Careers in Insurance

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Careers in Insurance

  1. 1. Career Day Interest Inventory <ul><li>Rank Cluster </li></ul><ul><li>1 Medical Field </li></ul><ul><li>2 Art/Drawing/Design </li></ul><ul><li>3 Education </li></ul><ul><li>4 Legal/Law Environment </li></ul><ul><li>5 Mechanic/Electric </li></ul><ul><li>6 Performing Arts </li></ul><ul><li>7 Other (Firefighter, Farmer, Athlete) </li></ul><ul><li>8 Engineering </li></ul><ul><li>9 Behavioral Sciences </li></ul>
  2. 2. Career Day Interest Inventory <ul><li>Rank Cluster </li></ul><ul><li>10 Sciences/Lab Work </li></ul><ul><li>11 Military </li></ul><ul><li>12 Service Industry </li></ul><ul><li>13 Construction </li></ul><ul><li>14 Computer Related </li></ul><ul><li>15 Financial/Math </li></ul><ul><li>16 Writing/Publishing </li></ul><ul><li>17 Management/Clerical </li></ul><ul><li>18 Sales (ZERO) </li></ul>
  3. 3. Career Day Interest Inventory <ul><li>All of these clusters and jobs can be found in the insurance industry. </li></ul><ul><li>Almost no has ever said: “I want to work in insurance when I grow up.” </li></ul><ul><li>But insurance is more than selling a policy. </li></ul>
  4. 4. Careers in Insurance They are not what you think!
  5. 5. CLAIMS <ul><li>The claims process includes </li></ul><ul><ul><li>Investigation </li></ul></ul><ul><ul><li>Negotiation </li></ul></ul><ul><li>You need </li></ul><ul><ul><li>Intelligence </li></ul></ul><ul><ul><li>Flexibility </li></ul></ul><ul><ul><li>Patience </li></ul></ul>
  6. 6. Job Opportunities in Claims <ul><li>Outside Adjuster </li></ul><ul><li>Insider Adjuster </li></ul><ul><li>Technical Specialist </li></ul><ul><li>Trial Attorney </li></ul><ul><li>Claims Supervisor or Manager </li></ul><ul><li>Claims Examiner </li></ul><ul><li>Auto Damage Appraiser </li></ul><ul><li>Rehabilitation Nurse </li></ul>
  7. 7. Rating <ul><li>A rating clerk </li></ul><ul><ul><li>Calculates insurance premiums & needs </li></ul></ul><ul><ul><ul><li>Mathematical skill </li></ul></ul></ul><ul><ul><ul><li>Accuracy </li></ul></ul></ul><ul><ul><li>Classifies, rates & determines new business, endorsement & renewal premiums </li></ul></ul><ul><ul><li>Works with automated rating systems </li></ul></ul>
  8. 8. Underwriting <ul><li>Underwriters are </li></ul><ul><ul><li>Decision makers </li></ul></ul><ul><li>Underwriters </li></ul><ul><ul><li>Analyze coverage in </li></ul></ul><ul><ul><ul><li>Personal Lines </li></ul></ul></ul><ul><ul><ul><li>Commercial Lines </li></ul></ul></ul><ul><ul><ul><li>Fidelity and Surety </li></ul></ul></ul><ul><ul><ul><li>Life, Accident and Health </li></ul></ul></ul>
  9. 9. Law <ul><li>Insurance protection is a legal contract between the insurance company and the policyholder </li></ul><ul><li>Attorneys design contracts </li></ul><ul><li>Attorneys represent company in all legal matters </li></ul>
  10. 10. Law <ul><li>Litigation </li></ul><ul><ul><li>presenting motions </li></ul></ul><ul><ul><li>consulting with doctors </li></ul></ul><ul><ul><li>appearing at jury trials </li></ul></ul><ul><li>Legal research / Experts </li></ul><ul><ul><li>no-fault auto insurance </li></ul></ul><ul><ul><li>workers compensation reforms </li></ul></ul><ul><ul><li>product liability </li></ul></ul>
  11. 11. Management, Personnel and Supervisory Positions <ul><li>Business Administration </li></ul><ul><li>Business Law </li></ul><ul><li>Management </li></ul><ul><li>Marketing </li></ul><ul><li>Personnel </li></ul><ul><li>Industrial Relations </li></ul>
