Become an Insurance Analyst

Insurance analysts write insurance policies that can have serious implications for the success of a company and play an important role in assessing risk, determining who receives insurance coverage and choosing premiums for policyholders. Most insurance analysts specialize in writing policies for life, health, mortgage or property and casualty insurance companies.

Analysts typically work for insurance companies or brokerage firms, contracting out individual and group insurance policies for both personal and commercial use.

Training for Insurance Analyst Work

Insurance analysts looking for work with large insurance agencies could benefit from a bachelor’s degree in business administration or finance. Applicants with degrees in other fields may be eligible for entry-level analyst jobs, but could better prepare with courses in business, accounting and computers. In addition to education, many companies look for prior underwriting or insurance experience.

Many beginning analysts take part in work-study programs and other continuing education opportunities. Several certification programs exist for insurance analysts who hope to advance to more senior positions.

Insurance Analyst Job Description

Insurance analysts provide a link between insurance companies and policyholders. With the aid of advanced computer software, analysts write policies that minimize risk and loss. In doing so, they use supplemental information from medical, vendor, and actuarial reports.

Analysts should feel comfortable performing the following tasks:

  • Evaluate insurance applications.
  • Use computer applications to calculate risk.
  • Minimize losses for insurance agencies.
  • Determine insurance premiums for policyholders.
  • Meet with applicants, including individuals representing various companies and employers.
  • Analyze information from relevant reports.
  • Assess overall risk that applicants pose to company.
  • Consider relevant lifestyle factors in reaching a decision.
  • Handle private information in a sensitive and professional manner.

Insurance analysts work in an office environment, spending most of their 40-hour work week behind a desk.

Insurance Analyst Salary

According to a May 2008 government report, the average salary for an insurance analyst was just under $57,000, with the median salary ranging from $43,500 to $76,500. Additionally, many insurance companies offer impressive benefits, including retirement plans, health and life insurance, and tuition reimbursement.



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