If you’re interested in learning about the best-paying jobs in property-casualty insurers but don’t know where to start your search, you’ve come to the right place. Many people feel this way about any specific industry or career field, but the good news is that there are many different entry points into insurance.
The property-casualty insurance sector employs more than 300,000 people and continues to add jobs quickly. These professionals help protect individuals and businesses against the risk of loss from fires, storms, theft, vandalism, disease pandemic, and other hazards.
This article will highlight ten of the best-paying jobs in property-casualty insurers. These roles are found within most property-casualty insurers and specialty firms that offer primary or excess insurance coverage options for businesses or individuals.
What Are The Best-Paying Jobs In Property-Casualty Insurers?
As with any job, income and benefits differ based on experience, education level, and other factors. However, some general pay trends depend on which position you take within the company.
Some jobs in the insurance industry pay better than others. This article covers some common and best-paying jobs in property-casualty insurers, the typical salary range for each position, and the education requirements.
1. Executive Vice President of Operations
Senior vice presidents, vice presidents, assistant vice presidents, VPs, and associate VPs are major ranks at large organizations. The executive vice president is the highest level, followed by the senior vice president, vice president, assistant vice president, and associate vice president. This is the most intense job regarding the best jobs in property-casualty insurers.
A company’s operations and cost-saving systems are planned, directed, coordinated, and overseen by the Vice President of Operations. They ensure that future demands are met with efficient processes and cost-effective systems.
Executive Vice President Of Operations Job Duties:
The responsibilities of an executive vice president of operations can include the following:
- Monitoring the service quality and ensuring customer satisfaction is maintained.
- Organizational meetings, conventions, and trade shows are planned and executed.
- Company standards should be reviewed to ensure that employees are performing well.
- Assuring products are delivered on time and are of high quality is their responsibility.
- Inspecting the work environment or discrimination complaints from employees.
- Human resources management involves hiring, firing, training, and compensation issues.
- Developing a long-term budget and financial plan for an organization.
- Suggesting ways to improve organizational efficiency by reviewing structure.
- An organization must prepare answers to government agencies about specific regulations or policies that may affect them.
It helps to picture yourself in charge of the entire business to understand what an executive vice president of operations performs. You would oversee the operation as a whole and decide the best way to do things daily.
Average Salary: $229,438 a year
An actuary is someone with expertise in economics, statistics, and mathematics and who helps in risk assessment and premium estimation, among other things, for an insurance company.
Actuary Job Duties:
An actuary is the most demanding and one of the best-paying jobs in property-casualty insurers. Actuaries are typically responsible for the following tasks:
- To ensure that the firm has sufficient funds for financial planning and design.
- Minimizing insurance losses by monitoring risk.
- Interest rates for insurance policies are determined based on how much customers value them.
- The company’s financial planning risk is to be evaluated.
- To design a solution to a problem.
- To communicate how the results are financially significant.
Although actuaries are relatively new, insurance valuation science has been around for thousands of years. The actuaries job market is highly competitive. Maintenance of certification is necessary to remain active and keep your credentials current.
Average Salary: $174,751 a year
3. Homeowners Insurance Agent
Brokers, also known as homeowners insurance brokers, are people or organizations that connect consumers with insurance companies. A broker connects homebuyers or homeowners with insurance companies. Because brokers deal with multiple insurance firms, they are distinct from captive insurance agents.
Homeowners Insurance Agent’s Job Duties:
Homeowner’s insurance agents are responsible for helping clients find the best insurance policies to suit their needs. They must be able to explain different plans and coverage options in a way that is accessible to the general public.
Keep reading for more information about what it takes to become a homeowners insurance agent.
- They sell insurance products and services within their assigned territory.
- Based on the client’s needs, they recommend appropriate insurance coverage.
- Providing insurance and financial advice to clients.
- Handling all paperwork and procedures for clients during the claims process.
- Providing mediation services between clients and insurance companies.
- Looking for and meeting with potential new clients to maintain and grow their client portfolio.
- Staying on top of insurance industry developments.
Additionally, agents must remain engaged with the industry by regularly attending industry events and continuing education opportunities.
Average Salary: $104,022 a year
4. Chief Risk Officer
A Chief Risk Officer leads an enterprise risk management (ERM) program to reduce business profitability and productivity risk. In addition, they lead efforts to reduce operational risks. The Chief Risk Officer implements policies and procedures to minimize or manage operational risks.
