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Insurance Risk Analyst Jobs in Minnesota (NOW HIRING)

US Bank

Credit Risk Analyst

Minneapolis, MN · On-site

Bank's Credit Risk Management area is seeking a Credit Risk Analyst to work on their Dealer ... Basic term and optional term life insurance * Short-term and long-term disability * Pregnancy ...

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Insurance Risk Analyst information

See Minnesota salary details

$48K

$81.5K

$152.8K

How much do insurance risk analyst jobs pay per year?

As of Jul 29, 2026, the average yearly pay for insurance risk analyst in Minnesota is $81,523.00, according to ZipRecruiter salary data. Most workers in this role earn between $63,700.00 and $84,700.00 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 Minnesota? For Insurance Risk Analyst jobs in Minnesota, the most frequently searched job titles are:
What job categories do people searching Insurance Risk Analyst jobs in Minnesota look for? The top searched job categories for Insurance Risk Analyst jobs in Minnesota are:
What are popular job titles related to Insurance Risk Analyst jobs in MN? For Insurance Risk Analyst jobs in MN, the most frequently searched job titles are:
Insurance Risk Analyst jobs near you
Infographic showing various Insurance Risk Analyst job openings in Minnesota as of July 2026, with employment types broken down into 3% Locum Tenens, 84% Full Time, 8% Part Time, 1% Temporary, and 4% Contract. Highlights an 85% Physical, 6% Hybrid, and 9% Remote job distribution, with an average salary of $81,523 per year, or $39.2 per hour.
Commercial Insurance Risk Analyst

Commercial Insurance Risk Analyst

Fairview Health Services

Minneapolis, MN • On-site

$81K - $115K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Posted 22 days ago

Fairview Health Services rating

7.8

Company rating: 7.8 out of 10

Based on 248 frontline employees who took The Breakroom Quiz

131st of 890 rated healthcare providers

Job description

Job Overview
The Commercial Insurance Risk Analyst works closely with the System Director, Risk Insurance to safeguard the organization's assets through self-insurance and commercial insurance programs. This position assists the System Director, Risk Insurance with identifying and evaluating risks of loss to the organization, formulating appropriate insurance coverage recommendations for the self-insurance and commercial insurance programs and implementing process improvement initiatives. The Commercial Insurance Risk Analyst works with internal customers throughout the organization, insurance brokers, commercial insurers, insurance regulators and Fairview's captive insurance company. This position takes a lead role in ensuring that coverage applications, policies, records and reports are complete and accurate.
Responsibilities
  • Assist with identifying, evaluating, addressing and monitoring organizational risks.
  • Assist in notifying and consulting with insurance brokers, insurance companies, and regulatory authorities regarding coverage changes and enhancements that may be needed to address new and existing risks.
  • Assist with minimizing risk of financial loss through ongoing assessment of the scope and adequacy of the organization's insurance and self-insurance coverages.
  • Assist with reviewing contracts, agreements, and leases to identify and minimize new and transformed risks and to ensure insurance requirements are appropriate for those risks.
  • Gather underwriting and exposure data and complete applications for new and renewal insurance policies.
  • Manage surety bond program including placement of new bonds.
  • Maintain schedule of property locations/statement of values, vehicle schedule and driver roster.
  • Assist with developing and revising operational policies and procedures as needed.
  • Monitor, maintain and regularly update system for continuously monitoring motor vehicle records (MVRs) of employed and volunteer drivers subject to MVR checks as per company policy.
  • Review new and renewal commercial insurance policies for accuracy and completeness upon receipt.
  • Review insurance invoices for accuracy and submit for payment.
  • Conduct annual Directors and Officers Insurance survey to identify company employees participating on external boards as part of their job duties and to obtain the names of those boards.
  • Gather exposure data for actuary and assist with reviewing actuarial reports.
  • Assist with preparing and tracking annual budget for captive, workers' compensation and commercial insurance coverages.
  • Create and revise miscellaneous reports as needed.
  • Manage certificates of insurance function, including distribution of certificates issued from self-insurance policies.
  • Comply with and maintain knowledge of all relevant laws, regulations, policies, procedures and standards.
  • Continually seek ways to improve processes to create cost savings and efficiencies
  • Perform other duties as assigned from time to time.

Required Qualifications
  • 4-Year Degree in Business, Accounting, Finance, Insurance, or equivalent work experience in insurance
  • 3 years risk management, commercial insurance and/or self-insurance experience
  • Ability to safeguard sensitive information and effectively manage projects, deadlines and priorities
  • Self-motivated and detail-oriented with strong analytical and problem-solving skills
  • Advanced Microsoft Office skills, particularly Outlook, Excel, Word and PowerPoint

Preferred Qualifications
  • 5 years risk management, commercial insurance and/or self-insurance experience
  • Captive insurance experience
  • Health care experience
  • Minnesota Property Casualty Insurance Agent License
  • Insurance designation, such as Associate in Risk Management (ARM) or
  • Chartered Property Casualty Underwriter (CPCU)

Benefit Overview
Fairview offers a generous benefit package including but not limited to medical, dental, vision plans, life insurance, short-term and long-term disability insurance, PTO and Sick and Safe Time, tuition reimbursement, retirement, early access to earned wages, and more! Please follow this link foradditional information: https://www.fairview.org/careers/benefits/noncontract
Compensation Disclaimer
The posted pay range is for a 40-hour workweek (1.0 FTE). The actual rate of pay offered within this range may depend on several factors, such as FTE, skills, knowledge, relevant education, experience, and market conditions. Additionally, our organization values pay equity and considers the internal equity of our team when making any offer. Hiring at the maximum of the range is not typical. If your role is eligible for a sign-on bonus, the bonus program that is approved and in place at the time of offer, is what will be honored.
EEO Statement
EEO/Vet/Disabled: All qualified applicants will receive consideration without regard to any lawfully protected status

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About Fairview Health Services

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Fairview Health Services is an industry-leading, award-winning nonprofit that offers an entire network of healthcare services. Fairview is one part of M Health Fairview, a partnership between the University of Minnesota, M Physicians and Fairview Health Services. Together, we combine the University's deep history of clinical innovation and training with Fairview's extensive roots in community medicine. Our care portfolio includes community hospitals, academic hospitals, primary and specialty care clinics, senior facilities, facilitated living centers, rehabilitation centers, home health care services, counseling, pharmacies and benefit management services.

Industry

Health care and social assistance

Company size

10,000+ Employees

Headquarters location

Minneapolis, MN, US

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