Career Profiles
From art to entertainment, from automotive to high end fashion, from hockey teams to antiques, insurance professionals are making sure that everything we work hard for and enjoy is ‘covered’.Actuary
Adjusters and Claims Investigator
Agents and Brokers
Risk Manager
Underwriter
Actuary
- What do they do?
- Qualifications and Education
- Experience and Skills
- Rewards
- Useful Links
What do they do?
Not just a number cruncher!Actuaries use their analytical skills to predict the possibilities of something going wrong. They assess how likely an event may be and the costs associated with it.
For example, the company who is organizing a huge, outdoor music festival would need to know how much money they would lose if a hurricane warning was issued for the festival weekend. This would mean they would have to cancel all the bands, refund tickets, and send the hamburger vendors home. Everything from changing private jets for the rock stars, to taking down all the lights and equipment, will have an additional cost. Actuaries help the festival organizers minimize their risk of this happening (and would probably recommend that they do not plan a concert during hurricane season).
The work of actuaries impact every aspect of the insurance business. That’s why actuaries are so highly regarded, and their work so intellectually stimulating.
Qualifications and Education
There are three basic requirements to becoming an actuary - education, experience, and the successful completion of professional exams.You don’t need to have a university degree to become an actuary, but most actuaries are university graduates and have taken courses in either mathematics, economics, commerce, accounting, business administration, computer science or marketing.
Some Canadian universities offer specialized accredited courses in Actuarial Science that help students prepare for professional exams. A list is available from the Canadian Institute of Actuaries. www.actuaries.ca
Experience and Skills
- analytical skills
- mathematical skills
- knowledge and understanding of societal and legislative developments
- project management
- making presentations
- financial management
- computer skills
A good grounding at the high school level in mathematics, particularly algebra and calculus, is important. Exposure to economics, commerce, business administration and computer applications is also useful.
Show me the money
Your paycheck could be anywhere from $48,000 a year to $168,000 and up, depending on how experienced you are and how long you have worked as an actuary.
Adjusters and Claims Investigator
- What do they do?
- Qualifications and Education
- Experience and Skills
- Rewards
- Useful Links
What do they do?
Insurance adjusters and Claims Investigators investigate claims, such as auto, home or property damage, and determine the amount of loss or damage that needs to be covered by the insurance policies.
Duties include
- Investigate circumstances surrounding a claim and inspect damage
- Interview and take statements from claimants, witnesses, and other key players
- Determine amount of loss or damages covered by the insurance
- Negotiate settlements
- Prepare reports
Qualifications and Education
- Grade 12 English, Math, Law, Computer studies and Business Studies an advantage.
- Insurance industry courses and training programs may be required.
- Bachelor degree or college diploma preferred, but not essential. Experience as a clerk or other general insurance experience (1-2 years) is often required.
- Independent adjusters will need a provincial license
Experience and Skills
- Computer skills
- Team project work
- Team management
- Communication skolls
- Investigative skills
- Ability to wrok towards tight deadlines
- Accuracy
Show me the money
On average, an insurance adjuster and claims investigator can earn between $35,000 and $75,000. Further salary growth is dependent entirely on the firm you join and the area of specialism you choose.
Agents and Brokers
- What do they do?
- Qualifications and Education
- Experience and Skills
- Rewards
- Useful Links
What do they do?
Insurance agents and brokers deal with individuals and businesses to determine and sell the most appropriate insurance products.
Duties include
- Establish the insurance needs of an individual or business
- Work with clients to ensure that their needs are continuously met
- Sell automobile, fire, life, property, health, marine and other types of insurance
Qualifications and Education
- complete high school
- Industry courses and training programs are required
Experience and Skills
- People skills
- Sales and Marketimng knowledge
- Researching skills
- Networking
Show me the money
On average, an insurance agent or broker makes $40,000, although this depends on a few factors, including experience and office you work for. Some agents and brokers may work on commission.
Risk Managers
- What do they do?
- Qualifications and Education
- Experience and Skills
- Rewards
- Useful Links
What do they do?
Risk Managers identify and reduce financial risks for their clients or employers.
Duties include
- Monitoring, identifying, measuring risk
- Putting plans into place to change, modify or reduce risk
Qualifications and Education
- university degree
- Risk assment courses
Experience and Skills
- Knowledge of financial industry
- People skills
- Proficient in math and statistics
Show me the money
On average, a Risk Manager can make between $50,000 and $100,00 per year.
Underwriter
- What do they do?
- Qualifications and Education
- Experience and Skills
- Rewards
- Useful Links
What do they do?
Underwriters review and evaluate insurance applications to determine risks, premiums and extent of coverage according to company policies.
Duties include
- Provide recommendations on plan designs and underwriting advice
- Answer enquiries from clients and insurance agents, consultants and other professionals
- Use data to calculate risks
- Update existing insurance forms
Qualifications and Education
A university degree or college diploma is an advantage. Completing specific insurance courses for insurance and underwriting is essential.
Experience and Skills
- Detailed orientated
- Able to make intelligent decisions using solid judgement and reason
- A well-rounded academic background is considered more useful than a narrow specialty
- Good communication skills.
Show me the money
An average paycheck is about $55,000 per year.
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