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Finance Careers: A quick look at Insurance career roles

Insurance Finance Careers takes a quick look at a range of Insurance careers in finance. Just a handy quick reference rather than a career guide.

RolesFocusProfit CenterRequired Attributes
Sales-Agency and BrokerageSelling insurance to individuals and groupsYesUnderstanding of various insurance policies, good communication skills, back ground in business and marketing, could be stressful as have to meet minimum agency and brokerage quotas
UnderwritersMedical and financial underwriting of risk of potential customersNoMedical background required for medical underwriting, attention to detail and ability to analyze risk exposure from health and financial position of applicant, aware of company’s risk standards and tolerance levels, have good judgment
New Business OperationsIssuance of policy contract, opening of policy file with company, provision of policy illustrations, verification of necessary documents, first premium receipt, data entry into computer system of new policy detailsNoUnderstanding of the company’s insurance policies in particular what is needed to ensure validity/ enforceability of contracts, customer relation and service roles
Policyholder/ Customer service representativesProvide continuing service to customers including policy documentation, premium notices, follow up on late payments, claim settlements, contractual and legal issues and queries, link between the company and the policyholders, compilation of policy statisticsNoGood communication skills- ability to work with customer and company employees, sound knowledge of company’s products.
TechnologyPolicy databases including status register, in force policy list, policy wise lists. Cash surrender, paid-up, maturity programs, illustrations programs, Valuation and regulatory reports. Premium and bonus notices. Agent commission/ Employee salary and benefit records. General ledger and consolidated accounts. Company website.NoComputer science background, analytical and problem-solving skills, interest in new technology advances, communication skills and ability to work with others in the organization.
ActuariesPricing of products, assessment of risk cover, valuation of actuarial liability, monitoring of risk factors, regulatory complianceNoGood analytical skills, strong statistical, mathematical and risk theory background, communication skills, knowledge of legislative/ regulatory changes and social trends, governed by a strong professional and ethical code.

The life insurance industry on the whole appears to be neutral to the state of the economy; in fact it has been fairly resistant during recessionary periods compared to other financial services sectors.

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