How Many Jobs are Available in Specialty Insurers? | Entry-Level Jobs Included

Over 1.5 million jobs are available in the specialty insurers job market. The industry offers many jobs, like underwriters, claim adjusters, actuaries, and customer service. The demand for specialty insurers is high because they cover unique and specific risks not covered by traditional insurance policies.

According to industry reports, the global specialty insurers market will reach $400 billion by 2025. It will grow with a compound annual growth rate of 6.2% from 2021 to 2025. Over 500,000 people work in this sector in the United States (US), creating more employment opportunities in the next 10 years.

Overview of the Specialty Insurers Job Market

The specialty insurance sector covers unique or unusual risks not typically covered under standard insurance policies. Their work includes specialized insurance products for aviation, marine, energy, agriculture, and professional liability industries.

Specialty insurers work with businesses and individuals to assess their specific needs and provide customized insurance solutions that address their unique risks. Their policies cover cyber liability, product recall, environmental liability, and directors’ and officers liability.

10 Most Common Available Jobs in the Specialty Insurers Industry 

The specialty insurance industry caters to unique and non-traditional risks not typically covered by standard insurance policies. As a result, the sector offers diverse employment opportunities with varying skill requirements and salary ranges.

The 10 most common available jobs in the specialty insurers industry:

1. Actuary

Actuary - How Many Jobs are Available in Specialty Insurers? | Entry-Level Jobs Included

Average Annual Salary: $150,000

An actuary advises clients and companies on reducing the financial risks of events such as accidents. They work in insurance companies, employee benefits firms, healthcare companies, government agencies, public accounting firms, and banks.

Actuaries possess strong analytical, mathematical, and problem-solving skills, excellent communication and interpersonal abilities.

To become an actuary, you need a bachelor’s degree in mathematics, statistics, or a related field and certification from a professional organization like the Society of Actuaries or the Casualty Actuarial Society.

The job outlook for actuaries is positive, with a growth rate of 18% from 2020 to 2030. It will create about 7,000 new jobs yearly for the next 10 years.

2. Risk Manager

Average Annual Salary: $150,000

A risk manager identifies, assesses, and manages risks that may affect the company’s financial stability. They analyze data and develop strategies to minimize potential losses.

Risk managers must have analytical skills, attention to detail, math skills, communication, and organizational abilities.

Many employers require a bachelor’s degree in finance, accounting, economics, or a related field. However, some employers prefer a master’s degree in business administration (MBA) or a related field.

The job outlook for risk managers is stable. However, it will create new employment opportunities in the future due to high demand in various industries.

3. Underwriter

Average Annual Salary: $115,000

An underwriter evaluates and assesses risks associated with insurance policies and loans for clients. They also review applications and personal documents to determine if an applicant qualifies for a procedure or loan and assess a company’s losses to identify sources of failure.

Underwriters must be able to evaluate different forms of property and casualty insurance available for consumers. In addition, they must understand laws and practices to determine which type would best suit a customer’s need.

Many employers require a bachelor’s degree for this role. Some companies accept an associate’s degree or high school diploma with relevant experience.

The job outlook for underwriters will decline by 4% from 2021 to 2031. However, there will be about 8,400 job openings each year for the next 10 years.

4. Marketing Manager

Average Annual Salary: $120,000

A marketing manager oversees a team of marketing professionals within the marketing department. They develop and implement marketing strategies to promote the company’s products and services.

Marketing managers must possess knowledge of various advertising methods, including digital, print, and social media, and excellent communication and leadership skills.

The essential educational requirement for this role is a bachelor’s degree in marketing, business, advertising, or a related field. However, some employers prefer candidates with a graduate degree in marketing or an MBA.

The job outlook for marketing managers is positive, with a growth rate of 10% from 2021 to 2031. It will also produce many jobs in the future.

5. Data Analyst

Average Annual Salary: $100,000

Data Analyst - How Many Jobs are Available in Specialty Insurers? | Entry-Level Jobs Included

Data analysts use analytical tools and techniques to extract meaningful insights from data. They analyze insurance policies, claims, and customer behavior data to identify trends and patterns that can help insurers make better decisions.

