Everyone has engaged with risk management and insurance (RMI) sometime in their life – from purchasing insurance to filing a claim. But not many people know what career opportunities the RMI industry offers, insurance or non insurance alike. This compounded with the aging workforce makes the RMI industry a well-hidden treasure for career opportunities. Below are four examples of fast-growing RMI career paths.
All organizations have risk managers or positions with risk management as the primary responsibility. Risk managers work beyond purchasing insurance (risk financing), and heavily emphasize loss prevention. Some risk managers have a risk management and insurance background while others have an industry specific background and have acquired RMI knowledge along the way. An undergraduate degree is usually required for risk management jobs. Risk management salaries start at $59,647, with the median being $83,763. Most risk management jobs require at least three years of experience. The top three cities for “risk manager” jobs on Indeed (Dec 2018 search) include: New York, Chicago, and San Francisco.
Claims adjusters work to fulfill the insurance promises: evaluate the loss and facilitate the claims payment. Some are company adjusters who work as an employee of an insurance. Some are independent adjusters who contract with insurers in the case of a catastrophe for a fee. Others are public adjusters that represent the insured rather than the insurer, for a fee. Entry salary for claims adjusters is $50,000, with the median being $64,000. The top three cities for “claims adjusters” jobs on Indeed (Dec 2018 search) include: Phoenix, Dallas, and Tampa.
Underwriters process the insurance application information to select, classify, and price applications for insurance. Although not required, a degree in RMI helps with career advancement. In addition, professional certifications such as the Chartered Property Casualty Underwriter (CPCU®), Associate in Commercial Underwriting (AU™), Associate in Personal Insurance (API™), Life Underwriter Training Council Fellow (LUTCF) and Chartered Life Underwriter (CLU) greatly benefits the career path. Entry salary for underwriters is $50,552, with the median being $65,040. For those with a Chartered Property Casualty Underwriter (CPCU®) certification, the average salary is $83,971. The top three locations for “underwriter” jobs on Indeed (Dec 2018 search) include: New York, Chicago and Atlanta.
Agents and Brokers
These individuals are the key to success in the financial service industry. While the titles may sound similar, there is a difference between agents and brokers. Agents legally represent the insurer whereas brokers represent the insured. They both work to facilitate and match the right insurance application with the right insurer. Entry salary for agents is $32,829, with the median being $49,990. The top three locations for “agents and brokers” jobs on indeed (Dec 2018 search) include: Chicago, Houston, and Atlanta.
Other risk management and insurance careers include actuaries, data analytics, and customer representatives. Here is a good resource for RMI opportunities: https://www.insuremypath.org/careers-in-insurance/insurance-career-roles.
Source: Bureau of Labor Statistics: Occupational Outlook Handbook, Insurance Underwriters
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