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Insurance Risk Analyst Jobs in Michigan (NOW HIRING)

Ilitch Companies

Risk & Finance Analyst

Detroit, MI · On-site

Conduct detailed financial analysis and risk assessments for the captive insurance companies. * Prepare comprehensive financial reports and dashboards for leadership, highlighting key performance ...

Ilitch Companies

Risk & Finance Analyst

Detroit, MI

Conduct detailed financial analysis and risk assessments for the captive insurance companies. * Prepare comprehensive financial reports and dashboards for leadership, highlighting key performance ...

Huntington

Segment Risk Specialist Sr

Detroit, MI · On-site +1

$57K - $113K/yr

Description The Senior Risk Analyst is responsible for identifying, assessing, and mitigating ... insurance, retirement savings plan, paid leave programs, paid holidays and paid time off (PTO)

Huntington

Segment Risk Specialist Sr

Detroit, MI · On-site +1

$57K - $113K/yr

Description The Senior Risk Analyst is responsible for identifying, assessing, and mitigating ... In addition, Huntington provides a variety of benefits to colleagues, including health insurance ...

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Insurance Risk Analyst information

See Michigan salary details

$42.7K

$72.5K

$136K

How much do insurance risk analyst jobs pay per year?

As of Jun 18, 2026, the average yearly pay for insurance risk analyst in Michigan is $72,549.00, according to ZipRecruiter salary data. Most workers in this role earn between $56,700.00 and $75,400.00 per year, depending on experience, location, and employer.

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 between $60,000 and $80,000, with experienced professionals or those in senior roles earning over $100,000. Salaries vary based on experience, location, and certifications such as the Chartered Property Casualty Underwriter (CPCU).

What is the highest paid position in insurance?

In insurance, executive roles such as Chief Underwriting Officer, Chief Risk Officer, or Chief Executive Officer tend to be the highest paid positions, often earning six- to seven-figure salaries. These roles require extensive experience, leadership skills, and often advanced certifications or degrees, and they oversee strategic decision-making and risk management at the highest level.

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 policyholders' risk profiles, and using statistical tools. They help determine appropriate premiums and develop strategies to mitigate losses, often working with underwriting teams and utilizing risk management software.

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 several years of experience, depending on the employer and specific role. Entry-level risk analyst jobs typically require a bachelor's degree in finance, economics, or a related field, and may involve on-the-job training or certifications such as FRM or CRM. More advanced roles may require prior experience or specialized skills in data analysis or risk modeling.

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 Michigan? For Insurance Risk Analyst jobs in Michigan, the most frequently searched job titles are:
What job categories do people searching Insurance Risk Analyst jobs in Michigan look for? The top searched job categories for Insurance Risk Analyst jobs in Michigan are:
What are popular job titles related to Insurance Risk Analyst jobs in MI? For Insurance Risk Analyst jobs in MI, the most frequently searched job titles are:
Insurance Risk Analyst jobs near you
Risk & Insurance Manager

Risk & Insurance Manager

University of Michigan

Ann Arbor, MI • On-site

$110K - $135K/yr

Full-time

This job post has expired today. Applications are no longer accepted.

University Of Michigan rating

8.1

Company rating: 8.1 out of 10

Based on 140 frontline employees who took The Breakroom Quiz

131st of 537 rated colleges and universities

Job description

How to Apply
A cover letter is required for consideration for this position and should be attached as the first page of your resume. The cover letter should address your specific interest in the position and outline skills and experience that directly relate to this position.
Job Summary
The Risk & Insurance Manager supports university risk management initiatives including risk assessment, alternative risk financing, risk transfer, and risk control through the identification and analysis of property and casualty risk exposures. The Risk & Insurance Manager contributes to the development and implementation of risk treatment, transfer, and mitigation strategies and tools that optimize outcomes consistent with the risk tolerance of the institution and its stakeholders.
The Office of Insurance and Claims Administration (ICA) is a multipurpose office based on the central campus in Ann Arbor, Michigan. ICA supports the research and academic mission of the university and medical center by managing risk, procuring and administering insurance, enhancing organizational resilience, and mitigating loss. ICA's mission is to be a valued partner and resource, creating innovative risk management solutions, delivering quality guidance to address emerging and established risks, assisting in loss prevention and minimization, administering a robust insurance portfolio, and proactively managing the identification and mitigation of risk opportunities. ICA staff are skilled professionals who serve the insurance, risk, and business continuity needs of the university community.
The Risk & Insurance Manager assists in independently administering large, complex portions of the university's self-insurance and commercial insurance program. Consults with various university affiliates and third parties regarding coverage and exposure, analyzes policy language, recommends coverage limits and scope, and assists with data gathering for efficient procurement. Serves as a contact for internal customers and external brokers/carriers. Responsibilities may include producing financial analyses related to the university's captive insurer, Veritas; supporting claims management, contract review, and coordination; collecting, analyzing, and disseminating insurance data and trends; and participating in projects to enhance university resilience and reduce costs.
Responsibilities*
Risk Transfer
  • Support the Director and ICA team in developing and managing the university's risk transfer program, evaluating new and current insurance products.
  • Analyze claims and insurance data, create reports to identify and assess exposures across lines of business, and assist in the selection of appropriate insurance products. Utilize claims databases to review data and produce reports.
  • Support coordination of insurance program renewals, assisting in the completion and processing of insurance application documents and gathering information from university partners.
  • Lead contract review as a core function, develop and implement contract review processes, aggregate stakeholder concerns, identify insurance and risk exposures within agreements, and escalate risks as necessary. Analyze insurance contract language and support recommendations on coverage limits, scope of policy provisions, and levels of retention. Negotiate insurance requirements as needed to ensure contracts align with university risk tolerance and compliance standards.
  • Maintain familiarity with insurance markets, identify gaps in coverage, and support efforts to secure favorable terms.

