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Insurance Risk Analyst Jobs in Minnesota (NOW HIRING)

Merchants Bancorp

Insurance Analyst

Bloomington, MN · On-site

$71K - $83K/yr

Job Type Full-time Description An Insurance Analyst is responsible for the pre-closing compliance ... Identify potential risk for the company and the investor and promptly notify the appropriate ...

Merchants Bancorp

Insurance Analyst

Minneapolis, MN · On-site

$71K - $83K/yr

Job Type Full-time Description An Insurance Analyst is responsible for the pre-closing compliance ... Identify potential risk for the company and the investor and promptly notify the appropriate ...

US Bank

Credit Risk Manager

Minneapolis, MN

$133K - $156K/yr

Provides credit risk analytics support for the Wholesale Commercial portfolios, including the ... Basic term and optional term life insurance * Short-term and long-term disability * Pregnancy ...

U.S. Bank

Credit Risk Manager

Minneapolis, MN · On-site

$133K - $156K/yr

Provides credit risk analytics support for the Wholesale Commercial portfolios, including the ... Basic term and optional term life insurance * Short-term and long-term disability * Pregnancy ...

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All JobsInsurance Risk Analyst JobsInsurance Risk Analyst Jobs in Minnesota

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 9, 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
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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
Insurance Analyst

Insurance Analyst

Merchants Bancorp

Bloomington, MN • On-site

$71K - $83K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 5 days ago

Job description

Job Type
Full-time
Description
An Insurance Analyst is responsible for the pre-closing compliance reviews of our loan portfolio. This position requires a detail-oriented, deadline-driven individual who can work individually, with members of other teams and with his/her own team to manage multiple tasks and projects simultaneously. This position will have extensive internal and external customer interaction.
Requirements
  • Work with Merchant Capital's production team, underwriting team, closing team and Insurance Consultants during the prefunding insurance review process.
  • Manage vendor relationships, including but not limited to; engage consultants to begin the insurance review process, participate in weekly progress calls, manage timelines/deadlines of your portfolio.
  • Point of contact on insurance questions, coverage requirements and investor guidelines for both internal and external stakeholders.
  • Review Loan Documents, Appraisals, Engineering, Seismic, Zoning and Phase I Environmental Reports to determine loan-specific insurance requirements.
  • Identify potential risk for the company and the investor and promptly notify the appropriate parties following identification of any coverage issue or deficiencies.
  • Assist with processing Insurance waivers/exceptions with supporting documentation for non-compliant insurance issues.
  • Prepare closing folder for loan boarding and loan administration.
  • Onboard new loans in the servicing system and prepare the documents for hand-off to the insurance renewal team.
  • Compile data samples for department and/or lender audits, as requested by manager.

Expected Experience, Skills and Education:
  • Bachelor's degree, preferably in the business or finance areas; or insurance related industry designations or equivalent experience.
  • Minimum of 1-2 years of insurance experience.
  • Some knowledge of Commercial Insurance Coverage - Property, (including Flood, Wind, Earthquake and Terrorism), General Liability (including Workers Comp and Auto), Professional Liability and Umbrella/Excess Liability Insurance.
  • Familiarity with Agency and Lenders (Fannie Mae, and Freddie Mac) programs a plus.
  • Requires problem solving skills as well as the initiative to troubleshoot and find resolutions.
  • Requires excellent communication skills, written and oral, through all levels of the organization.
  • Must demonstrate the ability to identify, interpret and apply applicable guidelines in managing assigned processes.
  • Must possess strong organization and communication skills with a focus on accuracy and attention to detail.
  • Must demonstrate the ability to successfully schedule own workload to meet multiple deadlines most efficiently. Ability to prioritize workload according to risk and urgency.
  • Ability to work well as part of a team while also capable of self-motivation and strong individual performance.
  • Provide premier customer service to investors, borrowers, agents and co-workers.
  • Ability to maintain a positive attitude in all situations.
  • Requires high level of computer proficiency in Microsoft Office, specifically regarding Outlook, Word and Excel.

Pay Range:
The total compensation pay range for new hires in Minnesota is $71,000 - $83,000 annually. This range includes a base pay, plus an annual discretionary bonus. The amount of any actual bonus may vary and is subject to individual and company performance. Please note that the pay range provided is a good faith estimate of total compensation for the position at the time of posting. Actual total compensation will be dependent on factors, including but not limited to, the individual's qualifications, experience, knowledge, skills, and abilities.
Our Benefits:
Merchants offers a comprehensive package of benefits for eligible employees, including, but not limited to: 401(k) employer contributions; employee stock ownership plan (ESOP); medical, dental and vision insurance; various types of leaves of absence, including paid time off, paid holidays, paid leave as provided under state and local paid leave laws, and short-term and long-term disability; health savings accounts (HSAs), flexible spending accounts (FSAs), dependent care and commuter reimbursement accounts, employee and dependent life insurance and supplemental life and AD&D insurance; telehealth, optional ancillary insurance policies, education assistance, and an employee assistance program. Eligibility for benefits is governed by the applicable plan documents and policies.
ABOUT MERCHANTS CAPITAL
With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank's balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender , Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com .

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