3. Actuary
Median salary: $105,900 per year
Actuaries compile and analyze a company’s data and statistics to predict insurance risk. They rely heavily on statistics and financial theory to make predictions, so this is a good choice if you like numbers. Actuaries also help companies with risk management.
It is possible to become an actuary straight out of college, but you’ll need to pass a series of six (yes, six!) exams for certification. That’s a lot of studying! However, new grads make a median annual salary of $63,534.
Qualifications:
- Bachelor’s degree
- Series of six exams for certification
Skills:
- Attention to detail
- Communication skills
- Statistics
- Financial theory
4. Claims adjuster
Median salary: $60,394 per year
Claims adjusters investigate insurance claims to determine insurance provider liability. They might acquire documents and interview customers and witnesses when researching these claims, sometimes in person. Lots of claims adjusters work in offices, but the job sometimes requires you to review or investigate damaged cars and buildings on-site.
Many states require licensure to work as a claims adjuster. You can take a prep class online before taking your state’s necessary exam(s). As a new grad, you can expect a median annual salary of $47,778.
Qualifications:
- High school diploma or bachelor’s degree, depending on the employer
- Formal training
Skills:
- Listening and communication
- Research
- Emotional intelligence
- Finance
5. Customer service representative
Median salary: $36,920 per year
Customer service representatives handle customer service calls, emails, and sometimes texts for insurance companies. These roles are usually entry-level and only require a willingness to learn and help others, as well as some computer skills.
Customer service reps also help customers by answering their questions about pricing, insurance products, and services. They may also process payments.
Many reps work in offices or call centers, but many also work from home. These insurance jobs can also be part time, making them a great choice for beginners.
Qualifications:
- High school diploma or equivalent
Skills:
- Organization
- Accountability
- Communication
- Patience
- Reliability
6. Insurance broker
Median salary: $75,481 per year
Insurance brokers provide insurance quotes to clients over the phone or in person. Brokers work for brokerages, not insurance companies (unlike sales agents). It’s a little confusing, but the difference between sales agents and brokers goes beyond the job title.
Essentially, brokers work on behalf of customers, and sales agents work on behalf of companies.
Brokers must work with an agent to actually complete the sale of an insurance product or plan. They also need the necessary licenses to work in their states, so you can’t jump straight into being a broker after college. You’ll have to pass some exams to get your license.
Qualifications:
- High school diploma or bachelor’s degree, depending on the employer
- Series 6 and 7 exams by the Financial Industry Regulatory Authority (FINRA)
Skills:
- Customer service
- Interpersonal communication
- Math and finances
7. Sales agent
Median salary: $49,840 per year
Sales agents sell insurance products to customers. On a given day, they might interview clients to learn more about their financial situation, explain package features, and renew insurance policies.
Sales agents can work for one specific insurance company or work independently with several companies.
You must obtain licensure in your state to work as an insurance sales agent.
Qualifications:
- High school diploma or bachelor’s degree
- Series 6 or 7 FINRA exams
Skills:
- Analytical skills
- Communication
- Initiative
- Self-confidence
8. Sales representative
Median salary: $39,302 per year
Sales representatives are also similar to sales agents but always work directly with an insurance company (an agent might be self-employed).
Sales reps communicate with new and existing clients to sell insurance policies. They also build working relationships with clients, interview new clients, and handle the sales and renewal processes.
Qualifications:
- High school diploma or bachelor’s degree, depending on the employer
- Background in business or economics
Skills:
- Verbal and written communication
- Analytical skills
- Customer service
9. Collections specialist
Median salary: $35,164 per year
Collections specialists resolve overdue bills and collect payments from those who owe. Usually, they work on-site in a call center or office, but many also telecommute.
Collections specialists can benefit from a bachelor’s degree in finance or economics, but it’s not always necessary. People with prior sales experience can also excel as collections specialists. This role has many entry-level positions, as well.
Qualifications:
- High school diploma or bachelor’s degree, depending on the employer
Skills:
- Communication
- Listening
- Attention to detail
10. Claims counsel
Median salary: $86,715 per year
Claims counsels are insurance companies’ in-house attorneys who provide legal advice and handle litigation. They might review contracts, handle negotiations, and represent companies taken to court. Claims counsels also investigate, analyze, and file insurance claims on behalf of the companies they work for.
Some claims counsels also offer legal analysis of company policies.
This is not an entry-level position. Claims counsels are attorneys who have graduated from law school and passed the bar exam. However, it can make for a good first job out of law school.
Qualifications:
- Bachelor’s degree and law degree
- State bar exam completion with a passing score
Skills:
- Communication
- Analytical skills
- Research
Which insurance companies are hiring on Handshake?
Working in the insurance industry is a lucrative option for those who love math, sales, and analysis. There’s even space in the field for lawyers!
Whether you picture yourself calling customers or crunching numbers for a big company, the insurance sector has something for you. It has options for all education levels, from a GED to a law degree.
Whether you’re looking for a part-time or full-time job, Handshake can help. Simply create your profile and let recruiters come to you. You can even set up job alerts to know when your dream job opens up. Join now and start your job search today!
Sources:
- https://www.bls.gov/ooh/sales/insurance-sales-agents.htm
- https://www.iii.org/fact-statistic/facts-statistics-industry-overview
- https://www.bls.gov/ooh/math/actuaries.htm
- https://www.bls.gov/ooh/business-and-financial/insurance-underwriters.htm
- https://www.payscale.com/research/US/Job=Account_Manager%2C_Insurance/Salary
- https://www.bls.gov/ooh/business-and-financial/claims-adjusters-appraisers-examiners-and-investigators.htm
- https://www.bls.gov/ooh/office-and-administrative-support/customer-service-representatives.htm
- https://www.payscale.com/research/US/Job=Insurance_Broker/Salary
- https://www.bls.gov/ooh/sales/insurance-sales-agents.htm
- https://www.payscale.com/research/US/Job=Insurance_Sales_Representative/Salary
- https://www.zippia.com/collections-specialist-jobs/salary/
- https://www.payscale.com/research/US/Job=Claims_Counsel/Salary
- https://www.ziprecruiter.com/career/Claims-Counsel/What-Is-How-to-Become
- https://www.indeed.com/career-advice/career-development/how-to-become-an-insurance-adjuster