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Insurance Risk Analyst Jobs in Michigan (NOW HIRING)

CSAA

... manage risk, move quickly and deliver exceptional experiences. We're looking for motivated ... Applies insurance knowledge, analytical methodologies, and technical expertise to evaluate business ...

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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 Sep 9, 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 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

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 September 2026, with employment types broken down into 100% Full Time. Highlights an 74% In-person, and 26% Hybrid job distribution, with an average salary of $72,549 per year, or $34.9 per hour.

Analyst - Senior

Detroit, MI • On-site

Blue Cross Blue Shield of Michigan
Insurance Services • 5 - 10K employees
Learn more about Blue Cross Blue Shield of Michiganexternal

Full-time

Re-posted 23 days ago

Blue Cross Blue Shield of Michigan rating

7.8

Company rating: 7.8 out of 10

Based on 28 frontline employees who took The Breakroom Quiz

196th of 315 rated insurance

Job description

IntroductionWith more than 7,000 employees, we are the largest health insurance company in Michigan. We offer an exciting work environment with a diverse group of employees. Our goal is to make health insurance easier for our members. We want to transform the industry and become a resource that people can trust.

Overview

This individual will be responsible for providing Subject Matter Expert (SME) support for Corporate Projects and overseeing the governance of processes and documentation that represent all Service Operations Contact Centers.

Responsible for leading the development and implementation of programs and strategies by identifying insights that enhance business decision making capability. This includes developing or changing workflows and implementing process improvements to enhance organizational products, programs and service to our customers.

Responsibilities

  • Identify and analyze operational data and develop insights in support of business objectives.
  • Develop and improve work flows and business processes within defined areas to improve customer service, decrease operational costs and improve overall quality.
  • Identify and/or analyze business problems and develop recommendations for solutions to problems.
  • Lead the development and implementation of projects and/or teams in order to produce desired results.
  • Document and communicate project concepts, milestones and results.
  • Recommend and assist with implementing standard policies and procedures.
  • Ensure that corporate compliance is communicated, implemented and monitored on an ongoing basis.
  • Participate in systems testing, develop procedures/controls and provide recommendations for the ongoing improvement of the updated process.
  • Provide support to internal departments and external entities by answering questions, supplying information and training.
  • Create and present reports and presentations to display operational data and proposed business changes.

Requirements

  • Bachelor's Degree in a related field is preferred.
  • Four (4) years of experience in a related field is required.
  • Excellent analytical and problem-solving skills to identify, evaluate, recommend and implement changes to processes or procedures to address problems and improve departmental effectiveness.
  • Organizational skills and ability to prioritize; must be able to lead multiple activities with varying timelines.
  • Excellent verbal, written communication and interpersonal skills.
  • Ability to lead and contribute to business unit and/or corporate projects.
  • Proficient in Microsoft Office Suites.
  • Ability to develop and maintain effective working relationships.

Departmental Preferences 

  • 3-5 years experience working in a Contact Center or a support area, with ability to demonstrate extensive business knowledge, including knowledge of applicable processes and procedures.

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