Yes, specialty insurance is a good career path. Insurance is a huge, lucrative business that requires complex calculations to make it profitable. It requires a lot of expertise and bureaucracy to work properly, meaning that there are a lot of available careers in specialty insurance.
Many of the jobs in insurance are office jobs, which are known for being comfortable and steady. If that doesn’t appeal to you, then there are some exceptions, such as insurance investigators and insurance appraisers that will go into the field to inspect claims.
There are also sales positions, such as insurance broker or insurance agent, that involve a great deal of human interaction.
Insurance positions also typically have a lot of upward mobility, meaning that you’re likely to be able to get promotions and make good money in the field.
What is a specialty insurer?
A specialty insurer is an insurance company that focuses on providing coverage for a specific type of risk. Specialty Insurers can be either single-line (meaning they only write one type of insurance) or multi-line, (meaning they write multiple types of insurance).
Some of these specialty insurers include property and casualty insurers, life and health insurers, and workers’ compensation insurers.
If you have a specific curiosity in a certain area of insurance, or you want to work for a company that is focused on a smaller subset of the industry, then working in a specialty insurer may be the right fit for you.
These companies are more flexible and may offer employees more opportunities to learn and grow.
Also, you will be working with a team of people who are passionate about the same thing as you which is your insurance.
What Do People Working In Specialty Insurers Do?
People in specialty insurers insure people and companies with out-of-the-ordinary risks or insurance needs. This is an important role to fill, as it covers the risk for businesses and individuals in certain industries. High-risk endeavors, such as a skydiving school, need insurance as well, but not every insurance company is going to cover it.
Specialty insurance is a type of insurance for businesses with irregular insurance needs. This includes liability insurance for professions such as medical doctors, attorneys, and stockbrokers. It also includes unusual types of insurance, such as marine, high-risk items like firearms, or not easily replaceable items, such as antiques.
Some professions carry the possibility of ruining people’s lives or livelihoods with a mistake, so they carry liability or malpractice insurance. Physicians and other medical professionals are the ones who spring to mind, but other professionals such as lawyers, therapists, teachers, and accountants are in similar situations.
Insurance work to reduce risk by spreading it out. So, if an insurance company covers several high-risk companies, the premiums are going to more than cover the payouts needed when a company has an issue. This spreads it out for the companies as well, meaning that one mistake won’t bankrupt them, as the insurance covers it.
The insurance company has to balance that with making a profit, which is where underwriters and risk assessors come in. Insurance companies calculate and assess risk and base their policies on that.
Basic Requirements For A Career In Specialty Insurers
Most careers in insurance don’t require a specific major, meaning that as long as you get something that isn’t completely unrelated, you’re likely to be able to get started in insurance.
And even a completely unrelated degree may not be a stopping block, either. So don’t agonize over the best degree for the industry, and if you already have an unrelated degree, it’s unlikely to stop you from getting into specialty insurance.
Some general certifications can help you as well. Such as:
- Certified Insurance Counselors
- Certified Risk Managers
- Management Liability Insurance Specialists
Due to the nature of specialty insurers, it’s recommended you select a certification that fits the type of insurance you work with. Generic insurance certifications are useful as well.
How many jobs are available in specialty insurers?
It is no longer hidden that the insurance industry is developing. This is evident according to the latest research from Labor Statistics, the industry is expected to add nearly 400,000 new jobs by 2026.
The opportunities in this particular sector of the industry depend on which specialty insurer you work for.
For instance, law firms with a focus on insurance law may be looking for legal analysts who can help with risk management and claim filing; individuals with experience in coding or medical billing may be able to get a position as an underwriter, and those who have experience working with customer service and sales teams may be qualified for positions like marketing analyst or customer service representative.
Best paying jobs in specialty insurer
There are several different types of jobs you can do in insurance, ranging from trying to get people to purchase a policy to validating claims and so on. As with other professions, these jobs require higher education and experience, which is why they’re better paid.
Loss control consultant
This career isn’t restricted to insurance, but it’s a very big market for this area of expertise. Loss control consultants look for potential risks in a company or industry and come up with ways to mitigate them.
This means that they have to be well acquainted with the industry in question and usually have experience in that industry before moving into this role. The average salary is $73,000.
Risk Assessment Analyst
Risk assessment analysts can work in any industry. Their responsibility is to determine how risky various business choices are. They mainly focus on operational risks – as in, risks associated with the business that the company is in.
Risk is the basis of insurance, and this determines how much they charge, so they’re important in terms of insurers deciding who to insure and how much to charge and companies looking to reduce their insurance rates. The average salary is $78,000.
Insurance law and regulations are complex and involve a lot of money changing hands. That’s where insurance attorneys come in. They are experts on insurance law and regulations and help settle disputes between insurance companies and claimants.
They can work to represent the insurance company in the case of preventing fraud or lowering a payout or represent an insurance policyholder who feels that they’ve been maligned. Average annual salary $75,000
A liability analyst analyzes a company or organization’s risks. This can be what assets they have that are vulnerable or if a practice they’re engaged in is risky. That can be in terms of financial loss, asset loss, or a high probability of being sued – especially if the suit is likely to be successful. The average salary is $ 81,000.
Insurance sales representative
This is a sales position. Insurance sales representatives call clients and potential clients to try to get them to sign on. They also need to know their audience to offer them an insurance deal that they’re likely to purchase. They may need to adjust individual agreements as needed, as well as develop a rapport with their clients. Annual salary $75,000.