What Is an Insurance Analyst and How to Become One
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What Does an Insurance Analyst Do?
As an insurance analyst, you use computer software to evaluate insurance policies to determine the risks for a policyholder and an insurance company. You meet with clients and offer recommendations for choosing a policy that suits their needs. You review insurance applications to ensure they are complete and accurate. Other duties include completing policy renewals, changes, and cancellations, analyzing quotes and binders, and verifying record accuracy. You review claims to ensure legitimacy by verifying the details, conducting investigations (going to the scene of an accident, interviewing witnesses, police, etc.), gathering underwriting data, and providing recommendations to management. Some positions require you to create analytical reports to keep clients informed of trends.
How to Become an Insurance Analyst
Qualifications for an insurance analyst include a bachelor’s degree in business administration or a related field with coursework in insurance. Completing an internship will give you an advantage in the job market, and some employers require additional relevant business or industry experience. You should be familiar with a few types of insurance such as medical, life, property, casualty, and commercial. Strong communication skills are essential when working with a wide variety of clients and associates, as well as analytical and technical skills for conducting complex analysis and solving problems. You must be able to work effectively on a team and make formal presentations. Multi-tasking skills and time management are also vital for this position.
