The latest jobs report from the U.S. Bureau of Labor Statistics found that the financial services industry continues to grow through hiring, and some of the most in-demand positions are insurance jobs.
With insurance jobs getting filled so quickly, it could be a good idea for people interested in finance jobs to look toward these sort of companies since these sort of careers tend to offer stability and solid pay. People need insurance regardless of the economy's performance, making the industry relatively recession-proof, which is why these companies are able to offer stable careers for those interested. Traditional insurance companies, as well as banks that have entered the market, provide numerous opportunities. To learn more about the insurance jobs that are fueling hiring in the industry, read our summary of a few of the positions below.
Jobs to look at in the insurance industry
Actuarial analyst is one career path that those interested in the insurance industry can take up. Actuarial analysts use statistical models to study data, calculate probabilities and ultimately determine the cost of certain events. Product failures, accidents, property failures, injuries and deaths are examples of the things that could end up costing businesses or people a lot of money, and these analysts' jobs are to figure out exactly how much. They may also determine the risk of natural disasters such as earthquakes or hurricanes and assess risk of exposure for insurance companies.
Actuarial analysts often work in teams with people who play numerous other roles, such as underwriters. These people determine the risk of hiring certain people or businesses. Using their risk assessments, they then decide upon premium pricing for certain policies. An underwriter may determine the cost of health insurance for someone using data provided by actuarial analysts. Relevant information is entered into computer models, which then determine the likelihood of a potential payout in the future, as well as how large it would likely be.
The teams that price out policies
Insurance companies are also in need of market research analysts. Consumers can be finicky with their money these days, and for good reason – the recession hit many homes hard, and discouraged frivolous spending in many households. Market research analysts can help solve this issue in many industries, including insurance. Typically, market research analysts determine what people think of a certain product, and how much they would be willing to pay for it. Though the insurance industry is relatively recession-proof, that doesn't mean people will dole out nearly all their funds to get policies. Prices still have to be reasonable.
Teams made up of people filling out roles such as the ones above work in insurance to determine pricing for the policies that people and businesses purchase every day. The industry is fast growing, even relative to the robust financial services industry, and offers great prospects for people in search of top finance jobs.