Specialty insurers is a growing industry with many open positions. So one might be skeptical about the number of jobs available in specialty insurers.
According to a recent survey, the number of companies with job openings in American specialty insurance has increased by 10%.
There is no denying the expansion of the insurance industry. According to the most recent U.S. Bureau of Labor Statistics data, the industry could add up to 400,000 jobs by 2026.
In this article, we will list and explain how many jobs are available in specialty insurers’ career paths and the highest-paying jobs.
If you want to learn more about these and other topics, keep reading.
What Makes Specialty Insurers a Standout Career Path in 2023?
Specialty insurers stand out as a career option due to the wide range of pay in this industry. An entry-level salary typically begins at around $30,000 per year.
In addition to these entry-level salaries, there are several other levels, such as mid-level pay (usually around $60,000) and senior-level pay (often around $90,000).
Various executive salaries are also available, with annual starting rates ranging from $130,000 to $150,000.
Start looking for jobs if you believe you have what it takes to work in the specialized insurance industry.
If you are willing to put in the time and effort and have some luck on your side, you could pave the way for a prosperous career in this rapidly growing industry.
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How Many Jobs are Available in the Specialty Insurers?
Over 400,000 jobs are available in specialty insurer career paths, with over 7,000 available in the United States.
Because of the increased rate of newly founded insurance companies, the number of jobs in the specialty insurers” career path has risen in recent years.
Below are the highest-paying jobs in Specialty Insurers:
1. Risk manager
The risk manager specialty insurer also contributes to reducing risk for the insurance company.
It benefits the insurance company that has suffered a significant loss. As a result, its primary focus is to examine all aspects where the likelihood of failure is high.
To be a successful insurer, you must know this field. The annual average salary is $99,000.
2. Insurance underwriter
The underwriter determines whether or not the insurance claim is correct. This is necessary because mistakes can happen.
The insurance underwriter determines the policy coverage and how it will be carried out. It’s a well-paying and straightforward job.
To be a successful insurance underwriter, you must have prior work experience. The annual average salary is $80,000.
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3. Insurance agent
Casualty insurance includes insurance brokers. As a result, it will serve as a link between the insurance industry and the policyholder. Insurance agents assist customers in choosing the best insurance.
Jobs in this field are classified as life insurance policy specialists, life, health, home, and auto insurance. Each industry has its own insurance company. Annual Salary Average is $97,000.
4. Actuarial
These specialty insurers understand the market and set policy coverage maximum and minimum limits based on data and statistics. The insurance company employs multiple actuaries.
As a result, job opportunities are plentiful. In addition, the pay is excellent. However, you must have proper knowledge of this field to succeed. The annual average salary is $86,000.
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5. Agency Manager
The Agency Manager position is typically one of the highest-paying specialty insurer career paths, with an annual salary of $84,000.
An agency manager is in charge of the day-to-day operations of an insurance agency. They oversee, manage, and direct all aspects of business operations, including sales, marketing, finance and accounting, and human resources.
6. Claims Representative:
A claims representative manages all aspects of an insurance claim on behalf of an insurer or agent.
They may be called upon to conduct field investigations or to handle customer service calls from clients who have questions about the status of their claims or coverage information.
A claims representative’s annual salary is $44,204 on average.
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7. Risk Control Technical Consultant:
This is one of the highest-paying jobs in the specialty insurers’ career paths.
Risk Control Technical Consultants work in insurance companies and are primarily responsible for risk management and consulting on related issues. The annual average salary is $90,000.
8. Certification Inspector
The certificate inspector job is one of the highest-paying jobs in specialty insurers, with an annual salary of $67,000.
The certificate inspectors are in charge of inspecting any certificates that are provided.
Their position is in high demand among specialty insurers.
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9. Property Underwriter:
The property Underwriter job is one of the most in-demand and lucrative Career Paths, with an average annual salary of $72,000 in the United States.
The property underwriter is in charge of determining the risk of a mortgage loan.
10. Fire Investigator:
This is a job for people who enjoy solving puzzles, and it is one of the highest-paying jobs in specialty insurers, with an average salary of $76,000 per year.
An investigator must be able to think outside the box and be well-versed in fire science. They must be able to work both collaboratively and independently.
Fire investigators must also be knowledgeable about the law and be able to testify in court.
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11. Crime Claim Counsel:
The Crime Claim Counsel job is also one of the best paying jobs in Specialty insurance companies, and they earn an average salary of $78,000 per year.
Furthermore, The Crime Claim Counsel is in charge of providing legal advice and representation to crime victims.
12. Insurance agent:
An insurance agent job is typically well-paying, with an average salary of $68,787.
The insurance agent is in charge of assisting clients in obtaining a good insurance policy for their property.
Meanwhile, the insurance agent works for the insurance company, assisting clients and ensuring they receive adequate support and guidance.
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13. Claims Examiner
Claims examiners are in charge of evaluating insurance claims and monitoring insurance adjusters’ work to ensure insurers do not incur financial losses.
According to the Bureau of Labor Statistics, this career field will grow the fastest from 2019 to 2029, partly due to rising medical costs and government mandates. The national average salary for claims examiners is $66,540.
14. Underwriting Consultant
Underwriting Consultants work on a variety of business initiatives with specialty insurers. These initiatives range from the development of innovative solutions to the examination of the competitive landscape.
They may also involve collaboration with other underwriting segments in some cases.
They assist clients in developing a profitable book of business, establishing mutually beneficial agent/broker relationships, and establishing a market-facing leadership presence. The annual average salary is $78,000.
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15. Claims Adjuster
Consider working as a claims adjuster if you want a low-barrier-to-entry job with high-income potential.