  12. 12. Government Affairs <ul><li>Lawyers </li></ul><ul><li>Lobbyists </li></ul><ul><li>Legislative Analysts </li></ul><ul><ul><li>Work at State and Federal level </li></ul></ul><ul><ul><li>Work with public affairs department </li></ul></ul><ul><ul><li>Prepare written & audio/visual material </li></ul></ul>
  13. 13. Public Relations/ Consumer Affairs <ul><li>Use communications, education, etc. to inform public and support certain legislative and political objectives </li></ul><ul><li>Need excellent writing and verbal skills, creative minds, and ability to communicate complicated issues </li></ul>
  14. 14. Public Relations/ Consumer Affairs <ul><li>Development of newsletters, videos, brochures, booklets </li></ul><ul><li>Relationship with news media </li></ul><ul><li>Development of materials on wide variety of issues </li></ul><ul><ul><li>Arson, auto theft, highway safety, managing costs, pollution, workplace hazards, vocational rehabilitation, natural disasters </li></ul></ul>
  15. 15. Customer Service <ul><li>One of the most important jobs in insurance </li></ul><ul><li>Customers calling have usually experienced a recent accident or ailment </li></ul><ul><li>Calls involve questions or complaints </li></ul><ul><li>Need to be friendly and knowledgeable </li></ul>
  16. 16. Customer Service Representative (CSR) <ul><li>Answers written, telephone or face-to-face inquiries on coverage, rating, billing procedures and many miscellaneous topics </li></ul><ul><li>Updates rating information & verifies accuracy of policy information </li></ul>
  17. 17. Field Representative <ul><li>Liaison between insurance company & those who sell product </li></ul><ul><li>Combination of troubleshooter, technical advisor, quality control manager </li></ul><ul><li>Very knowledgeable of insurance business including rating, service, underwriting & marketing </li></ul><ul><li>Travel and excellent “people skills” needed </li></ul>
  18. 18. Production or Marketing Manager <ul><li>Responsible for entire marketing function </li></ul><ul><ul><li>Marketing campaigns </li></ul></ul><ul><ul><li>New product ideas </li></ul></ul><ul><li>Management of all marketing personnel in an office </li></ul>
  19. 19. Loss Control <ul><li>Loss prevention is one of the most widely used and most worthwhile activities of insurance industry </li></ul><ul><li>Safety Professionals </li></ul><ul><ul><li>Engineers </li></ul></ul><ul><ul><li>Industrial hygienists </li></ul></ul><ul><ul><li>Chemists </li></ul></ul><ul><ul><li>Biologists </li></ul></ul><ul><ul><li>Research technicians </li></ul></ul>
  20. 20. Loss Control <ul><li>Loss prevention – Research Fields </li></ul><ul><ul><li>Physicists </li></ul></ul><ul><ul><li>Geologists </li></ul></ul><ul><ul><li>Librarians </li></ul></ul><ul><ul><li>Statisticians </li></ul></ul><ul><ul><li>Fire prevention & arson investigators </li></ul></ul><ul><li>Medicine & Medical Research </li></ul><ul><ul><li>Registered nurses </li></ul></ul><ul><ul><li>Physical & vocational therapists </li></ul></ul>
  21. 21. Recommended Educational Background <ul><li>Instruction in insurance is generally offered through a university’s business administration department. Courses particularly beneficial to insurance careers are </li></ul><ul><ul><li>accounting, banking & finance, business law, economics, management, marketing and statistics </li></ul></ul>
  22. 22. A Career in Insurance <ul><li>It can be interesting </li></ul><ul><li>It can be worthwhile </li></ul><ul><li>It can be financially sound </li></ul><ul><li>It can even be FUN!!! </li></ul>

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