Are you interested in a career or degree in insurance? If yes, we’ve put together a list of the highest paying jobs in the insurance industry, to help you navigate your insurance career journey.
Highest Paying Jobs In The Insurance Industry
There’s a lot more opportunity to find the perfect insurance career that best suits your dreams, personality, and preference.
One of the reasons that an insurance career is appealing is that it is personally and financially rewarding in our society.
Bear in mind that salaries can vary in this career depending on your qualifications, location and specialty, and the company you work for.
The takeaway is that the highest paying jobs in the insurance industry offer a very satisfying salary, no matter where you land.
However, we have put together this handy list to help you find the most lucrative careers in insurance.
Now let’s get to the bottom of this guide.
1. Financial Managers
Are you great with calculations? If your answer is yes, then a career as a financial manager is your best bet.
Financial managers monitor, plan and evaluate the decisions of a company or organization.
These professionals are responsible for guiding and directing salespeople in making the best choice for closing a deal.
Financial managers are responsible for the financial growth of their company or organization, creating investments and taking records of how things are going in an organization by making plans for long-term growth.
Furthermore, financial managers are also known as risk managers because they try to manage a company’s investments and projects.
You can always find them in the financial or operational area of a company because no organization can live long without the assistance of a financial manager.
However, to be successful in this career you need at least a bachelor’s degree in finance, some years of experience, and the willingness to learn new things.
On a last note financial managers earn about $130,989 every year.
Read Also: Human Resources Careers
2. Actuaries
Actuaries are also responsible for analyzing and mapping out the risk and financial uncertainty of a company.
They calculate the risk of an investment or decision. For instance, health insurance actuaries would evaluate information concerning lifestyle, family history, occupation, and other health factors provided by a candidate to determine the type of insurance that would be issued.
Furthermore, the presence of an actuary is important in the insurance industry and their activities differ depending on the role that they are given.
To be successful in this career you need a bachelor’s degree in finance, on-the-job training, and some knowledge of mathematics, statistics, and business.
Finally, these professionals earn about $104,997 every year.
3. Insurance Sales Agent
These sets of financial professionals generate and sell insurance policies to their clients while maintaining records of policies and dealing with policy renewals.
One of the best parts of having an insurance sales agent is the development of strong customer relationships.
Your company can sell personal covers such as health, life, home, and vehicle, and/or commercial lines like property and casualty covers/insurance.
Additionally, you can also venture into the sales of niche insurance products like cyber insurance.
There are two kinds of insurance sales agents: independent insurance sales agents and captive insurance sales agents.
Independent insurance sales agents work with many companies while captive insurance sales agents only work with a specific organization.
However, ensure you make proper inquiries to better understand the differences between them to enable you to choose an option that applies to your skills.
On a final note, if you want to excel in this career a bachelor’s degree in finance, an insurance license, and knowledge of business administration are required.
Insurance sales agents earn about $75,180 every year.
4. Financial Analysts
Financial analysts also play a vital role in the growth and development of an organization. They guide organizations on the best investment options that can yield the best profits.
They provided the best insurance and investment deals to insurance companies by creating strategies that can create funds for the company.
Financial analyst work for industries like banks, pension funds, insurance companies, and other businesses
One of the best ways to be one of the most popular financial analysts is by obtaining a chartered financial analyst certification (CFA)
However, before you can become a financial analyst you need a bachelor’s degree in finances, some level of job experience in related occupations, and a couple of training sessions.
A financial analyst is one of the highest paying jobs in the insurance industry. Beginners in this career get paid about $81,410 annually.
5. Insurance Adjuster
Insurance adjusters are also one of the highest paying jobs in the insurance sector.
These professionals cover the gap between insurance agents and insurance companies. Candidates who file damage and compensation reports must get in contact with an adjuster to handle their queries and review their cases.
Adjusters act as mediators during the complaint to enable them to give an unbiased decision regarding the case. They develop the best compensation options to give a fair claim.
These financial professionals often work irregular hours, such as evenings and weekends, to conduct research and meet with their clients.
They also intervene, settle and keep records of all developments towards complaints connected to a claim.
Adjusters also need to be mutual and transparent at a claim resolution, as both parties might have strong differences amid an ongoing case.
Finally, these professionals need to be reasonable and impartial, as people who pursue these insurance agent jobs work for both the client and the insurance company.
On a final note, before you can become an adjuster you need conflict resolution and communication skills, a bachelor’s degree in finances, an insurance license, investigative and analytical skills, some level of job experience in related occupations, and a couple of training sessions.
6. Accountants And Auditors
Accounting and auditing are one of the highest paying jobs in the insurance industry.
These professionals ensure that the financial policies of an organization are handled effectively within the means, laws, and regulations of the company.
You would find accountants and auditors working for private and public organizations like banks, hospitals, law firms, schools, and businesses
An accounting career is one of the best careers for people who love mathematics and calculations.
Since this career plays a significant role in the business and insurance sector there are so many job opportunities for those who want to venture into this career.
Finally, in developed countries accountants and auditors earn about $90,354 every year.
Frequently Asked Questions
What Insurance Agency Pays The Most?
Some of the best insurance agencies in the United States are the world financial group, USHA, and Unified Health and assurance.
What Are The Highest Paying Jobs?
Anesthesiologist Surgeon
Obstetrician and Gynecologist
Orthodontists are some of the highest paying jobs
Which Insurance Company Is Best For A Job?
Allianz Life, Farmers Insurance, Liberty Mutual.
Nationwide and Progressive Insurance are the best insurance companies for a job.
Is Insurance A High-paying Industry?
Insurance allows you to go through different careers in life. You would have a wide range of choices in this industry.
Which Job Has The Richest Salary?
Medical Professionals, Data Scientists, Machines, Learning Experts, and Blockchain developers earn the most salaries.
What Are The Highest-Paying Hourly Jobs?
U.S. Marine Corps officers, Tattoo artists, Political speechwriters, Health coaches, and Wedding planners are the highest-paying hourly jobs.
What Is The Easiest Insurance Job?
To start your dream job in the insurance industry you are likely to begin your career as an insurance agent or broker.
Is Insurance A Stressful Job?
Working as an insurance agent can get stressful because you would need to do a lot of paperwork.
What Job Makes The Most Millionaires?
According to research the top five careers that make millions are engineers.
Accountant, Teacher.
What Is The Lowest-paying Job?
Food-Preparation Workers, Gambling dealers, Parking Lot Attendants, Nonfarm Animal Caretakers, Maids and Housekeepers, and many more have the lowest-paying jobs.
Conclusion
As you can see, the highest paying jobs in the insurance industry cuts across a wide range of career opportunities
Why not enroll and complete insurance training today?
Start-up or get employed as one of the amazing financial professionals listed above, so you can join the league of huge paychecks.
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