A data analyst must possess strong analytical and problem-solving skills, proficiency in data analysis tools such as SQL and Excel, and statistical analysis and data visualization techniques.

You need a bachelor’s degree in mathematics, statistics, computer science, or a related field to get this role. However, some employers may prefer or require a master’s or doctoral degree.

The job outlook for data analysts is positive, with an employment growth of 36% from 2021 to 2031. Due to the high demand for their skills, it will produce over 20,000 jobs yearly for the next 10 years.

6. Insurance Broker

Average Annual Salary: $100,000

An insurance broker helps clients find insurance policies that meet their specific needs. They provide the necessary coverage clients, and companies need.

Insurance brokers must possess strong communication and interpersonal skills. In addition, they must have analytical abilities and knowledge of insurance policies and regulations.

The primary educational requirement for this job is a high school diploma or equivalent. However, some employers prefer candidates with a bachelor’s degree.

The job outlook for this role is positive, with a 6% growth from 2021 to 2031. It will also create about 52,700 job openings each year over the next 10 years.

7. Loss Control Specialist

Average Annual Salary: $90,000

A loss control specialist inspects businesses on behalf of insurance companies and provides loss prevention recommendations.

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Loss control specialists must possess strong analytical and problem-solving skills, attention to detail, and excellent communication abilities.

You need a bachelor’s degree in engineering, safety, or risk management to get this role. The job outlook for loss control specialists will grow 6% from 2021 to 2031. It will also produce about 52,700 openings in the future.

8. Claims Adjuster

Average Annual Salary: $80,000

A claims adjuster investigates insurance claims to determine the extent of the insurance company’s liability and to negotiate settlements with claimants. Claim adjusters must have interpersonal, math, analytical, and communication skills.

Many employers require a bachelor’s degree in any related field for this role. However, some companies employ individuals with a high school diploma or equivalent.

The job outlook for claims adjusters will decline by 3% from 2020 to 2030. It produce a stable number of jobs in the future.

9. Reinsurance Specialist

Average Annual Salary: $75,000

A reinsurance specialist performs various reinsurance operations, including reconciliation of premium billing statements and DAC tax calculations.

To get this role, you need excellent Excel skills, experience in direct/ceded reinsurance claim operations, and a proven track record of success.

Reinsurance specialists must have a degree in finance, business, or a related field. The job outlook for this position is positive, with a growth rate of 3% from 2020 to 2030. It will also create new job opportunities in the future.

10. Insurance Sales Agent

Insurance Sales Agent - How Many Jobs are Available in Specialty Insurers? | Entry-Level Jobs Included

Average Annual Salary: $70,000

Insurance sales agents sell insurance policies that cover unique or high-risk situations, such as aviation, marine, or professional liability insurance.

Relevant skills for this job include strong communication and interpersonal skills, sales abilities, and knowledge of insurance policies and regulations.

Insurance sales agents must possess a bachelor’s degree in any related field. The job outlook for this role is positive, with an 11% growth rate in the next 10 years. It will also create many employment opportunities within this time frame.

Other jobs available in specialty insurers

  • IT Manager (Average Annual Salary: $140,000)
  • Operations Manager (Average Annual Salary:$130,000)
  • Compliance Officer (Average Annual Salary:$120,000)
  • Human Resources Manager(Average Annual Salary: $90,000)
  • Product Manager (Average Annual Salary: $80,000)

5 Most Common Available Entry-Level Jobs in the Specialty Insurers

The specialty insurers industry has many entry-level jobs for those who are just starting. Many jobs require little to no educational background, making them accessible to everyone.

The 5 most common and available entry-level jobs in the specialty insurers sector:

1. Claims processing associate

Average Annual Salary: $46,000 

A claims processing associate manages the claims process for clients who have experienced a loss or damage covered by their insurance policy.