Chief Risk Officer Job Duties:
A risk officer’s job is challenging and demanding regarding the query about the best-paying jobs in property-casualty insurers, requiring good analytical skills and quick decision-making under pressure. To succeed in this position, you must handle stress, work well in a team environment, think strategically, and be detail-oriented.
Here are some of the requirements for becoming a risk officer:
- Creating risk maps and strategic action plans to address the firm’s primary risks;
- Keeping track of risk mitigation efforts;
- Creating and distributing risk assessment and performance reports to company executives, board members, and employees;
- The company’s overall strategic planning must include integrating strategic risk management priorities;
- Creating and executing information assurance strategies to safeguard against and manage data and information systems usage, storage, and transmission risks;
- Reducing exposure to the operational risk caused by employee errors or system failures and responding accordingly;
- Finding out the firm’s risk appetite and deciding how much risk it should assume;
- Responsible for risk management, mitigation project funding, budgeting, and communicating with company stakeholders and board members about the firm’s risk profile and evaluations.
To become a chief risk officer, you require experience in risk management, data analysis, financial modeling, forecasting, and risk communication. Knowledge in these fields will help you prepare for this position.
Average Salary: $203,749 a year
5. Insurance Product Manager
The product manager of an insurance firm is responsible for developing new insurance products and setting the direction for their development. The product manager also directs the marketing and sales efforts for the firm’s specific insurance products.
They inform their sales manager (or the sales department) about new products. The general insurance strategy and product lifecycle policy govern the development of new insurance products.
Insurance Product Manager Job Duties:
The role of an insurance product manager is a unique blend of art and science. It’s less about numbers and more about understanding your target market’s needs, wants, and limitations.
What are a product manager’s responsibilities in the insurance sector?
- Assess whether the company can profit and administer new insurance products without increasing risk.
- They review existing insurance products to determine what new additions or deletions are needed to balance risk and customer satisfaction.
- Collaborate with professionals who perform market research, risk analysis, and other important data processing to obtain the data necessary for excellent product decisions.
- Ensure new insurance products meet compliance requirements and alter existing products to fit new markets.
- The company should recognize the market’s opportunities and threats and devise tactics to address them.
- Create insurance byproducts such as customer apps or employee work systems.
The role is also responsible for working with market research and risk analysis professionals to obtain the necessary data to make excellent product decisions.
Additionally, a product manager must determine new insurance products’ compliance requirements and alter existing products to fit new markets.
Average Salary: $119,526 a year
6. Insurance broker
An insurance broker is a specially trained financial adviser who assists clients with general insurance. They help you determine the type of coverage you require and find an economic policy that suits you.
Insurance broker Job Duties:
Insurance brokers work between clients and insurance firms, locating the client with the most excellent coverage. Smaller organizations offer less opportunity for specialization than larger companies. In terms of best-paying jobs in property-casualty insurers, an insurance broker can be a popular choice.
You might be employed in retail insurance in property, travel, automobile, and pet insurance or commercial insurance, working with more sophisticated, high-value marine, aviation, and oil and gas operations. Everyday duties include:
- Maintaining and building client relationships.
- Managing and participating in meetings.
- Determine and analyze clients’ current and future insurance requirements.
- Studying and comparing insurance policies and products.
- Negotiating the terms and costs of insurance with insurance providers.
- Ensuring that the insurance provider adequately insures clients.
- Preparing insurance claims for underwriting reports.
- Assisting clients in filing claims on their insurance policies.
- Updating existing clients’ policies or renewing them.
To get and keep a job in this field, you need to be a good listener, have an excellent working knowledge of the insurance industry, and be very good at reading people and their emotions.
You must also be very organized, manage time, and work under pressure.
In addition, you need to be able to handle finances, keep records, and read reports and claim forms. You also need to stay calm and collected when dealing with stressful situations.
Average Salary: $110,131 a year
7. Property and Casualty Insurance Agent
Businesses and individuals can obtain property and casualty insurance to protect them against a variety of damage to property, including automobile accidents, fire, theft, and other events.
In addition to product liability and medical malpractice claims, workers’ compensation claims and product liability claims are covered by insurance.
Property and Casualty Insurance Agent Job Duties:
The insurance agent job description can vary significantly based on the type of property and casualty insurance agency you work for, but most agents have everyday duties. It will help you understand an insurance agent’s responsibilities to find the right opportunity to start your career:
- Prospecting, cold calling, networking, and more can be used to identify and secure potential clients through sales-based marketing.
