The insurance industry works together with different industries like real estate, medicine and automotive. There are different opportunities for sales, law and analyst positions because of the vastness of the field.
If you want to pursue a career in this field, you will need to know the jobs that have the highest pay in the industry. This article covers 20 high-paying jobs in the insurance sector, you can choose any of these jobs for your career.
20 High-Paying Insurance Jobs
Insurance financial covers any damage to assets that an individual has, it could be a house or car. Insurance jobs, therefore, enable professionals to follow leadings to secure clients in an attempt to attain payment for damages to their properties. The insurance sector has different job offers available, like evaluating claims for payments and enlisting clients to insurance agencies.
20 High-Paying Insurance Jobs
The insurance industry has different positions for high-paying jobs. So, if you are searching for a job in the insurance sector, here is a list of 20 high-paying jobs in the insurance sector.
Actuary
Actuaries are business professionals that are essential to the insurance industry. They analyse the financial risk and the uncertainty of accepting some claims. They use statistics and mathematics to forecast events and make plans to diminish their effect on the company’s progress. Actuaries work in the insurance sector and they use their trend predictions to make recommendations on how to improve and change some insurance policies. An actuary’s national average salary per year is $111,470.
Insurance Broker
An insurance broker is a professional who represents clients in the insurance company. The insurance broker works together with clients to know their needs. Then, they work with other insurance companies to detect the right policy that will provide coverage for the right price. They work with individuals but most times, they work with large companies with various internal clients. The average yearly salary of an insurance broker is $83,726.
Auto Appraiser
Auto appraisers evaluate the value of a vehicle to find out the vehicle’s state before the insurance company accepts to insure it. they review different vehicles and keep records. Then, they also search for places of potential damage to know what the insurance will need to cover in the case of an accident. The average yearly salary of an auto appraiser is $71,906.
Valuation manager
A valuation manager is a person who oversees the daily activities of the valuation department. They also hire and train employees, carry out reviews and make sure that the organization’s valuation is correct as part of their managerial duties. Also, they assist and guide their employees to motivate the whole department. The valuation department decides the values of insured assets. This implies that they determine how much the insured will receive for the loss of an asset. The salary for a valuation manager is $83,297 per year.
Data Analyst
A data analyst works for an agency receiving data to find out details about customers and trends. The job includes collecting data, cleaning and interpreting data sets depending on the procedures aligned with their client’s requirements. They also use this analysis to provide vital metrics that clients use to build a strategy. The average salary is $66,238 yearly.
Account Executive
An account executive works with clients by answering their questions and ensuring that the policy is meeting the client’s needs. They work with individual customers and large corporations providing insurance to their employees. They have a revenue target they intend to meet and they get a commission based on how much they sell to their clients. Their average yearly salary is $68.005.
Underwriting Manager
An underwriting manager functions as the head of the underwriter sector. Their duties involve overseeing the daily activities and administrative work of the underwriting department mostly under the supervision of a department head or director. They also manage the development of their team, by ensuring they meet their goals and understand the objectives of the office. An underwriting manager can also delegate duties to their employees to ensure that they finish their tasks. The average yearly salary of an underwriting manager is $109,563.
Medicare Agent
A Medicare agent works with clients who want to enrol in Medicare. They assist them in searching for Medicare plans and benefits that suit their needs. Medicare insurance agents also file paperwork and take charge of claims and payments for the Medicare program. The national average salary for a Medicare agent is $99,609 per year.
Final Expense Agent
A final expense agent is involved in the sales of life insurance products. The life insurance products include any end-of-life expenses like legal, funeral and immediate household expenses of the deceased. The final expense agent is permitted to sell to an individual client or to a company that offers this insurance in addition to the other traditional benefits, such as life insurance and health insurance. The yearly salary of a final expense agent is %101,378 yearly.
Loss Control Agent
The loss control agents create innovative processes for an insurance agency to carry out effective cover for clients without taking on the majority of the risk. They also try to reduce the frequency of policyholders’ losses by examining the operations of their policyholders to identify trends that may indicate potential risk. And also, they offer recommendations to remove the potential of these policyholders to make claims in the long run. The yearly salary of a loss control agency is $127,018.
Actuarial Manager
The actuarial manager is the head of the actuarial department. He oversees the functional responsibilities and the operational duties of the department. The actuarial manager delegates duties to employees and oversees employee reviews. He is also in charge of growing the team to improve its overall production. The national average yearly salary of an actuarial manager is $152,610.
Field Inspector
A field inspector works outside insurance agencies, but their duties involve estimating and evaluating the value of an asset. Banks can consult a field inspector before agreeing to a loan. And, clients can also hire them as an independent contractor or as a second opinion. The national average salary for a field inspector is $73,846 yearly.
Financial Analyst
A financial analyst does not work for an insurance company alone, they also work for other businesses too. Their duties involve reviewing the company’s financial standing while considering its assets and outstanding claims. Then they resolve how they can get profit with the assets the company has. The national average salary of a financial analyst yearly is $71,453.
Sales Agents
The sales agent is a lower-level salesperson. They work with clients that do not have an already established relationship. They answer client’s questions and help them sign up for new insurance plans. And sales agents are likely to make use of cold calling and email. Their average yearly salary is $69,231.
Insurance Producer
Insurance has the license to sell and negotiate diverse types of insurance. They can also work for insurance companies such as life, health and property insurance.
Estimating Manager
The estimating manager is in charge of the department. They work with claim estimators and they carry out management-level tasks such as assigning tasks to other estimators and going through their work. Their average yearly salary is $67,410.
Corporate Finance Officer
A corporate finance officer oversees the financial aspect of the insurance company. They monitor the company’s financial growth and decide the course of the company’s investment and assets. The yearly salary of a corporate finance officer is $63,167.
Estimator
An estimator is in charge of analysing the claim of a budding client for an insurance company. Throughout the analysis carried out, they determine if the client’s policy covers the damage claimed or not. Then they evaluate how much the insurance company should pay. The average salary of an estimator is $62,953 per year.
Compliance Officer
A compliance lawyer works with an insurance company to ensure the company’s actions and procedures comply with the law and insurance regulations. They also examine internal standards and make sure that the company they work for adheres to all the regulations. The yearly salary for a compliance officer is $59,599.
Insurance Lawyer
An insurance lawyer works for clients by supplying answers to their legal questions. They also work in-house for insurance companies by representing them in court to settle claims. These lawyers practice a branch of law that concerns fraud and insurance claims. The average yearly salary for an insurance lawyer is $58,174.
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