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Jobs in the insurance industry are expected to decline in the future. This is due to downsizing in the corporate sector and adoption of modern technology by various companies. Administrator jobs in the insurance industry office management require a minimum of high school diploma. Senior administrative jobs on the other hand require one to have a college degree.

The Insurance Industry

The insurance industry deals with indemnifying individuals against loss incurred. For the loss incurred to be indemnified, one needs to have an insurable interest and he/she must have paid their premiums. The insurance industry is divided into various segments including insurance agent, brokers and carriers.



Insurance carriers are the principal organizations that undertake to indemnify the insured against losses incurred. Insurance agents and brokers place business with the insurance companies. The agents and brokers are independent entities. There are also other professionals involved in the insurance business, for example the loss adjustors.

Insurance carriers develop the policy statements. They define the necessary conditions that are required before one gets insured. After signing the policy document the insured is required to pay premiums. The premiums form a pool which the insurance company invests in other sectors of the economy, such as real estate and bonds. In case the insured loss occurs the carrier might sell off part of the investments in order to indemnify the insured.

Two different kinds of carriers exist; primary insurance carriers and the secondary carriers. The primary insurance carriers offer insurance services to individuals. Secondary insurance carriers offer insurance services to the insurance companies. It is a mandatory requirement that insurance companies cede a certain percentage of their business to reinsurance companies.

Primary insurance carriers offer insurance products such as life insurance, disability insurance, property insurance as well as liability insurance cover. Homeowners’ policies as well as automotive insurance cover both property and liability. Group insurance is another insurance product offered by carriers. The group insurance product is offered to employers for their employees. Group insurance cover may also be offered to trade unions.

Latest legislations allow financial sector organizations, especially insurance companies and banks, to sell each other’s products. Financial sector companies deal in products that complement each other thus it is easier for mergers and acquisitions to take place. Mergers and acquisitions enable the insurance and banking to share clients. They complement each other’s businesses leading to increased efficiency and profitability.

Insurance companies have effectively utilized information technology. They post their adverts on the internet. With advance in technology, they have nowadays been able to post their client details as well.

Working Conditions

Administrator jobs in the insurance industry require one to work for forty hours in a week. The forty hours are divided equivalently in the five day working period. Senior insurance administrator jobs may require one to put more than forty hours in a week. Some other jobs in the insurance industry are very demanding and may need one to work irregularly, for example people working at call centers. Call centers operate for twenty four hours daily all week. Some employees are doing part time jobs because of this.

An insurance administrator working in an office may sometimes be required to get out of office to inspect certain claims. Administrator jobs might be demanding, sometimes with clients making inquiries or who need certain issues to be solved for them that might be overwhelming.

Job Market

Primary insurance carriers provide a majority of the jobs. They employ a larger percentage of insurance employees. Other complimentary insurance service providers normally don’t employ several workers. They are small organizations that need few individuals to run.

Industry Occupations

Administrator jobs form a majority of employment opportunities in insurance organizations. Insurance administrator jobs require educational knowledge in the insurance industry. Several employees in the insurance companies offer office support services. A lot of the employees are involved in clerical work. Insurance administrator jobs in the insurance industry are essential. These are the people who make contact with the customers thus they know their needs and wants.

The insurance industry normally employs professionals who are college graduates. Some of them have specific degrees in insurance while others are graduates in the liberal arts. Insurance companies employ liberal arts graduates because they are cheaper to maintain. The arts graduates are, however, sent to the companies’ professional training colleges for further studies.

The insurance industry is projected to grow in the future. Job opportunities however will not be available because of the adoption of technology. Other sectors of the job environment might, however, have job openings. These are the financial services sector brought about by mergers and acquisitions. Other segments of the insurance business are expected to grow in the future. Health services and medical insurance services are expected to grow. A major segment of the current population is expected to invest in this segment of insurance.

The population is growing at a steady rate. A population growth translates into a wider market for insurance companies. Most people will be buying vehicles, and they will need insurance covers for these vehicles. The population is nowadays more aware of other insurance products making them very marketable. Products such as liability insurance are being taken up by several people as they seek to protect their properties against potential loss. Internet services are becoming increasingly accessible to a majority of the population. This is expected to erode the customer base for sales agents. Fewer will be needed by the insurance companies in the future.

Conclusion

Insurance companies are major employers of personnel. However, due to changes in technology the growth in employment opportunities at insurance companies is expected to be very slow. Sales agents in future will be required to sell more than one insurance product because of competition from banks and other organizations offering financial services. The pay package in the insurance industry is relatively low compared to the other sectors of the economy. The high demand for insurance products has made other arms of the insurance industry, such as the call centers to operate for twenty four hours. This has generated part time jobs for those who would like to work in insurance organizations.
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