Risk Management and Insurance is an industry that will always be here.
Insurance touches everything we do and helps fuel the global economy.
Many companies provide full benefits as well as paid vacation, sick leave, and philanthropic opportunities. The vast majority of insurance professionals are 55+ and looking to retire. Companies are looking for young talent.
All segments of this industry are seeking talented people to fill the pipeline. The Risk Management and Insurance (RMI) program provides a wonderful opportunity for you to have an edge over other college graduates.
Bottom line—the Risk Management and Insurance industry is hiring.
Average Starting Salaries
Starting salaries vary but tend to range from $30,000 to $55,000.
If you decide to go into the sales side of the industry, the potential to make six figures within 3 to 5 years is much greater than taking an entry level position...of course, the risk is also greater.
Is a Risk Management and Insurance career for you?
agree that if you find a career that capitalizes on your talents, involves what
you like to do and values who you are, you will have more success and be
happier over the course of your working life.
A career in insurance
offers variety, flexibility, above average advancement, a real sense of
community and the opportunity to apply your previous education and experience
in one of Canada's most vital and stable sectors.
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Claims Adjuster, Examiners, and
graduates start out in an entry level position for a Claims position at an
insurance carrier/company (Nationwide, Liberty Mutual, State Farm,
There are opportunities to be hired directly into
Special Investigations Unit (SIU), which investigates fraud, especially
if you have a law enforcement background.
Catastrophe (CAT) adjusters are another part of the SIU.
All adjusters work directly with the people who
have been involved in an accident or have suffered a loss. These people might
include insureds, third-party claimants, attorneys, firefighters, police
officers, body shop representatives, doctors, and rental car representatives.
Adjusters investigate the losses,
determine if there is coverage under the insurance policy, and, if applicable,
determine who is at fault, and then resolve the claim.
To do well in a
claims environment, consider if you:
- Like working with people
- Are a decision maker
- Are willing to help others in a time of need
- Are tactful and resourceful
- Have an interest in investigation
- Are able to analyze situations
- Have strong communication skills, both written and verbal
- Inquisitive, detail oriented and have a strong code of ethics.
Loss Control Specialist
are graduates hired directly this position; however it can and has
happened depending upon the person's background. Normally you will be hired
into an entry level position in the claims or underwriting department before moving into Loss Control.
Loss control specialists visit insureds' factories,
businesses, and other commercial properties to examine work flows, machinery,
and the buildings' layout/construction. The Loss control specialist makes
safety recommendations to the insured to help avoid accidents and reduce risk
To do well in a
claims environment, consider if you:
- Are investigative and inquisitive
- Forward thinking
- Thorough and well-organized
- May have a background or strong interest in engineering or safety
- Have good communication skills
This is another
great opportunity for entry-level work in this industry.
lines underwriters work on personal auto, home, life, and umbrella
- Commercial lines underwriters determine whether or not to provide
insurance on commercial exposures--property and liability.
start working for an insurance carrier. Commercial underwriters generally earn more
money than personal lines underwriters. Many times, commercial
underwriters make the transition to a commercial insurance agency or brokerage
where they either continue to underwrite or they move into account
To do well as an underwriter, consider if you:
- Are analytical and a clear thinker
- Manager potential
- Are a decision maker and problem-solver
- Are comfortable with numbers
- Are curious, persuasive and have good communication skills
- Have strong attention to detail
Underwriters have degrees in business, communications, Risk Management and Insurance, and finance.
Agent/Broker, Sales, Account
are ideal for outgoing individuals who enjoy working with people.
are many insurance carriers who provide training to a new agent to
sell their products. This makes you into a captive agent who can only sell their product, such as an American National, State
Farm, or Farmers agent.
However, you can also own your own business as an independent
agent and place your clients with a variety of products from various
insurance companies (Travelers, Safeco, Progressive, etc.). This can be a very
financially rewarding position.
Account Executives either work for an
insurance carrier or within an agency or brokerage. All these positions
are paid on commission with a few also offering a base salary.
To do well as an agent/broker, consider if you:
- Are outgoing and a people person
- Enjoy building relationships
- Are entrepreneurial
People in these positions have degrees in business, liberal arts, economics, marketing,