Insurance Careers – What 2021 Holds in the Industry
Insurance Careers are on the rise considering that more and more people are looking to be insured. Get Preparing!! We can help!
Insurance Careers in 2021
2020 has to be one of the most gruesome years in recent human history in terms of growth, health, economy, and prosperity. This year has been tough especially for professionals who were working and earning a living through the very same. As the entire US, insurance careers in Florida were not immune to this as the world first hand saw the ruthless layoffs and downsizing this year.
Laying off is not a wild or foreign concept but the pandemic has accelerated the process. However, with the new year, new hopes and aspirations have evolved and experts have predicted a surge in the insurance job market. The Insurance Career in Florida also has a huge scope in this matter.
With more and more people choosing to be insured in these tough times against the adversaries that life throws at them, Florida, like multiple other places in the US is increasing its demand for Insurance from their local insurance agents. Consequently, the need for insurance careers will also hike in the foreseeable future.
Below are some of the most lucrative job options in the Industry Industry for 2021.
Insurance Sales Agent in Florida
With the option of selling multiple different types of insurance policies for a diversity of people with different needs across Florida, becoming an independent insurance agent is an optimistic career choice for people looking to make a future in Insurance Industry. The commission-based salary scheme might be attractive but being an Insurance Agent isn’t all fun and games.
It requires above-average communication skills to build a strong clientele sheet who will keep coming back to you not just to buy insurance but to update and renew their policy as well. Furthermore, E&O insurance and cyber liability insurance are something that a good insurance agent should be aware of. Moreover, E&O insurance for insurance agents exists to cover insurance agents from wrongful lawsuits alleging that their service was defective.
It is a well-known fact that hard-working Insurance Agents take home good money. According to the US Bureau of Labor Statistics (BLS), the median annual salary of an insurance agent in 2019 was $ 50,940. The lowest 10% of agents earn around $ 28,000 while the highest 10% earn more than $ 125,500 per year.
Insurance Careers: Insurance Underwriter
An Insurance Underwriter has a rather technical and analytical task cut out for them. They are primarily responsible for assessing the risks and screen potential clients. The job of an underwriter requires strong computer skills and an understanding of certain software. They need to collect relevant data from candidates, integrate it into their software, analyze associated risk, and make specific decisions.
Owing to the technical side of the job, the Underwriters earn as hard as they work too. The BLS states that in 2019, the annual median wage for an insurance underwriter was $70,020. The Underwriters earn in the range of annual salaries of $42,360 to $124,320. Maximum underwriters work as full-timers and enjoy this insurance career.
Insurance Adjuster in Florida
According to Investopedia, A insurance claims adjuster investigates insurance claims to determine the extent of insuring a company’s liability. They are responsible for the adjustment between the insurance agent and the insurance company as they work for both parties. These jobs require stronger communication and negotiation skills as they need for both parties. An adjuster primarily handles and reviews the claims that the policyholder files. A good adjuster must be fair and impartial. They work for both the claimant and the insurance company.
While salaries may be as high as $100,400, they can go as low as $41,100 for independent adjusters. There is also a decline in demands for Adjusters. The job of an Insurance Adjuster is comparatively challenging than other insurance careers in Florida. Additionally, also go through personal training insurance cost.
Insurance Careers: Insurance Actuary
There is usually a lot on the plate of an Insurance Actuary as they have to put together information, produce viable data, and relay their findings to the insurance company. Actuaries have to work with accountants, financial analysts, and market researchers to predict future demands. It is crucial for a company’s longevity and profit through risk reduction and potential demand identifications. The BLS states that the 2019 median annual pay for an actuary is $108,350.
With the pandemic causing layoffs and slowing down the economy worldwide, it is only a matter of time before the pace picks up again and a surge for job vacancies is seen. Like the rest of the world, Insurance Careers in Florida will also see a surge of vacancies as well.