Careers in The Industry

The most familiar insurance employees are insurance agents and brokers. They serve as go-betweens for insurance companies and insurance buyers and policyholders.

The insurance industry also offers other types of careers. Specialty careers include those of actuaries, underwriters, and claims adjusters. Actuaries are mathematicians who use complex statistical tables to calculate premium rates for different risk situations and set insurance company reserves. Underwriters decide whether a company will accept a risk and, if so, at what price. Claims adjusters determine the extent of a company's liability and the amount it should pay when policyholders suffer a loss.

Insurance companies also employ accountants, computer specialists, finance experts, lawyers, librarians, engineers, and advertising and public relations specialists. Nearly all these workers, as well as actuaries, underwriters, and claims adjusters, have a college degree. Many have a graduate or specialized degree. An experienced agent or underwriter may become a Chartered Life Underwriter (C.L.U.) or a Chartered Property and Casualty Underwriter (C.P.C.U.). To become a C.L.U. or a C.P.C.U., a person must pass tests in the field of life insurance or property and casualty insurance. Other insurance workers include secretaries, receptionists, and clerks.