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Insurance Risk Analyst Jobs in Illinois (NOW HIRING)

Chicago Public Schools

Reporting to the Risk and Insurance Manager, the Risk and Insurance Analyst assists in the administration of various financial and risk management matters for CPS. This position involves ...

Alera Group

Risk Analyst

Deerfield, IL · On-site +1

$87K - $110K/yr

OVERVIEW Risk Analyst Location: Deerfield, IL | Remote Department: Corporate Services Overview At ... We are passionate about our clients' success in Employee Benefits, Property & Casualty Insurance ...

Primient

Sr. Risk Analyst

Schaumburg, IL · On-site

This role requires a deep understanding of insurance policies, industry regulations, and advanced risk modeling techniques. You will collaborate with cross-functional teams to identify control gaps ...

Primient

Sr. Risk Analyst

Schaumburg, IL

This role requires a deep understanding of insurance policies, industry regulations, and advanced risk modeling techniques. You will collaborate with cross-functional teams to identify control gaps ...

William Blair

Senior Risk Analyst

Chicago, IL · On-site

$100K - $115K/yr

The Risk Analyst will identify and analyze potential operational, financial, legal and regulatory ... and life insurance, 401(k), profit sharing, paid time off, Maven family & fertility benefit ...

SageSure

Senior Catastrophe Risk Analyst

Chicago, IL · On-site

SageSure, a leader in catastrophe-exposed property insurance, is seeking a Senior Catastrophe Risk Analyst. In this role, you'll play a critical part in advancing the scientific, statistical, and ...

Wintrust

Senior IT Risk Analyst

Rosemont, IL · Hybrid

$98K - $110K/yr

Position Overview The Senior IT Risk Analyst (Audit concentration) role supports IT Risk Leadership ... Benefits Medical Insurance Dental Vision Life insurance Accidental death and dismemberment Short ...

Wintrust

Senior IT Risk Analyst

Rosemont, IL · On-site

$98K - $110K/yr

Position Overview The Senior IT Risk Analyst (Audit concentration) role supports IT Risk Leadership ... Benefits Medical Insurance • Dental • Vision • Life insurance • Accidental death and ...

University of Utah

Risk Analysts

Campus, IL · On-site

$50K - $60K/yr

Details Open Date 08/25/2026 Requisition Number PRN46010B Job Title Risk Analysts Working Title Risk Insurance Assistant Career Progression Track P00 Track Level P2 - Developing FLSA Code ...

University of Utah

Risk Analysts

Campus, IL · On-site

$50K - $60K/yr

Details Open Date 08/25/2026 Requisition Number PRN46010B Job Title Risk Analysts Working Title Risk Insurance Assistant Career Progression Track P00 Track Level P2 - Developing FLSA Code ...

University of Utah

Risk Analysts

Campus, IL · On-site

$50K - $60K/yr

Details Open Date 08/25/2026 Requisition Number PRN46010B Job Title Risk Analysts Working Title Risk Insurance Assistant Career Progression Track P00 Track Level P2 - Developing FLSA Code ...

Indeed

Senior Insurance Analyst

Chicago, IL · On-site

Maintain and update risk management documentation (e.g., certificates of insurance, local policies) to ensure accuracy and consistency across entities. * Partner with Finance to ensure premium ...

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All JobsInsurance Risk Analyst JobsInsurance Risk Analyst Jobs in Illinois

Insurance Risk Analyst information

See Illinois salary details

$47.5K

$80.7K

$151.2K

How much do insurance risk analyst jobs pay per year?

As of Sep 1, 2026, the average yearly pay for insurance risk analyst in Illinois is $80,659.00, according to ZipRecruiter salary data. Most workers in this role earn between $63,000.00 and $83,800.00 per year, depending on experience, location, and employer.

What is an insurance risk analyst?

Insurance Risk Analysts are professionals who assess and analyze potential risks that could affect an insurance company or its clients. They evaluate data and financial information to determine the likelihood and potential cost of events such as accidents, natural disasters, or other losses. Their work helps insurance companies set appropriate premiums and develop strategies to minimize financial loss. Insurance Risk Analysts also monitor trends and provide recommendations to reduce risk exposure.

What does an insurance risk analyst do?