Insurance Program Administration
  • Assist in managing portions of the university's self-insured and commercial insurance portfolio.
  • Consult with university units, affiliates, and third parties regarding coverage and exposure.
  • Help coordinate data gathering for policy procurement, evaluate the efficient use of funds, and identify areas for improvement in coverage or cost reduction.
  • Provide support for daily internal administrative tasks and financial analyses relevant to captive insurance arrangements.
  • Develop, organize, and implement the annual stakeholder meetings with brokers and commercial insurance partners, facilitating open communication, renewal strategy discussions, and partnership building.

Risk Management Guidance and Policy
  • Build collaborative relationships with stakeholders, offering guidance on insurance-related questions, coverage issues, and risk management best practices.
  • Assist in developing risk management procedures.
  • Provide support for training and presenting risk management topics.
  • Participate in projects to increase efficiencies, enhance university resilience, and reduce costs.

Supervisory Responsibilities
  • Provide direct supervision, guidance, and support to the Regional Risk Analyst, including assigning tasks, overseeing daily activities, and offering technical and professional mentoring.
  • Evaluate performance, facilitate training and development, and ensure alignment of work with departmental objectives and best practices in risk management.
  • Foster a collaborative and inclusive environment to enhance productivity and professional growth for the Regional Risk Analyst.

Underwriting Responsibilities
  • Assist with underwriting responsibilities as a supporting function, including reviewing risk-related information and data to support assessments of exposure, coverage, and premium pricing.
  • Collaborate with internal stakeholders to gather necessary underwriting information for specific insurance placements or renewals.
  • Provide input on risk profiles and help ensure appropriate risk characterization for submission to carriers and brokers.

Required Qualifications*
  • Bachelor's degree in business administration, finance, insurance, or a related field and six (6) years of insurance experience, or an equivalent combination of education and experience.
  • Experience in insurance program planning and administration.
  • Experience with captive insurance programs, especially Vermont domiciled captives.
  • Demonstrated proficiency in information analysis, organization, and presentation.
  • Knowledge of insurance contract language, negotiations, problem solving, creativity, and program management.
  • Familiarity with analytical tools/methodologies; experience conducting and utilizing mathematical research methods.
  • Ability to statistically analyze and interpret data, effective written and oral communication skills.
  • Excellent organizational and time management skills.
  • Ability to work independently, meet project deadlines, and adjust quickly to shifting priorities, multiple demands, ambiguity, and rapid change.
  • Ability to travel; ability to work nonstandard business hours, including weekends and holidays.
  • Demonstrated ability to build strong collaborative working relationships across university communities.

Desired Qualifications*
  • Eight (8) to twelve (12) years of commercial insurance program administration experience at a large, complex organization, or an equivalent combination of education, training and experience.
  • Advanced degree and/or professional accreditation in business, public administration, law, or a related field.
  • Associate in Risk Management (ARM), Chartered Property Casualty Underwriter (CPCU), Certified Insurance Counselor (CIC), or Certified Risk Manager (CRM) designations preferred.
  • Experience in claims investigation, consultation, loss prevention, underwriting, and claims management.
  • Experience designing and implementing loss control, alternative risk financing, and risk transfer best practices.
  • Extensive knowledge of insurance contract language and experience negotiating favorable pricing, terms, and conditions.
  • Understanding of enterprise risk management and emergency management practices.
  • Higher education administrative or management experience.
  • Executive level communication proficiency, both written and verbal.

Modes of Work
Positions that are eligible for hybrid or mobile/remote work mode are at the discretion of the hiring department. Work agreements are reviewed annually at a minimum and are subject to change at any time, and for any reason, throughout the course of employment. Learn more about the work modes .
Application Deadline
Job openings are posted for a minimum of seven calendar days. The review and selection process may begin as early as the eighth day after posting. This opening may be removed from posting boards and filled any time after the minimum posting period has ended.
U-M EEO Statement
The University of Michigan is an equal employment opportunity employer.
Job Detail
Job Opening ID
278244
Working Title
Risk & Insurance Manager
Job Title
Risk Manager
Work Location
Ann Arbor Campus
Ann Arbor, MI
Modes of Work
Hybrid
Full/Part Time
Full-Time
Regular/Temporary
Regular
FLSA Status
Exempt
Organizational Group
Risk Management Admn
Department
Risk Finance Administration
Posting Begin/End Date
6/01/2026 - 6/15/2026
Salary
$110,000.00 - $135,000.00
Career Interest
Finance

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About University of Michigan

Sourced by ZipRecruiter

The University of Michigan (U-M), based in Ann Arbor, MI, US, is one of America's most esteemed institutions in higher education. Established in 1817, it presides in the industry of education and research, providing a range of services including undergraduate, graduate, and professional education programs. Complementing this is an extensive research activity that has significantly contributed to various fields, from healthcare to engineering, humanities to sports. Upholding its mission "to serve the people of Michigan and the world through preeminence in creating, communicating, preserving and applying knowledge, art, and academic values", U-M consistently ranks among the top universities globally, a testament to its tradition of excellence in learning and research, and a deep commitment to innovation and discovery.

Industry

Colleges, universities, and professional schools

Company size

10,000+ Employees

Headquarters location

Ann Arbor, MI, US

Year founded

1817

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