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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 · 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 ...

UFP Industries

Insurance Coordinator

Grand Rapids, MI · On-site

Supporting the Risk Analyst and Senior Manager of Insurance with various insurance-related tasks * Pitching in with other duties as needed -- every day brings something new! We're seeking someone who ...

UFP Industries

Insurance Coordinator

Grand Rapids, MI · On-site

Supporting the Risk Analyst and Senior Manager of Insurance with various insurance-related tasks * Pitching in with other duties as needed - every day brings something new! We're seeking someone who ...

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All JobsInsurance Risk Analyst JobsInsurance Risk Analyst Jobs in Michigan

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 Jul 30, 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.

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 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
Infographic showing various Insurance Risk Analyst job openings in Michigan as of July 2026, with employment types broken down into 3% Locum Tenens, 83% Full Time, 9% Part Time, 1% Temporary, and 4% Contract. Highlights an 85% Physical, 6% Hybrid, and 9% Remote job distribution, with an average salary of $72,549 per year, or $34.9 per hour.

Manager Corporate Insurance Risk Finance - Onsite

McLaren Health Care Corporation

Grand Blanc, MI • On-site

Full-time

Posted 8 days ago

McLaren Health Care rating

6.7

Company rating: 6.7 out of 10

Based on 220 frontline employees who took The Breakroom Quiz

532nd of 890 rated healthcare providers

Job description

Position Summary:
Responsible for the strategic administration of the organization's enterprise insurance and risk financing programs, including oversight of the commercial property and casualty insurance portfolio, workers' compensation program, and assisting leadership with management of the self-insured captive. Leads insurance procurement, claims management, contract risk transfer, policy interpretation, and coverage analysis to optimize financial protection and minimize organizational risk. Partners with brokers, insurers, actuaries, legal counsel, and operational leadership to evaluate emerging risks, develop cost-effective risk financing strategies, and maximize insurance recoveries. Provides analytical support through risk exposure modeling and insurance program performance metrics. Oversees insurance compliance activities, including certificates of insurance, contractual insurance requirements, regulatory reporting, and premium audits.
Essential Functions and Responsibilities as Assigned:
1. Leads the procurement and administration of the organization's commercial property and casualty (P&C) insurance programs, including underwriting submissions, broker and carrier negotiations, policy placement, coverage analysis, policy review, premium allocation, invoice approval, premium audits, and renewal management.
2. Develops annual insurance budgets, premium allocation methodologies, and maintains department manuals, databases, records, policies, and schedules.
3. Monitors state insurance assessments and other regulatory requirements affecting insurance programs.
4. Assist leadership in the oversight of McLaren's self-insured captive insurance company and other risk financing initiatives.
5. Reviews contracts, leases, and other agreements to evaluate insurance requirements, indemnification provisions, and contractual risk transfer provisions to ensure adequate protection of organizational interests.
6. Independently manages Workers' Compensation (WC) program and property, automobile, and other P&C claims through final resolution.
7. Analyzes claim exposures, determines applicable insurance coverage, develops recovery strategies, and maximizes claim reimbursements, including subrogation opportunities.
8. Conducts on-site and off-site claim investigations, prepares claim submissions, coordinates with carriers and third-party administrators (TPA), and monitors claim activity through final disposition.
9. Performs financial and operational risk analyses, including loss trends and organizational exposure assessments to recommend strategies to reduce or transfer risk.
10. Coordinates, prepares, and authorizes Certificates of Insurance (COI) and review external COIs for compliance with contract requirements.
11. Manages organizational insurance compliance activities, including claims verification, motor vehicle reports, and insurance documentation.
Qualifications:
Required:
• Bachelor of Business Administration (BBA), Accounting, Insurance, Risk Management, or related field.
• Seven years of related professional experience in risk management or commercial insurance/brokerage. Experience in claims oversight and settlement. An advanced knowledge of insurance (including underwriting, coverage forms, preferred endorsements, and loss control activities), risk financing, and actuarial methods.
Preferred:
  • Designated as a Chartered Property Casualty Underwriter (CPCU)
  • Designated as a Chartered Financial Consultant (ChFC)

• Juris Doctor (JD) degree from an accredited law school (active license not necessary).

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