Claim processing associates must have strong attention to detail, organizational skills, and the ability to work with computer systems and software.

The basic educational qualification for this role is a high school diploma or equivalent. However, some employers require some relevant work experience or training.

The job outlook for this role will decline by 3% from 2019 to 2029. It will create few jobs in the future, mainly due to technological advancements that have streamlined the claims process.

2. Customer service representative (CSR)

Average Annual Salary: $45,000 

A customer service representative supports and assists clients by helping them with inquiries, concerns, and issues regarding their insurance policies.

CSRs possess excellent communication and customer service skills and can work with computer systems and software.

Many employers prefer a high school diploma or equivalent for this role. The job outlook for customer service representatives is positive, with a 5% growth rate from 2019 to 2029.

3. Administrative assistant

Average Annual Salary: $45,000 

An administrative assistant provides administrative support and assistance to the staff and management of an insurance company.

Administrative assistants must possess strong communication and computer skills. In addition, they need to be detail-oriented and reliable, able to work independently with minimal supervision.

Employers require a high school diploma or equivalent for this position. The US Bureau of Labor Statistics (BLS) predicts that the employment of administrative assistants will decline by 9% from 2019 to 2029. It will produce fewer jobs in the future because technological advancements have streamlined administrative tasks.

4. Insurance billing and collections specialist

Average Annual Salary: $43,000 

An insurance billing and collections specialist manages insurance payments and follows up on overdue accounts. They verify coverage, process claims, manage billing records, and communicate with insurance providers.

Insurance billing and collections specialists possess strong attention to detail, organizational skills, and the ability to work with computer systems and software.

You need a high school diploma and some on-the-job training or experience to get this role. This position will grow by 8% from 2019 to 2029. It will also create many employment opportunities in the next 10 years.

5. Underwriting assistant

Average Annual Salary: $30,000 

An underwriting assistant supports the underwriting process. They also gather and analyze data to determine risk and pricing. In addition, they prepare quotes and proposals for insurance policies.

Underwriting assistants must have strong analytical, problem-solving, attention to detail, and organizational skills. You need a high school diploma or equivalent to become an underwriting assistant. The job outlook for this role is positive, with a 5% growth from 2019 to 2029. Demand for insurance products and services will also create more jobs.

What is the Job Description of a Specialty Insurers Professional? 

A specialty insurer’s professional evaluates risks associated with insuring high-risk or unique businesses or assets, such as aircraft or art collections. They use their expertise in the insurance industry to develop insurance policies that provide appropriate coverage for clients. They also work with underwriters, claims adjusters, and other insurance professionals to ensure policies are appropriately issued, serviced, and settled.

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How to Apply and Get a Job in Specialty Insurers? 

Specialty insurers cover high-risk or unique businesses or assets such as aircraft or art collections. If you’re interested in working in this industry, there are several steps you can take to improve your chances of getting a job.

5 practical steps to apply and get a job in specialty insurers:

1. Research the industry

Research the specialty insurers industry to understand what the industry does. This knowledge will be helpful when applying for jobs in the industry and during interviews.

2. Gain relevant skills and qualifications

You need specific skills and qualifications such as a degree in business or finance, relevant work experience, or professional certifications. Ensure that you have the necessary skills and qualifications before applying for jobs.

3. Network

Networking with professionals in the specialty insurers industry will help you gain insight into the industry and learn about job opportunities. Attend industry events, join professional organizations, and connect with professionals on social media to expand your network.

4. Tailor your resume and cover letter

Customize your resume and cover letter to match the requirements of the job you are applying for. Highlight your relevant experience, skills, and qualifications, and explain how they make you a strong candidate for the position.

5. Apply for jobs

Once you have gained the necessary skills and qualifications and have made connections in the industry, start applying for jobs. Check job boards, company websites, and professional organizations for job postings.

How to apply and get an entry-level job in specialty insurers?

If you want to start working in the specialty insurers industry, several entry-level job opportunities are available.

