Major Professions Within The Insurance Industry
Various technological revolutions have given birth to numerous insurance jobs. At the same time, basic professions like actuary, underwriter or manager have experienced profound transformations.
The repositioning of the professionals and skills within an increasingly competitive and volatile environment has become more than necessary.
Previously restricted to life insurance business, statistics, and probability calculations, today actuaries’ duties encompass far broader responsibilities. New risk analysis requires sophisticated assessment tools as well as an overall understanding of insurance chains to effectively mitigate risk and limit losses.
Who is an Actuary?
An actuary, educated at college, university or specialized insurance institute, plays an overwhelmingly technical role at the heart of insurance activity today.
Their roles vary depending on which department or section he or she works for. These could be risk underwriting, marketing or asset/liability management.
An actuary is employed within the technical and commercial department of an insurance establishment. He or she is charged with the duties of tariff evaluation, profitability analysis and portfolio surveillance in need of optimization.
They are also charged with participating in product design as well as setting non-life risk tariffs.
At the level of asset/liability management, an actuary is responsible for calculating reserves that need to be set aside, and for adhering to prudential rules as part of corporate solvency measures.
Underwriter is often associated with corporate risks as opposed to more standardized personal lines; thus it remains less well known among the general population.
Underwriting requires careful analysis of major risks in areas like transport, industrial complexes and mega construction projects before accepting or declining them as per company policy.
To do this effectively, they are expected to follow the rules and procedures laid down by their company and define coverage terms and requirements. Collaboration with an actuary is also key when rating customer risks.
Underwriting can often resemble salesman duties in its nature; however, their technical know-how must be more advanced for effective collaboration with reinsurance departments or participating in claim analysis processes.
Insurance Contract Managers
Insurance contract managers occupy an essential role, overseeing insurance policies throughout their lifecycle and being responsible for compensation of insureds.
For a person to succeed as an insurance contract manager, he or she should possess skills of management, communication, and compensation of insured.
Insurance Claims Managers
At the claims department, a claims examiner oversees notifications of claims; provides expertise reports; and enforces terms of insurance contracts. He may also take care in handling litigations between policyholders and insurance company.
Engaging with other departments (underwriting, legal, accounting) as well as policyholders is essential to fulfilling his duties successfully. Furthermore, communication with external entities such as lawyers or physicians will also be required of him.
Insurance Agent, traditionally, is experiencing profound transformation. No longer are agents solely expected to sell policies; rather they must also advise and counsel customers in order to gain and keep their loyalty.
Though selecting offers can be done online, finalizing contracts more frequently takes place at an agency – especially when it comes to products that require advice or coaching like dependency insurance, savings plans and pension schemes.
Insurance Sales Consultant
An insurance salesperson serves as the face of their company through marketing initiatives that may feature him or her. He targets and prospects potential targets while developing relationships between salesman and clients.
He possesses technical abilities, charisma, and tenacity necessary for developing strong customer relationships and offering suitable solutions to customers. His primary objective is meeting sales targets set forth by management while simultaneously overseeing his customers’ portfolios.
Sales tasks encompass an array of jobs (general agents, sales consultants, customer officers; etc.). Each position requires distinct profiles: A sales consultant at an agency welcomes and negotiates insurance contracts with any customers that stop by his desk.
Insurance providers seek out travelling sales consultants as their go-to choice. His task involves covering an established geographical region while building strong customer relationships and concluding contracts.
General agents serve an essential commercial function by overseeing both their insurance agency and customer relationships. Acting both as vendor and consultant, their main task entails developing strong relationships with their customers while responding appropriately to their needs by offering both life and non-life policies.
Profession in Insurance: Additional Classifications of Commercial Tasks
Commercial tasks may also be divided into classes such as life group or non-life.
He or she offers insurance policies to private individuals. Depending on his customers – be they large audiences, large accounts… – this salesperson may specialize in one field or another.
Group Insurance Account Manager:
His role and profile resemble that of sales consultants working with private customers, except he/she deals with professionals such as SMEs/SMIs or large companies instead. They strive to establish strong ties with decision makers so they may underwrite a variety of covers such as health, savings and pension that provide protection for their wage earners.
Account managers for corporate non-life risks:
They are in charge of developing the non-life portfolio for corporate institutions, usually under control of insurance brokers; his activities often target SME/SMI customers for protection purposes