Careers in Insurance

1. Careers in Insurance The insurance industry employs over 2.3 million workers Wage and salary employment in the industry is projected to grow 10% in the next ten years In 2004, weekly earnings for workers in the industry averaged $756, considerably higher than the average of $529 for all private industry

2. Careers in Insurance How many insurance jobs can you name? The Possibilities are Endless!

3. Careers in Insurance Growing areas of the insurance industry are medical services and health insurance and expansion into other financial services such as securities and mutual funds Office and administrative occupations usually require a high school diploma, whereas employers prefer college graduates for sales, managerial and professional jobs

4. Careers in Insurance: Operations Three Segments of Insurance Company Operations Marketing Underwriting Claims

5. Careers in Insurance: Operations Insurance Marketing The process of identifying potential customers and then creating and supplying the products and services they need

6. Careers in Insurance: Operations • Insurance Marketing • Four types of distribution systems • Independent agency • Exclusive agency • Direct writing • Direct response

7. Careers in Insurance: Operations • Insurance Marketing • Independent Agency • Independent agents are in business for themselves and usually represent several different insurance companies

8. Careers in Insurance: Operations • Insurance Marketing • Exclusive Agency • Exclusive agents are in business for themselves but are contracted to do business with only one company

9. Careers in Insurance: Operations • Insurance Marketing • Direct Writing • Direct writers are employed by an insurance company and rely on personal contact, direct mail, the internet, or telephone contact with the customer for their business

10. Careers in Insurance: Operations • Insurance Marketing • Direct Response • Direct writers are employed by an insurance company and rely solely on direct mail, the internet, or telephone contact with the customer for their business

11. Careers in Insurance: Operations • Insurance Marketing • Advertising • Insurance companies use traditional advertising campaigns such as television, radio, magazine, mail and the internet • Insurance companies also rely on local agents to advertise the company

12. Careers in Insurance: Operations • Insurance Marketing • Marketing Management • Activities include producer supervision, producer motivation, and product management and development

13. Careers in Insurance: Operations • Insurance Underwriting • Determines: • who an insurance company’s customers will be • what the companies products will be • at what price those products will be sold

14. Careers in Insurance: Operations • Insurance Underwriting • Underwriter • Evaluates applicants for insurance • Selects those that are acceptable to the insurer • Price coverages • Determines policy terms and conditions

15. Careers in Insurance: Operations • Insurance Underwriting • Line Underwriter • Responsible for the day-to-day decisions • Must refer to the insurer’s underwriting guidelines • Underwriting Management • Sets the company guidelines for underwriting • Delegates underwriting authority

16. Careers in Insurance: Operations • Insurance Underwriting • Process that underwriters follow • Gather necessary information from various sources to evaluate applicants • Making the underwriting decision, which includes analyzing options and choosing the best option • Implementing the underwriting decision • Monitoring the underwriting decision

17. Careers in Insurance: Operations Insurance Claims A claim is a demand by a person or business seeking to recover from an insurance company for a loss that might be covered by an insurance policy

18. Careers in Insurance: Operations • Insurance Claims • Claim Representative • Also called an adjuster • Responsible for investigating, evaluating, and settling claims

19. Careers in Insurance: Operations • Insurance Claims • Responsibilities of a Claim Representative • To respond promptly when a claim is submitted • To obtain adequate information • To properly evaluate the claim • To treat all parties fairly

20. Careers in Insurance: Operations • Insurance Claims • Types of Claim Representatives • Staff claim representative • Insurance company employees • Independent adjusters • Independent representatives that charge a fee to a company for claim services

21. Careers in Insurance: Operations • Insurance Claims • Types of Claim Representatives • Agents • Companies give agents authority to settle small claims • Public adjusters • Hired by the insureds to represent them

22. Careers in Insurance • Advantages to a Career in Insurance • Recognition • Insurance professionals lead businesses and communities • Rewards • Competitive compensation matches job satisfaction

23. Careers in Insurance • Advantages to a career in Insurance • Flexibility • The industry invites people to take charge and work at their own pace in any location • Challenge • People in insurance make a difference by solving problems and helping people

24. Careers in Insurance • Advantages to a career in Insurance • Variety • Every day is a new adventure. The work is as varied as the customers' needs • Advancement • Self-motivated, skilled people advance quickly