5 basic steps to apply and get an entry-level job in specialty insurers:

1. Research the industry

Before applying for any job, it’s important to understand the industry and the different types of entry-level positions available. Research specialty insurers companies to learn more about the industry, trends, and job requirements.

2. Prepare your resume and cover letter

Craft a targeted resume and cover letter highlighting your skills, education, and experience. Tailor your application to the specific job you are applying for.

3. Gain relevant skills and education

While many entry-level jobs in the industry do not require specific education or training, having relevant skills and experience can give you an advantage. Consider acquiring skills such as analysis, underwriting, and customer service.

4. Look for job openings

Check job boards, company websites, and career fairs for entry-level job openings in the industry. Network with people in the industry and ask for referrals or recommendations.

5. Apply for jobs

Once you find entry-level career openings, apply for them by submitting your CV and cover letter. Prepare for interviews by researching the firm and practicing common interview questions. Show your enthusiasm for the business and the job, and showcase your relevant talents and expertise.

Additional tips for finding available jobs in specialty insurers

1. Stay up-to-date with industry trends

Stay up-to-date with industry trends and changes by reading industry publications, attending conferences and seminars, and participating in professional organizations. It will help you stay competitive in the job market and make you a valuable asset to potential employers.

2. Consider internships or apprenticeships

Internships and apprenticeships are excellent ways to develop relevant skills and experience while expanding your network. Look for opportunities in the sector and apply for them to obtain hands-on experience and network with other specialists.

3. Be Persistent

Finding a job in specialty insurers may take time and persistence. Keep going even if you get an appointment right away. Keep applying and improving your skills and qualifications to increase your chances of success.

How many job positions are there in specialty insurers?

Specialty insurers industry as it covers many jobs across different departments, such as underwriting, claims processing, customer service, and administration, among others.

Which specialty insurers job is easy to get? 

Underwriting assistant is the easiest specialty insurers job to get.

What are the Educational Requirements and Training for Specialty Insurers? 

To work in the specialty insurance industry, you need specific educational requirements and training due to the unique and high-risk nature of the sector’s coverage.

3 common educational requirements for specialty insurers:

1. High School Diploma

A high school diploma is the minimum requirement for entry-level jobs in many specialty insurance industries. It provides a solid foundation for individuals looking to enter the industry.

2. Associate’s or Bachelor’s Degrees

Many employers in the specialty insurers require applicants to have at least an associate’s or bachelor’s degree in a relevant field such as finance, accounting, business administration, or risk management.

3. Continuing Education

The specialty insurance industry constantly evolves, and professionals must stay current with the latest trends and developments. Many employers require employees to participate in ongoing training and continuing education programs. It will improve their knowledge and skills.

4 training and certifications for specialty insurers:

1. Chartered Property Casualty Underwriter (CPCU)

The CPCU certification is among the specialty insurance industry’s most respected and recognized credentials. It covers insurance operations, risk management, and ethics. Obtaining the CPCU will help demonstrate a high level of knowledge and dedication to the field.

2. Associate in Risk Management (ARM)

The ARM certification is for individuals who work in risk management or related fields. It covers risk assessment, risk control, and risk financing.

3. Certified Insurance Counselors (CIC)

The CIC training certification is for employees who specialize in property and casualty insurance. It covers insurance policy analysis, risk management, and ethics. This certification demonstrates a high level of expertise in these areas and enhances credibility with clients and colleagues.

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4. Associate in Insurance Services (AIS)

The AIS designation is a credential for insurance professionals who want to specialize in underwriting, claims, or customer service. It discusses insurance policy analysis, risk assessment, and client relations, among other things.

Where Do I Find Specialty Insurers Jobs? 

Are you looking to start your career in the specialty insurance industry but need help determining where to begin your job search? With numerous job positions available, finding the right fit for your skills and interests can be challenging.

5 popular job boards to find specialty insurers jobs:

1. InsuranceJobs.com

This job board focuses on connecting job seekers with insurance industry employers, including specialty insurers. Job seekers can search for jobs by location, company, job title, and specialty area.