An insurance risk analyst performs a variety of duties related to assessing risks your clients may undergo and how to insure them properly. You collect and analyze data, such as past claims in the industry, competitor pricing, and various risk management strategies to help your company keep costs down. Qualifications for the job include career training, education, and specialized skills. Typically, you need a bachelor’s degree in accounting or finance and some work experience in the industry. Important skills include an excellent eye for detail and strong analytical problem-solving.

What are the key skills and qualifications needed to thrive as an insurance risk analyst, and why are they important?

To thrive as an Insurance Risk Analyst, you need strong analytical skills, a solid understanding of risk assessment methodologies, and typically a bachelor’s degree in finance, mathematics, or a related field. Familiarity with statistical software, risk modeling tools, and certifications such as Chartered Property Casualty Underwriter (CPCU) or Associate in Risk Management (ARM) are often required. Attention to detail, critical thinking, and effective communication are crucial soft skills for interpreting data and presenting findings to stakeholders. These skills ensure accurate risk evaluation, informed decision-making, and the development of effective risk mitigation strategies within insurance organizations.

What are some common challenges faced by insurance risk analysts in evaluating emerging risks?

Insurance Risk Analysts often encounter challenges when assessing emerging risks such as cyber threats, climate change, or new technologies, as there may be limited historical data available. This requires them to continuously update their knowledge, collaborate with underwriters, actuaries, and external experts, and adopt advanced analytical tools to make informed recommendations. Staying proactive in identifying trends and adapting risk models is essential for success in this dynamic environment.

What is the difference between Insurance Risk Analyst vs Insurance Underwriter?

AspectInsurance Risk AnalystInsurance Underwriter
Required CredentialsBachelor's degree in finance, economics, or related field; certifications like CPCU or ARM beneficialBachelor's degree in finance, economics, or related field; certifications like CPCU or ARM beneficial
Work EnvironmentAnalyzes data, assesses risks, and provides reports; often in an office settingEvaluates applications, determines policy terms, and approves or declines coverage; office-based
Employer & Industry UsageInsurance companies, risk management firms, consulting agenciesInsurance companies, brokerage firms, underwriting agencies

While both roles require similar credentials and work in the insurance industry, Insurance Risk Analysts focus on analyzing and quantifying risks to inform decision-making, whereas Insurance Underwriters evaluate individual applications to determine policy terms. Understanding these differences helps clarify career paths and employer expectations in the insurance sector.

How much do insurance risk analysts get paid?

Insurance risk analysts typically earn a median annual salary of around $70,000 to $90,000, depending on experience, location, and industry. Entry-level positions may start lower, while experienced analysts or those with specialized skills can earn over $100,000 annually.

How much does an insurance risk analyst make?

The average salary for an insurance risk analyst is around $70,000 to $90,000 per year, depending on experience, location, and industry. Entry-level positions typically start lower, while experienced analysts with certifications can earn higher salaries. Skills in data analysis and risk assessment tools are often required for higher-paying roles.

Is an insurance risk analyst a good career?

An insurance risk analyst is a professional who assesses and manages risks for insurance companies, often requiring strong analytical skills and knowledge of insurance policies. The role offers opportunities for career growth, stability, and the potential for specialization in areas like underwriting or data analysis, with many positions requiring relevant certifications or degrees. Overall, it can be a stable and rewarding career for those interested in finance, risk management, and data analysis.
More about Insurance Risk Analyst jobs

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Insurance Risk Analyst jobs near you
Infographic showing various Insurance Risk Analyst job openings in Illinois as of August 2026, with employment types broken down into 1% As Needed, 57% Full Time, 38% Part Time, and 4% Contract. Highlights an 91% Physical, 1% Hybrid, and 8% Remote job distribution, with an average salary of $80,659 per year, or $38.8 per hour.

