Career Focus on…
Insurance
Introduction
Would you enjoy a career that is exciting, varied, and rewarding?
Do you enjoy working with people and helping them determine services
appropriate to their needs?
Would you like to enter a career that offers many advancement opportunities with
diverse career paths?
If you answered “yes” to these questions, you may want to consider a career in the
Insurance industry.
Did You Know… ?
It’s possible for a high school graduate to enter the insurance industry and excel
into executive positions by taking advantage of continuing education
opportunities – through licensure, certification, and associate’s bachelor’s, and
master’s degrees.
The insurance industry is expected to grow approximately 3% from 2008-2018,
and more significant growth is expected over the long term.
Opportunities for advancement are relatively good in the insurance industry; such
opportunities improve upon earning professional underwriting certifications, such
as the Chartered Property and Casualty Underwriter certification.
Success Story from a Professional in the Field
After college, Eleanor Raye took a claims adjustor position just to pay the rent but
ended up falling in love with the insurance industry. It was the beginning of a long
and varied career in property and casualty insurance, where she worked her way up
into management positions and then into vice president, president, and executive
director positions.
After working for a start-up insurance company that eventually closed its doors,
Eleanor was asked to be the Executive Director of the Worcester Country Insurance
Institute, a nonprofit organization that offers high-quality insurance education in a
classroom setting. Valuing high-quality insurance education for students and
employers, she viewed it as a way of giving back to an industry that had been so good
to her.
At the Worcester County Insurance Institute, Eleanor’s main function is working with
companies and agencies to determine what classes they would like to see offered,
interviewing and hiring qualified instructors, and counseling students about
appropriate coursework. She also teaches classes. One of her greatest sources of
satisfaction is hearing students tell her that the classes she recommended were great.
When asked if she had any words of wisdom for students considering a career in
insurance, Eleanor responded, “Bring it on! Learn as much as you can to prepare
yourself for a career that will be interesting and varied, and great opportunities will
come your way!”
Career Options
Median Annual Salary: $32,510
AUDITING CLERK
Recommended Education: H.S.
www.bls.gov/oco/ocos144.htm
Median Annual Salary: $32,740
CUSTOMER SERVICE REPRESENTATIVE
Recommended Education: High School diploma
(H.S.) or G.E.D.
www.bls.gov/oco/ocos280.htm
Median Annual Salary: $45,430
INSURANCE AGENT/BROKER
Recommended Education: Associate’s degree
(A.S.), B.S. preferred
www.bls.gov/oco/ocos118.htm
Median Annual Salary: $55,760
CLAIMS ADJUSTER
Recommended Education: H.S. or G.E.D.
www.bls.gov/oco/ocos125.htm
Median Annual Salary: $56,790
UNDERWRITER
Recommended Education: Bachelor’s degree (B.S.)
www.bls.gov/oco/ocos026.htm
Median Annual Salary: $60,980
RISK MANAGER
Recommended Education: B.S. or advanced
degree
www.onetonline.org/link/summary/13-2099.02
Median Annual Salary: $84,810
ACTUARY
Recommended Education: B.S.
www.bls.gov/oco/ocos041.htm
Worcester Area Employers
Murphy Insurance Agencies
The Hanover Insurance Group
AMGRO, Inc.
Crum & Forster
Commerce Insurance Co.
Harleysville Group, Inc.
v1 11/11
Success Story from a Professional in the Field
Deborah Mathews Finch “fell” into her career in the insurance industry as a human
resources professional. She got her current position through a series of promotions
over many years, starting out as an employment manager for an insurance company
in Michigan. If she had it to do things over, however, she says she would pursue an
underwriting career to learn the insurance business, where the opportunities
abound.
In her position as Vice President of Executive Talent Acquisition at The Hanover
Insurance Group, Deborah is responsible for executive level talent acquisition and
work force planning for Home Office, field, product, and corporate positions. She
needs to know the property and casualty insurance business, competition, strategy
and finances. Her day involves building relationships and evaluating candidates.
What Deborah loves about her work is that every day is different, presents new
challenges and something new to learn.
When asked about her thoughts for students who are looking for a career path,
Deborah responded “The insurance industry offers a very stable (everybody has to
have insurance), interesting, and very diverse experience no matter what your skill
set might be.”
Next Steps
Wondering if the Insurance industry is right for you?
Take a Career Assessment to match your interests with potential careers:
www.qcc.mass.edu/t3/ort/sites.html#careerassess
Research the web links on this page and more:
www.qcc.mass.edu/t3/ort/sites.html#careerinfo
Conduct an Informational Interview. Speak with a live person employed in this
field: www.qcc.mass.edu/t3/ort/sites.html#infointerview
Attend a Career Planning Session: www.QCC.edu/images/capssession.pdf
Speak with an Advisor: www2.qcc.mass.edu/advising/adVCal/advCal/asp
Speak with QCC Faculty who teach Insurance courses.
Sources Used
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook
Handbook, 2010-11 Edition:
Actuaries: www.bls.gov/oco/ocos041.htm
Bookkeeping, Accounting, and Auditing Clerks: www.bls.gov/oco/ocos144.htm
Claims Adjusters, Appraisers, Examiners, and Investigators:
www.bls.gov/oco/ocos125.htm
Customer Service Representatives: www.bls.gov/oco/ocos280.htm
Insurance Sales Agents: www.bls.gov/oco/ocos118.htm
Insurance Underwriters: www.bls.gov/oco/ocos026.htm
Bureau of Labor Statistics, U.S. Department of Labor, Career Guide to Industries,
2010-11 Edition, Insurance: www.bls.gov/oco/cg/cgs028.htm
Employment & Training Administration, U.S. Department of Labor, O*NET
OnLine, Summary Report for: Risk Management Specialists –
www.onetonline.org/link/summary/13-2099.02
National Association of Professional Insurance Agents, Straight Talk about Careers
in Insurance, 1997. www.pianet.com/Publications/careerbrochure.htm
Professional Associations
American Insurance Association: www.aiadc.org
Worcester County Insurance Institute: www.wcii-
edu.com
American Institute for Chartered Property Casualty
Underwriters/Insurance Institute of America:
www.aicpcu.org
Massachusetts Property Insurance Underwriting
Association: www.mpiua.com
Looking for employment,
co-op, internship, or service
learning opportunities?
Contact the Career Placement Office:
www.QCC.edu/pages/Career_Placement.html
Looking for Specific Transfer
Information?
Start at the QCC Transfer web site:
www.qcc.mass.edu/transfer
Make an appointment online with the Transfer
Advisor: www.qcc.mass.edu/transfer/calendar
Email questions to: [email protected].edu
