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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 ...

Brookfield

Risk Analyst

Chicago, IL

Argo and Farm Family partner with agents and brokers to provide insurance solutions that enable businesses to manage risks with confidence. The Enterprise Risk Analyst supports the development ...

William Blair

Risk Analyst

Chicago, IL · On-site

$77K - $95K/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

Catastrophe Risk Analyst

Chicago, IL · On-site

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

Chubb

Vendor Risk Analyst

Chicago, IL · On-site +1

The Vendor Risk Management Analyst will be responsible for assessing, monitoring, and mitigating ... Health insurance * Dental insurance * Tuition reimbursement * A company-match 401(k) plan

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 ...

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

Risk Management Analyst

Northbrook, IL

FIRST Insurance Funding prides itself in its commitment to service. Not only do we provide ... The Risk Analyst is responsible gathering and analyzing information in order to underwrite a ...

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 ...

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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 Jul 21, 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.

How much does an insurance analyst make?

The average salary for an insurance risk analyst is around $70,000 to $85,000 per year, depending on experience, location, and certifications. Entry-level analysts typically earn less, while those with specialized skills or advanced credentials can earn higher salaries. Compensation may also include bonuses and benefits based on performance and company size.

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.

How much do risk analysts get paid?

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

What are Insurance Risk Analysts?

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 a risk analyst do for an insurance company?

An insurance risk analyst evaluates potential risks that could affect an insurance company's financial stability by analyzing data, assessing risk exposure, and developing strategies to mitigate losses. They use statistical tools and industry knowledge to determine policy pricing and ensure the company's risk management aligns with regulatory standards.

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.

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.

Is risk analyst an entry level job?

A risk analyst position can be entry-level or require some experience, depending on the employer. Entry-level risk analyst roles typically require a bachelor's degree in finance, economics, or a related field, and may involve on-the-job training. Advanced roles may require additional certifications or experience in data analysis or risk management tools.

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.

More about Insurance Risk Analyst jobs
What are popular job titles related to Insurance Risk Analyst jobs in Illinois? For Insurance Risk Analyst jobs in Illinois, the most frequently searched job titles are:
What job categories do people searching Insurance Risk Analyst jobs in Illinois look for? The top searched job categories for Insurance Risk Analyst jobs in Illinois are:
What cities in Illinois are hiring for Insurance Risk Analyst jobs? Cities in Illinois with the most Insurance Risk Analyst job openings:
What are popular job titles related to Insurance Risk Analyst jobs in IL? For Insurance Risk Analyst jobs in IL, the most frequently searched job titles are:
Insurance Risk Analyst jobs near you
Infographic showing various Insurance Risk Analyst job openings in Illinois as of July 2026, with employment types broken down into 89% Full Time, and 11% Part Time. Highlights an 94% In-person, and 6% Remote job distribution, with an average salary of $80,659 per year, or $38.8 per hour.
Risk and Insurance Analyst

Risk and Insurance Analyst

Chicago Public Schools

Other

Medical, Dental, Vision, Life, Retirement, PTO

Posted 5 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.

Apply