2. GreatInsuranceJobs.com

This website shares job openings in specialty insurers. Job seekers can search for jobs by location, category, type, and keyword.

3. InsureMyPath

This job board helps individuals seeking insurance-related jobs. They post employment opportunities and also offer career tips ad advice.

4. InsuranceJobsBoard.com

This job listing site is mainly for employees in the insurance business, including individuals looking for opportunities in specialized insurance. Job seekers can search for jobs by job description, location, and keywords.

5. National Insurance Recruiting Association

This website shares job openings in the insurance industry, including those with specialty insurers. It also offers resources for advice and information about professional development in the industry.

What are the Skills Needed to Get a Job in Specialty Insurers?

To get a job in specialty insurers, several skills will help you stand out to potential employers.

5 essential skills needed to get a job in specialty insurers:

1. Industry knowledge

In-depth knowledge of the insurance industry is essential for success in this field. You need to understand the laws and regulations governing the insurance industry. Knowledge of risk assessment and underwriting practices and claims management is essential.

2. Analytical skills

The insurance industry is about analyzing data, evaluating risks, and making informed decisions. Identifying trends, assessing data, and drawing conclusions make you valuable.

3. Communication skills

Employees in this sector must know how to communicate with clients, underwriters, claims adjusters, and other stakeholders. It helps you build client relationships, explain complex concepts, and negotiate effectively.

4. Attention to detail

Attention to detail is vital in the insurance industry. It is because small pieces significantly impact policies, claims, and underwriting decisions.

5. Sales skills

You need strong sales skills if you are interested in sales roles within specialty insurers. You must be able to identify client needs, understand the products and services offered by your company, and present solutions effectively.

What are the Factors Affecting the Availability of Jobs in the Specialty Insurers Sector?

The specialty insurers industry is a dynamic and growing sector that provides employment opportunities. However, several factors impact the availability of jobs in this industry.

5 major factors affecting the availability of jobs in the specialty insurers sector:

1. Economic condition

Economic conditions impact the availability of jobs in the specialty insurers sector. A strong economy leads to increased insurance policies and more job openings in the industry. But, a weak economy causes decreased demand for insurance products and fewer job opportunities.

2. Regulatory changes

Changes in regulations affect the availability of jobs in the specialty insurers sector. New rules may require specialty insurers to modify their policies, procedures, and underwriting practices. It can lead to the creation of new job opportunities and also reduce job availability if new regulations lead to a reduction in demand for some insurance policies.

3. Technology

Technology has transformed the specialty insurers industry. Technology has automated many manual tasks, reducing the number of jobs available in some areas. It also created new opportunities for data and business analysts.

4. Competition

The specialty insurers sector is highly competitive, and the level of competition can affect job availability. Increased competition leads to companies reducing their workforce to cut costs, resulting in fewer job opportunities.

5. Industry consolidation

Consolidation within the specialty insurers sector impacts job availability. Mergers and acquisitions can reduce the number of companies operating in the sector, resulting in fewer job opportunities.

Conclusion: How Many Jobs are Available in Specialty Insurers?

The specialty insurers sector offers many job opportunities. However, available jobs in this sector can fluctuate due to economic conditions, technological advancements, regulatory changes, and competition. Individuals who possess the necessary skills, knowledge, and expertise will find rewarding jobs in the industry. Also, staying up-to-date on the latest trends in the sector will help job seekers position themselves for success.

Frequently Asked Questions: How Many Jobs are Available in Specialty Insurers?

What is the most common job in specialty insurers? 

Loss control specialists, insurance brokers, and claims adjusters are the most common jobs in specialty insurers.

Are there a lot of jobs in specialty insurers?

Yes, over 1.5 million jobs are available in the specialty insurers job market.

Are specialty insurers easy?

Yes, specialty insurers jobs are easy.

What is the hardest specialty insurers job to get?

Actuary, risk manager, and underwriter are the hardest specialty insurers jobs to get. It is because they require higher educational qualifications and expertise.