|
INSURANCE(Source: Bureau of Labor
Statistics) |
 |
|
|
|
 |
About INSURANCE
Insurance agents sell policies that provide various
types of insurance coverage, to new clients or continuing
policyholders. Agents are sometimes referred to as underwriters,
since they may be required to estimate insurance risks on some
policies. Occupations within the field include: actuary, branch
manager, brokerage manager, claims examiner, underwriter, sales
manager.
The insurance industry consists mainly of insurance carriers
(or insurers) and insurance agencies and brokerages. In general,
insurance carriers are large companies that provide insurance and
assume the risks covered by the policy. Insurance agencies and
brokerages sell insurance policies for the carriers. While some
of these establishments are directly affiliated with a particular
insurer and sell only that carrier's policies, many are independent
and are thus free to market the policies of a variety of insurance
carriers. In addition to supporting these two primary components, the
insurance industry includes establishments that provide other insurance-related
services, such as claims adjustment or third-party administration of insurance
and pension funds.
More than 28 percent of insurance workers are in management or business
and financial operations occupations. Marketing and sales managers constitute
the majority of managers in carriers' local sales offices and in the
insurance sales agents segment. These employees sell insurance products,
work with clients, and supervise staff. Other managers who work in their
companies' home offices are in charge of functions such as actuarial
calculations, policy issuance, accounting, and investments.
About 15 percent of wage and salary employees in the industry are
sales workers, selling policies to individuals and businesses.
Insurance sales agents, also referred to as producers, may work
as exclusive agents, or captive agents, selling for one company,
or as independent agents selling for several companies. Through
regular contact with clients, agents are able to update coverage,
assist with claims, ensure customer satisfaction, and obtain referrals.
Insurance sales agents may sell many types of insurance, including life,
annuities, property-casualty, health, and disability insurance. Many
insurance sales agents are involved in "cross-selling" or "total account
development," which means that, besides offering insurance, they have become
licensed to sell mutual funds, annuities, and other securities. These agents
usually find their own customers and ensure that the policies sold meet the
specific needs of their policyholders.
Occupation Highlights:
- While corporate downsizing, computerization, and changes
in business practices will limit job growth in this large
industry, numerous job openings are expected, enabling new
workers to replace those who leave or retire.
- Growing areas of the insurance industry are medical
services and health insurance and the industry's
expansion into the broader financial services field.
- A combination of courses in the social sciences,
business, and behavioral sciences is useful.
- Office and administrative occupations usually require
a high school diploma, whereas employers prefer college
graduates for sales, managerial, and professional jobs.
Earnings (Source: Occupational Outlook Handbook)
Median hourly earnings of the largest occupations in insurance, 2002
| Occupation |
Insurance carriers and related activities |
All industries |
| General medical and surgical hospitals |
$43.24 |
$32.80 |
| First-line supervisors / managers of office and administrative support workers |
$22.59 |
$18.66 |
| Insurance underwriters |
22.02 |
21.92 |
| Claims adjusters, examiners, and investigators |
20.79 |
20.68 |
| Insurance sales agents |
19.73 |
19.59 |
| Executive secretaries and administrative assistants |
16.72 |
16.06 |
| Insurance claims and policy processing clerks |
13.96 |
13.88 |
| Bookkeeping, accounting, and auditing clerks |
13.90 |
13.16 |
| Customer service representatives |
13.67 |
12.62 |
| Secretaries, except legal, medical, and executive |
12.21 |
12.16 |
| Office clerks, general |
10.83 |
10.71 |
Additional Resources:
Insurance Information Institute
110 William St.
New York, NY 10038
www.iii.org
For information about careers in the life insurance industry, contact:
LIMRA International
P.O. Box 203
Hartford, CT 16141-0208
National Association of Health Underwriters
2000 North 14th St., Suite 450
Arlington, VA 22201
www.nahu.org
The American Institute for CPCU/Insurance Institute of America
720 South Providence Rd
Malvern, PA 19355
www.aicpcu.org
Independent Insurance Agents of America
127 South Peyton St.
Alexandria, VA 22314
www.iiaa.org
Insurance Vocational Education Student Training (InVEST)
127 South Peyton St.
Alexandria, VA 22314.
www.investprogram.org
National Association of Professional Insurance Agents
400 North Washington St.
Alexandria, VA 22314.
The American College
270 Bryn Mawr Ave.
Bryn Mawr, PA 19010
www.amercoll.edu
The National Alliance for Insurance Education and Research
P.O. Box 27027
Austin, TX 78755.
www.aicpcu.org
Occupational Outlook Handbook
http://bls.gov/oco
Citation:
Bureau of Labor Statistics, U.S. Department of Labor,
Occupational Outlook Handbook, 2004-05 Edition,
Insurance, and on the Internet at
http://www.bls.gov/oco/cg/cgs028.htm
|