- Before proposing ideal plan options, meet with new, existing, and prospective policyholders and actively listen to their needs.
- Assess the risks associated with new, existing, and prospective clients’ properties by completing all appropriate forms, meeting insurance policy requirements, and facilitating claims processing.
- Maintained accurate customer records, bookkeeping logs, and insurance sales databases to report progress toward monthly goals.
- Ensure that existing clients, potential clients, and new customers receive the ideal insurance policies by continuing to educate yourself on property & casualty insurance protocols and coverage requirements.
To become an insurance agent, you must have a valid commercial driver’s license, two years of related work experience, and six months of insurance sales experience at the broker level. You will also need to pass a bureau-approved class and take and pass the written test, a vision exam, and a panel interview.
Average Salary: $107,554 a year
8. Insurance Agency Manager
The term “insurance agency” refers to a firm or individual authorized by an insurer to sell the insurer’s products. Agents are subject to the law of the state in which they operate.
An agency manager oversees and coordinates all aspects of an agency. They collaborate with agents and clients to ensure targets are met, policies and guidelines are adhered to, and clients are satisfied. Specific expertise might be needed depending on the type of agency.
Duties of an Insurance Agency Manager:
As we move forward and get to know that, in terms of best-paying jobs in property-casualty insurers, an insurance agency manager can be a great career choice. Let’s talk about the exact duties associated with the role.
- Recruiting, screening, and training new agents.
- Analyzing performance and drawing up action plans.
- Establishing strong relationships with staff and clients.
- Ensuring all staff exercise good time management.
- Obeying agency regulations, guidelines, and policies and ensuring staff does the same.
- Researching current industry/market trends and using knowledge for business improvement.
Average Salary: $101,884 a year
9. Insurance Sales Agent
Becoming an insurance sales agent is a great way to combine your love of helping people with a stable career in business. Becoming an insurance sales agent involves taking classes and passing exams, but it is also a job that requires you to be out there meeting new people regularly.
An insurance sales agent sells various kinds of insurance to their customers. For example, crop, property, and animal insurance are categories an agriculture business might subscribe to.
You’ll need to travel from place to place and make appointments to find new clients. The job is not easy, but it can be rewarding if you’re willing to work hard and love what you do.
Becoming an insurance sales agent opens the door to several career opportunities within various industries. Let’s look at what working as an insurance sales agent entails and if this career path could be right for you.
Insurance Sales Agent Job Duties:
Responsibilities of an Insurance Sales Representative include:
- They are creating and executing effective marketing tactics to sell new insurance policies or adjust existing ones.
- Networking, cold-calling, and referrals are all ways to contact prospective customers and establish rapport with them.
- Finding out what type of protection is desired by a business or individual customers and selling the correct protection plans.
Average Salary: $101,327 a year
10. Life Insurance Agent
A life insurance agent is a professionally licensed individual who sells life insurance coverage. An insurance company may employ agents to sell its policies or independent agents to sell life insurance from various providers.
Insurance comes in many forms, but life insurance is one of the most important. This type of insurance protects your family financially if something happens to you. When you have life insurance, should you pass away, your beneficiaries are given a specific amount of money to continue living without financial stress.
This type of insurance is not easy and can be quite challenging for someone new to the industry. But as with any other job, working as a life insurance agent requires dedication and commitment.
This role requires specific skills and attributes such as trustworthiness, integrity, good listening skills, patience, and tactfulness. An agent provides advice, connects the client with the insurance company, and sells life insurance policies that pay out when the person dies.
Duties of a Life Insurance Agent:
Now we will discuss the responsibilities that come with the role.
- Data Collection Activities.
- Call and Follow-up.
- Set a Meeting Target.
- Know What You Are Selling.
- Know Whom You are Selling to.
- Attend Post Sale Queries.
- Generate Your Profit &Loss Statements.
Average Salary: $100,200 a year
Several jobs can be named rather than the upper-mentioned list regarding the best-paying jobs in property-casualty insurers, including experience and location. Generally, higher positions come with higher pay. As experience is gained, promotion is possible.
Success as a casualty insurance professional requires years of study and experience. Although this profession is lucrative, it requires a bachelor’s degree from a school with a strong insurance program.