Risk and Insurance Analyst

Chicago Public Schools

Chicago, IL • On-site

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 18 days ago

Job description

Chicago Public Schools (CPS) is a district on the rise, serving over 325,000 students in 500+ schools and employing over 45,000 people, most of them teachers. CPS has set ambitious goals to ensure that every student, in every school and every neighborhood, has access to a world-class learning experience that prepares each for success in college, career, and civic life. Aligned with our transformed philosophy, we are steadfastly focused on ensuring that the District provides resources equitably to support every student, every school, and every community. Six core values guide the work we do every day for our students - student-centered, whole child, equity, academic excellence, community partnership, and continuous learning. Each role in the district supports our vision that every student deserves a rigorous, joyful, and equitable learning experience.
The Office of Finance maintains the fiscal integrity of Chicago Public Schools (CPS) and provides financial leadership to the Chicago Board of Education according to state and federal legislation, government regulations, Board policies, and sound financial practices. Under the Treasurer, the Office of Risk Management is responsible for managing the property and casualty exposure of the district's plant and operations through insurance policies, self-insurance, claims administration, and risk transfer via vendor contracts.
Job Summary:
Reporting to the Risk and Insurance Manager, the Risk and Insurance Analyst assists in the administration of various financial and risk management matters for CPS. This position involves collaborating with CPS staff, financial professionals, insurance brokers, and vendors to identify and mitigate operational risks - making a positive impact on the public education system and the students we serve. This is a full-time, exempt position that will be paid for time worked on a salary basis.
The Risk and Insurance Analyst will be held accountable for the following responsibilities:
  • Aid in the compliance review of insurance requirements for CPS vendors, based on the guidelines established by the Office of Risk Management.
  • Oversee the issuance of CPS Certificates of Insurance to vendor partners within established limits for special event contracts.
  • Review and evaluate insurance requirements for license agreements or short-term rental contracts related to the use of CPS property.
  • Monitor and work with CPS Student Transportation vendors by maintaining proper insurance policy details and proof of coverage for ongoing reference.
  • Contribute to the annual organization and gathering of information for CPS's own insurance renewal applications, covering liability, property, and specialty areas.
  • Participate in various Risk Management processes, including contracts review, vendor outreach and communication, relationship management, and reporting.
  • Handle various department-related inquiries, escalate when necessary for further review; maintaining accurate records.
  • Coordinate payments for departmental vendor invoices and other payment responsibilities related to Risk Management.
  • Support the Office of Risk Management to achieve department goals.
  • Other duties as assigned.

In order to be successful and achieve the above responsibilities, the Risk and Insurance Analyst must possess the following qualifications:
Education Required:
  • Bachelor's degree from an accredited college or university, preferably in Business Administration, Finance or Risk Management or similarly related field.

Experience Required:
  • Minimum of (3) years of experience in business administration, finance, risk management, or insurance.

Knowledge, Skills, and Abilities:
  • Strong analytical, financial, and problem-solving skills.
  • Ability to interpret and apply CPS Rules and Policies.
  • Excellent communication skills for effective collaboration with various stakeholders.
  • Proficient in Microsoft Office, with advanced Excel skills.
  • Familiarity with Enterprise Financial Systems (EFS) preferred.
  • Adept user of the internet, email, and other office automation systems.
  • Ability to define problems, analyze data, and outline valid conclusions and action steps.

Benefits:
Health & Wellness: Your Care, Your Choice
CPS is committed to providing comprehensive health coverage to our employees and their eligible dependents. You'll have access to a variety of choices to best fit your needs:
Medical Plan Options
Pharmacy
Dental
Vision
Behavioral Health & EAP
Employee Wellness Program
Financial Security: Planning for Today and Tomorrow
We understand the importance of financial stability, which is why CPS offers strong retirement and savings options:
Basic Life Insurance
Life and Disability Insurance
Pension Plans
Supplemental Retirement Plans (403(b) and 457(b))
Flexible Spending Accounts (FSAs)
Spot Pet Insurance
Work-Life Balance: Supporting Your Personal and Professional Life
CPS values the well-being of its employees and offers competitive paid time off policies:
Paid Leave
Sick Leave
Vacation Days
Parental Leaves
Short-Term Disability
Religious Holidays
Leaves
Reference the Chicago Public Schools: A Comprehensive Benefits Overview or the benefits handbook for comprehensive details.
Conditions of Employment
As a condition of employment with the Chicago Public Schools (CPS), employees are required to:
  • Establish/Maintain Chicago Residency - Employees are required to live within the geographic boundaries of the City of Chicago within six months of their CPS hire date and maintain residency throughout their employment with the district. The Chicago residency requirement does not apply to temporary/part-time positions; however, all CPS employees must be residents of Illinois.

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