How Many Jobs Are Available In Specialty Insurers?

Last Updated on April 23, 2023 by Chris Panteli

How Many Jobs Are Available In Specialty Insurers

Do you have amazing analytical skills that you would like to put to good use?

Perhaps you’ve been reading about different career options, but can’t decide which one is perfect for you.

One industry that may be ideal for you is the specialty insurance industry. However, it’s natural to have some questions.

How many jobs are available in specialty insurers?

Does the specialty insurance industry have lots of job opportunities for career advancement?

Can you get a job in the specialty insurance industry with minimal qualifications?

You will get the answers to all these questions and more right here.

What are Specialty Insurers?

Specialty insurers are insurance companies that offer insurance for a special type of risk. Usually, specialty insurers fall into two types of insurance company, either monoline or multi-line.

A monoline specialty insurer writes insurance for one type of risk. Multi-line specialty insurers write insurance aimed at multiple types of insurance risk.

Specialty insurers can write insurance coverage for almost any type of situation you can think of. This might include some of the following specialty insurance products:

• Health insurance
• Reinsurance
• Life insurance
• General liability
• Car insurance or unusual vehicles
• Intellectual property insurance (i.e. registered trademarks)

The specialty insurance industry has a wide range of great career paths for those that are interested.

Types of Specialty Insurers Jobs

Specialty insurers often need a broad range of employees to cover a variety of jobs. Job roles requiring insurance training could be:

• Underwriters
• Claims adjuster
• Actuaries

Other career opportunities within the specialty insurance industry that may require other skills are:

• Administrators
• IT
• HR
• Customer service
• Marketing
• Sales

Skills Needed for the Specialty Insurer Companies

To work for a specialty insurer, you’re going to need some specific skills. If you don’t already possess the following skills, then make sure to work on them now to boost your chances of getting your dream insurance job.

Insurance Industry Knowledge

To work in the insurance industry, you must understand it. Keeping up to date with policies, risks, regulations, laws, and more relating to your specific field and the wider industry is a must.

Problem Solving

Dealing with specialty insurance means being able to write policies for unique risks and assess claims that may be unusual. Good problem-solving skills are essential for this.

Detail Oriented

Specialty insurance is complex. You must be able to pay attention to details as even the tiniest of mistakes could be expensive for both your business and your customer.

Ability To Communicate

You must be able to communicate effectively with a range of people. This could be people in the industry such as senior management, claims adjusters, and other colleagues. You’ll also need to communicate with clients and potential customers as well.

Communication may be written, electronic, or verbal and you must be a master at all forms. That includes the ability to tailor your response to meet the needs of the person you’re speaking to.

Data Analysis

A large part of insurance involves risk assessment. To do this you must be comfortable working with large data sets. Depending on your role you may need to analyze data when creating or amending policies. 

Education

There are some entry level roles you can find that only require a high school diploma. These jobs can be a great way to get a start in the specialty insurance industry. 

Other high-level roles may require a college degree in fields such as math, accounting, or business.

Depending on your role you may have to register with a professional insurance body, get licensed by your state, or both.

Pros and Cons of Working as a Specialty Insurer

Working for a specialty insurance is a career path many enjoy thanks to the potential for career advancement, continuous learning, and salary expectations. However, the specialty insurance industry isn’t for everyone. These pros and cons should help you when considering your choices of becoming an insurance professional.

✅ Pros

• Lots of potential for career advancement
• Job security
• Always new things to learn
• Great for anyone with a strong interest in math, data analysis, or insurance

❌ Cons

• Constant change to processes and regulations may be hard for some to keep up with
• Dealing with complaints can be stressful, especially if rejecting an insurance claim
• May have to handle upsetting claims such as a mass casualty event

Things to Know When Choosing Specialty Insuring as a Career

A career in specialty insurance can be both challenging and rewarding. The market is constantly changing as new products are launched or existing products are modified. That means you must be able to stay up to date with all the latest trends. 

Expert knowledge of the insurance industry is vital. This helps you make better decisions when assessing risk. Get this wrong and an insurer might have to pay millions of dollars out that they otherwise wouldn’t have had to.

Many specialist insurers are covering specific risks brought to them by wealthy people. Dealing with wealthy people can often be more challenging as they have higher expectations than the average person. You’ll need exceptional customer service skills to navigate these situations and always provide the best responses.

Average Salary for Specialty Insurers

Labor statistics from one source shows that the average salary for specialty insurance is $56,013. This figure is based on all job roles located in the United States.

How much you earn will vary based on many factors. Location, job role, experience, and skills will all determine whether you earn more or less than the national average.

Best Paying Jobs in the Specialty Insurers Industry

To give you an idea of jobs in the specialty insurers industry here are some of the best paying roles you can find.

Insurance Clerk

An insurance clerk has a range of responsibilities including helping customers process applications, filing claims, and general office duties. The average salary for an insurance clerk is $36,909.

Insurance Agent

Insurance agents could expect to earn an average salary of $56,013 per year. Your duties as an insurance agent could be writing an insurance policy, sales, and consulting services.

Underwriter

An insurance underwriter has many responsibilities including analyzing risk, deciding coverage amounts, and arranging payment plans. You can expect to earn an average salary of $64,865 as an insurance underwriter.

Broker

An insurance broker works with a policyholder to find the best policies for their needs. You’ll need excellent communication skills to deal with both customers and insurance companies. Insurance brokers earn an average salary of $72,572.

Risk Analyst

Risk analysts will need to be capable of working with large amounts of data. The role involves helping insurers calculate things like how much of a risk a client may be. For example, you may need to research healthcare data to make an accurate risk management plan. Average salaries for risk analysts are $79,883 per year.

Is a Career in the Specialty Insurers Market a Good Option?

A career in specialty insurance is a good option for many. You can enjoy career advancement, continuous learning, and above average salaries.

There are plenty of entry level roles that you can apply for to break into the industry. Learning on the job is commonplace which means you can progress to a senior level if you’re willing to work hard.

How Many Jobs Are Available In Specialty Insurers

The most recent data from 2021 shows that an estimated 2.8 million people are employed in the insurance industry in the United States.

At the time of writing this post one recruitment website currently has 97,419 job posts relating to specialty insurance carriers. These roles vary from entry level to senior positions and are spread out around the US.

How to Find a Job in the Specialty Insurers Industries

There are many ways to find a job in the specialty insurance industry. Here are a few top tips to be a successful job seeker.

Internships

An internship program can be a great way to get that first foot on the ladder. You can gain valuable work experience, build connections, and give your resume an edge with proven industry experience.

Education

If you want to secure a specific job role within insurance, then you may need to take a course or even a college degree. Check the requirements for the job role you want and find out the education pathway for that.

Build a Network

A network of contacts within the insurance industry can be a top way to find out about job roles. Connect with insurance professionals on LinkedIn, join professional insurance bodies, and attend industry events to build your network.

Part of your network should include recruitment specialists. Especially those that recruit for insurance industries. Make sure they always have your up-to-date resume and you’ll be contacted when suitable job openings are available at an insurance carrier near you.

Keep Learning

When you start your career in the specialty insurance industry don’t be complacent. Many companies will offer training programs to help you advance. Keep learning constantly and adding to your resume. That way when a job is available, you’ll have the skills along with the experience to get that promotion.

Now you know how many jobs are available in specialty insurers. What next? Go online today and find that dream job. Contact recruiters or specialty insurers directly with your resume and get your job application in today.

Good luck on your new career in specialty insurance!

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How Many Jobs Are Available In Specialty Insurers