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Insurance Risk Analyst Jobs in Illinois (NOW HIRING)

First Industrial

Insurance Coordinator

Chicago, IL · On-site

$58K - $68K/yr

Interacts with Corporate Insurance/Risk Management when needed to adjust contract requirements or complete internal waiver documentation. Essential Job Functions * Analyze and interpret lease and ...

Wintrust

Analyst, Counterparty Credit Risk

Rosemont, IL · On-site

$59K - $77K/yr

Position Overview The Counterparty Credit Risk Analyst will assist the VP and Department SVP in ... Insurance, Sovereign, and Mortgage counterparties, as well as Third-Party Vendors) are appropriate ...

Wintrust

Analyst, Counterparty Credit Risk

Rosemont, IL · On-site

$59K - $77K/yr

Position Overview The Counterparty Credit Risk Analyst will assist the VP and Department SVP in ... Insurance, Sovereign, and Mortgage counterparties, as well as Third-Party Vendors) are appropriate ...

Topstep

Chargeback and Abuse Risk Analyst

Chicago, IL · On-site +1

$80K - $90K/yr

The Chargeback and Abuse Risk Analyst is an independent decision-maker and subject matter expert on ... Competitive 401(k) matching, health, dental, and vision insurance are offered for full-time ...

Topstep

Chargeback and Abuse Risk Analyst

Chicago, IL · On-site

$80K - $90K/yr

The Chargeback and Abuse Risk Analyst is an independent decision-maker and subject matter expert on ... Competitive 401(k) matching, health, dental, and vision insurance are offered for full-time ...

Invenergy

Manager, Insurance (Captive)

Chicago, IL · On-site

Provide regulatory, insurance, risk management, underwriting expertise, and administrative captive ... Strong analytical and problem-solving skills and good attention to details. * Exceptional ...

At-Bay

Senior Actuarial Analyst, Pricing

Chicago, IL

$120K - $135K/yr

Senior Actuarial Analyst DRIVE PROFITABLE GROWTH FOR THE BUSINESS About At-Bay At-Bay is the world ... cyber risk head on. By combining industry-leading insurance with world-class cybersecurity ...

At-Bay

Senior Actuarial Analyst, Pricing

Chicago, IL · On-site

$120K - $135K/yr

Senior Actuarial Analyst DRIVE PROFITABLE GROWTH FOR THE BUSINESS About At-Bay At-Bay is the world ... cyber risk head on. By combining industry-leading insurance with world-class cybersecurity ...

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Showing results 1-20

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 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.

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
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Insurance Risk Analyst jobs near you

Insurance Coordinator

First Industrial

Chicago, IL • On-site

$58K - $68K/yr

Full-time

Posted 19 days ago

Job description

General Summary

Investigates, analyzes, and determines compliance of tenants/vendors with lease and contract insurance requirements for assigned region(s). Responsible to collect and verify that active tenants and vendors have valid COIs on file at all times. Supports Company’s contractual risk transfer program by collecting and verifying timely renewals of Certificates of Insurance (COI’s). Reviews and approves incoming COIs and documents insurance policy data in the Company’s proprietary tracking software applications. Analyzes lease agreements and vendor contracts to confirm accuracy of contract requirement data input to the software applications. Resolves non-compliance with contract requirements. Interacts with Corporate Insurance/Risk Management when needed to adjust contract requirements or complete internal waiver documentation.

Essential Job Functions
  1. Analyze and interpret lease and vendor contract language to ensure compliance and support insurance coordination efforts.
  1. Performs the collection, analysis, and data input of Certificate of Insurance “COI” data with accuracy and timeliness.
  1. Interacts with tenants, vendors and assigned regional offices to identify and resolve outstanding COI compliance issues, including confirmation that appropriate leases and contracts are scanned into AskFred/OnBase.
  1. Become proficient in the Company COI tracking software applications and follow established review process.
  1. Ability to comprehend insurance policies, cancellations, reinstatements, endorsements and other insurance-related documents.
  1. Follows up with insurance agents, brokers, tenants and vendors when necessary to obtain outstanding COIs.
  1. Processes internal waiver forms for tenants or vendors, where appropriate and as approved by regional VPO and Corporate Insurance/Risk Management
  1. Performs related functions such as running periodic compliance reports, responding to routine questions from assigned manager and Corporate Insurance/ Risk Management. Assists in fielding questions regarding the annual Loss Control Report Card.
  1. Performs other duties as assigned, some of which may be essential to the job.

Knowledge, Skills & Abilities

  1. Must have knowledge of customary property/casualty insurance policies, COI evidence and their relationship to real estate. Bachelor’s degree and/or experience in audit or compliance is preferred.
  1. Must possess strong analytical skills to effectively interpret and understand lease and vendor contract language
  1. Good interpersonal, written and telephone communication skills to respond promptly to internal and external inquiries with courtesy and professionalism.
  1. Strong organization and time management skills, able to work independently adhering to deadlines.
  1. Computer skills necessary to enter and manipulate words and data and use the Company’s proprietary software to communicate with others, prepare documentation, and/or analyze data.
  1. Internal Contacts: All levels of personnel within the corporate and regional offices to gather and exchange information.
  1. External Contacts: Insurance agents/brokers, tenant and vendor representatives.

Physical Requirements

  1. Work requires regularly sitting for extended periods of time when working with computer system.
  1. Work performed in a normal office environmental where there are relatively few physical discomforts due to dust, dirt and noise.

How to Apply

To apply for this position, please visit http://www.firstindustrial.com and submit a resume and cover letter through our “Careers” section.

Equal Employment Opportunity

First Industrial Realty Trust, Inc. is an Equal Opportunity Employer Committed to Diversity, M/F/D/V