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Insurance Risk Analyst Jobs in Michigan (NOW HIRING)

AAA Life Insurance Company

Data Analyst III

Livonia, MI · On-site

Master's preferred * 5+ years of experience in data analytics, compliance, internal audit, or risk management within financial services or insurance Position Success Criteria * Analytical & Technical ...

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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 Aug 20, 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

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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:

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Insurance Risk Analyst jobs near you
Infographic showing various Insurance Risk Analyst job openings in Michigan as of August 2026, with employment types broken down into 1% As Needed, 70% Full Time, 21% Part Time, 2% Temporary, 5% Contract, and 1% Nights. Highlights an 89% Physical, 1% Hybrid, and 10% Remote job distribution, with an average salary of $72,549 per year, or $34.9 per hour.

Aetna/CVS Health Virtual Underwriting Externship Program

CVS Health

Ann Arbor, MI • On-site

Other

This job post has expired 1 day ago. Applications are no longer accepted.

CVS Health rating

5.8

Company rating: 5.8 out of 10

Based on 4,339 frontline employees who took The Breakroom Quiz

90th of 112 rated pharmacies

Job description

Bring your heart to CVS Health. Every one of us at CVS Health shares a single, clear purpose: Bringing our heart to every moment of your health. This purpose guides our commitment to deliver enhanced human-centric health care for a rapidly changing world. Anchored in our brand — with heart at its center — our purpose sends a personal message that how we deliver our services is just as important as what we deliver.

Our Values in Action support this purpose. We want everyone who works at CVS Health to feel empowered by the role they play in transforming our culture and accelerating our ability to innovate and deliver solutions to make health care more personal, convenient, and affordable.

Position Summary:

Are you a current college student eager to explore the dynamic world of insurance and underwriting? Join us for a transformative 3-week virtual externship program designed to introduce you to the fundamentals of underwriting and risk analysis and offer professional development sessions to build your professional skill set. This program is ideal for individuals looking to learn more about the underwriting field and jump start their career with an industry leader.

The Underwriting Externship Program looks to provide externs with immersive, hands-on underwriting experience that helps them understand the role of a full-time underwriter and Aetna’s underwriting organization. This program serves as one of the primary pipelines for the Underwriting Internship Program and the full-time Underwriting Leadership Development Program.

You will also have the opportunity to apply and interview for a position in our 2028 Summer Corporate Underwriting Internship Program (UIP). This program is intended to take place at our Hartford, CT office location following a hybrid work model.

Position: Underwriting Extern

Duration: Three Week Program; Tuesday, Wednesday, Thursday from 3:00pm-4:30pm ET

Program Dates:

  • Week 1: September 29th, 30th and October 1st
  • Week 2: October 6th, 7th, 8th
  • Week 3: October 13th, 14th, 15th

Location: Remote/Virtual (Using your own personal laptop/computer)

Program Overview:

  • Unpaid Educational Experience: Participants who complete the program will receive priority during the following internship recruiting season.
  • Introduction to Underwriting: Learn the basics of underwriting, risk analysis, and pricing strategies.
  • Virtual Training Sessions: Engage in interactive virtual sessions led by industry experts to deepen your understanding of underwriting concepts and practices.
  • Case Studies: Apply your knowledge to real-world scenarios and collaborate with peers to analyze risks, make underwriting decisions, and present recommendations.
  • Professional Development: Gain insights into career paths within the insurance industry, receive mentorship from seasoned professionals, and build foundational skills in communication, problem solving, and decision-making.
  • Networking Opportunities: Connect with company leaders, underwriters, and other industry professionals to expand your network and gain valuable insights into the industry.

Required Qualifications:

  • Currently enrolled in an undergraduate program; Sophomore students preferred (12/2028 – 5/2029 Graduation date).
  • Access to a computer with reliable internet connection for virtual sessions.
  • Available for ALL Externship Dates (listed above)

Preferred Qualifications:

  • Majors in: Risk Management/Insurance, Math, Statistics, Business Analytics, Economics (and related majors)
  • Strong analytical skills and attention to detail.
  • Excellent communication and interpersonal skills.
  • Curiosity about the insurance industry and eagerness to learn about underwriting and risk analysis.

Program Highlights:

  • Gain a comprehensive understanding of underwriting and risk analysis from industry leaders.
  • Develop foundational skills essential for a successful career in the insurance industry.
  • Build a professional network and establish connections with insurance professionals.
  • Receive a certificate of completion at the end of the externship.
  • Receive priority in the following underwriting internship recruiting process.

Recruiting Process:

To be considered, please submit a resume with your application. We will be reviewing applications on a rolling basis with the opportunity tentatively closing on Sunday, September 6th, at 11:59 p.m. (ET) or if externship spots are filled sooner. The recruiting process consists of an On-Demand Virtual Interview. We will inform you of an interview decision two weeks after your interview submission.

Embark on a journey of exploration and discovery in the world of underwriting with one of the top insurance companies. Apply now and take the first step towards a rewarding career in insurance!

This role is part of an unpaid program and is not eligible for pay or benefits.

This job does not have an application deadline, as CVS Health accepts applications on an ongoing basis.

Qualified applicants with arrest or conviction records will be considered for employment in accordance with all federal, state and local laws.

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