Transcript Insurance Marketing - Griffith Insurance Education Foundation

Careers in Insurance
The insurance industry employs over 2.3
million workers
Wage and salary employment in the industry
is projected to grow 10% in the next ten years
In 2004, weekly earnings for workers in the
industry averaged $756, considerably higher
than the average of $529 for all private
industry
Careers in Insurance
How many insurance jobs can you name?
Claims Adjuster
Public Relations Manager
Data Systems Manager
Operations Officer
Nurse
Chemist
Field Representative
Risk Manager
Training Manager
Actuary
Marketing
Agent
Broker
Attorney
Physical Therapist
Personnel Director
Loss Control Specialist
Underwriter
Financial Manager
The Possibilities are Endless!
Careers in Insurance: Operations
Three Segments of Insurance
Company Operations
Marketing
Underwriting
Claims
Careers in Insurance: Operations
Insurance Marketing
The process of identifying potential
customers and then creating and
supplying the products and services
they need
Careers in Insurance: Operations
Insurance Marketing
Four types of distribution systems
•Independent agency
•Exclusive agency
•Direct writing
•Direct response
Careers in Insurance: Operations
Insurance Marketing
Independent Agency
Independent agents are in business for
themselves and usually represent several
different insurance companies
Careers in Insurance: Operations
Insurance Marketing
Exclusive Agency
Exclusive agents are in business for
themselves but are contracted to do
business with only one company
Careers in Insurance: Operations
Insurance Marketing
Direct Writing
Direct writers are employed by an
insurance company and rely on personal
contact, direct mail, the internet, or
telephone contact with the customer for
their business
Careers in Insurance: Operations
Insurance Marketing
Direct Response
Direct writers are employed by an
insurance company and rely solely on
direct mail, the internet, or telephone
contact with the customer for their
business
Careers in Insurance: Operations
Insurance Marketing
Advertising
Insurance companies use traditional
advertising campaigns such as television,
radio, magazine, mail and the internet
Insurance companies also rely on local
agents to advertise the company
Careers in Insurance: Operations
Insurance Underwriting
Determines:
•who an insurance company’s customers will be
•what the companies products will be
•at what price those products will be sold
Careers in Insurance: Operations
Insurance Underwriting
Underwriter
•Evaluates applicants for insurance
•Selects those that are acceptable to the
insurer
•Prices coverages
•Determines policy terms and conditions
Careers in Insurance: Operations
Insurance Underwriting
Line Underwriter
•Responsible for the day-to-day decisions
•Must refer to the insurer’s underwriting guidelines
Underwriting Management
•Sets the company guidelines for underwriting
•Delegates underwriting authority
Careers in Insurance: Operations
Insurance Claims
A claim is a demand by a person or
business seeking to recover from an
insurance company for a loss that might be
covered by an insurance policy
Careers in Insurance: Operations
Insurance Claims
Claim Representative
•Also called an adjuster
•Responsible for investigating, evaluating,
and settling claims
Careers in Insurance: Operations
Insurance Claims
Responsibilities of a Claim Representative
•To respond promptly when a claim is submitted
•To obtain adequate information
•To properly evaluate the claim
•To treat all parties fairly
Careers in Insurance
Advantages to a career in Insurance
Recognition
Insurance professionals lead businesses and
communities
Rewards
Competitive compensation matches job
satisfaction
Careers in Insurance
Advantages to a career in Insurance
Flexibility
The industry invites people to take charge and
work at their own pace in any location
Challenge
People in insurance make a difference by
solving problems and helping people
Careers in Insurance
Advantages to a career in Insurance
Variety
Every day is a new adventure. The work is as
varied as the customers' needs
Advancement
Self-motivated, skilled people advance quickly