This job allows you to work from home and has few or no restrictions. You can also set your hours; some adjusters work seven days a week.
The first step toward becoming an insurance adjuster is to obtain the necessary training. Typically, this is a 40-hour course.
A claims adjuster’s average annual salary is $62,169.
16. Claim Assistant
To work as a claims assistant, you should look into the specialty insurance industry. This job requires a high school diploma or GED certificate, and some employers prefer candidates with postsecondary finance training.
You can advance up the company’s ladder as you gain experience and knowledge of the claims process.
To succeed in this position, you should have excellent observation and detail skills and the ability to work independently and collaboratively with others at all levels of the organization. The annual average salary is $86,000.
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17. Customer Experience Specialist
The Customer Experience Specialist analyzes and tracks customer feedback to improve the overall customer experience, after-sales services, and marketing initiatives.
They also collaborate with the production and information technology departments to improve customer interactions.
These individuals must comprehend customer requirements and respond to inquiries quickly.
They should also be knowledgeable about CRM software and customer experience platforms.
A customer experience specialist earns an average of $65,000 per year.
18. Risk Assessment Analyst
Analysts in risk assessment can work in any industry. It is their responsibility to assess the riskiness of various business decisions.
They primarily concentrate on operational risks, that is, risks associated with the company’s business. The average yearly salary is $78,000.
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19. Liability Analyst
A liability analyst examines the risks of a company or organization. This can include what assets they have that are vulnerable and whether a practice they are engaged in is risky.
That can mean financial loss, asset loss, or a high likelihood of being sued – especially if the suit is likely to succeed. The average yearly salary is $81,000.
20. Insurance Appraiser
Insurance appraisers are in charge of following up on claims. Their responsibility is to assess the damage and ensure that the insurance policy covers the underlying cause.
Most of their responsibilities revolve around evaluation, ensuring that the coverage is applicable, and determining how much money the insurance company owes. The average yearly salary is $46,000.
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What Companies are the Specialty Insurers?
Many companies are Specialty Insurers. Some of them are:
Allianz Life
Headquarters: Minneapolis, Minnesota
Number of employees: 2,200+
Allianz Life Insurance Company of North America (Allianz Life) is a subsidiary of Allianz SE, one of the world’s largest financial services providers.
It offered various retirement solutions, including individual life insurance and fixed and variable annuities.
American Fidelity Assurance
Headquarters: Oklahoma City, Oklahoma
Number of employees: 2,000+
American Fidelity Assurance Company provides supplemental benefits to over one million policyholders in 49 states.
It primarily serves employers in the education, government, automotive, and healthcare sectors.
Farmers Insurance
Headquarters: Woodland Hills, California
Number of employees: 21,000
Farmers Insurance Group is a primary provider of auto, home, and small business insurance in the United States.
The insurer places a high value on employee welfare. To accomplish this, it has implemented various employee support programs, including the Farmers Family Fund, which enables the Farmer’s community to respond quickly when employees face financial hardship.
Lemonade
Headquarters: New York, New York
Number of employees: 1,100+
Lemonade uses artificial intelligence and behavioral economics to provide clients across the United States with homeowners, renters, condo, car, pet health, and term life insurance policies.
The policies of the insurance firm are entirely digital. Through an online app, it provides quotes, underwrites and sells policies, and handles and pays claims.
Liberty Mutual
Headquarters: Boston, Massachusetts
Number of employees: 45,000+
Liberty Mutual Holdings Company Inc. is the world’s sixth-largest property and casualty insurer and the fourth-largest in the United States.
Personal automobiles, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers” compensation, commercial auto, general liability, surety, and commercial property are the firm’s insurance products and services.
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What do Specialty Insurers Jobs Pay?
The salary of any career path is frequently a significant attraction or deterrent. Fortunately, specialty insurers are a well-paying and well-respected profession. According to reports, the average specialty insurer’s salary is around $80,000.
As previously stated, salaries vary because we have different fields in this insurance. But, the higher your position in your field, the higher your salary. To make a good living in this field, you must establish yourself by gaining more experience.
Every company places a premium on experience, and specialty insurance is no exception.
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What is the Job Outlook for Specialty Insurers Careers?
The development of the insurance industry is no longer a secret. According to the most recent Labor Statistics data, the industry is expected to add nearly 400,000 new jobs by 2026.
The opportunities in this industry sector are determined by the specialty insurer for which you work.
Individuals with experience in coding or medical billing may get a position as an underwriter. Those with experience working with customer service and sales teams may be qualified for marketing analyst or customer service representative functions.
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How to Find the Specialty Insurers Jobs Near You
The first step in getting a job with a specialty insurance company is learning about available positions.
The best way to do this is to contact the company and ask what skills, education, and experience they are looking for.
The next step is to decide on the type of insurance you want to specialize in. This will allow you to narrow your search and focus on companies that provide the kind of insurance you require.
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What are the Alternatives to a Career in the Specialty Insurers?
Below are the alternatives to a career in Specialty Insurers:
- Sales Agent
- Sales producer
- Financial Representative
- Personal Line Account Manager
- Trading
- Teaching
- Clothing and accessories
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FAQs on How Many Jobs Are Available In Specialty Insurers
Why Do Specialty Insurers Stand Out as a Career Path?
How Many Jobs are Available in the Specialty Insurers?
What do Specialty Insurers Jobs Pay?
What is the Job Outlook for Specialty Insurers Careers?
What Companies are the Specialty Insurers?
1. Allianz Life
2. Farmers Insurance
3. Lemonade
4. Liberty Mutual
Conclusion
A career in the insurance industry can take several forms. Some choose to work for insurance companies, while others decide to work as independent agents.
No matter what path you take, a career in the insurance industry is rewarding.
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