Career opportunities in the Insurance with salaries Australia
What is the Australian Insurance Industry Market Size?
What is the growth rate of the General Insurance industry in Australia in 2023? According to IBISWorld, The Australian general insurance market size in 2023 is about $90 billion. The Australian general insurance industry experiences a leap growth of 12% from what it was in 2022. The primary factor that contributed to the growth of the insurance industry in Australia is the increasing number of households with the leading or biggest companies in the general insurance industry in Australia being:
- QBE Insurance Group Limited
- Insurance Australia Group Limited
- Suncorp Group Limited Market
- Allianz Australia Limited Market
This growth is therefore an indication of more need for insurance agents since clients often require a consultation to help them choose from various plans and insurance options.
What are the career opportunities in the Insurance Industry?
The insurance industry offers robust career opportunities with worthwhile rewards for its human resources. If you are considering a career in insurance but you are still in doubt about the benefits the industry offers for your economic and social development, you should know that pursuing a career in Insurance can expose you to various opportunities even beyond your wildest imagination. Careers in the insurance industry will give you options for working with companies that tackle important issues currently affecting global development. Issues such as climate change, political risk, economic risk, natural disasters or cybercrime are real threats that the global communities are avoiding or at most, mitigate against. A career in the industry will give you the opportunity to meaningfully help humanity to bounce back from any unforeseen circumstances as a result of any of these global issues. Career opportunities in the Insurance with salaries Australia
Furthermore, there are various roles in which you can build a career in the insurance industry that will lead to many opportunities for your advancement. Those seeking jobs in insurance may get jobs in specializations, such as life, automobile, health, property and casualty insurance. Meanwhile, some insurance-related jobs require formal education, there are still quite careers in this field that are entry-level positions. Learning about the wide range of jobs in insurance can help you determine what position you’d like to pursue and prepare for such a position. Let’s look at what some of these insurance careers are, what they pay, and the responsibilities associated with each one. Career opportunities in the Insurance with salaries Australia
Why You Should Consider A Career In Insurance Career opportunities in the Insurance with salaries Australia
In your decision to take a career in the insurance industry, you might have been challenged with statements like: Why do you want to work in an insurance company? Or something like: Why do you want to get an insurance job? Let me quickly walk you through the summary of amazing reasons why you should take a career in the insurance industry.
Working in the insurance industry will offer you wide a range of benefits from strong earning potential to be a part of an exciting ever-changing industry where you can develop key skills to have various roles in Insurance. Most insurance companies ideally offer 24-hour call center service, which allows employees to have flexible schedules. Employees can request to work a shift that is preferable to him/her thereby giving such person options in his/her working schedule while you have ample time for your other life’s activities.
Some insurance companies can also allow their employees to work from home. Though this varies with job roles and positions. Customer-based roles are more likely to work from home since they only require a phone and computer to complete their work. Some benefits of working from home include spending less money on gas, having more control over your work schedule and an improved work-life balance.
List of 15 Insurance Jobs, Duties and Salaries in Australia
Now let us take some deeper steps to explore the available jobs in the insurance industry, the job roles or duties and salaries. All the salary estimates are quoted from the previous and current job postings on various recruiting platforms in Australia. Career opportunities in the Insurance with salaries Australia
- Insurance Claims Clerk
Average Salary per annum: $62,066
What does an insurance claims clerk do? Insurance claims clerks evaluate claim forms and documents to ensure accuracy and completion. They speak with customers to obtain any missing information in order to have a detailed overview of the situation at hand. As an insurance claims clerk, you will also determine claim coverage, calculate same and submit insurance claims for payment.
- Insurance Appraiser
Average Salary per annum: $95,039
What does insurance appraisers do? They evaluate insurance claims by estimating the value of insured properties. They make decisions on behalf of the insurance company whether to pay claims or not and how much to pay for the said claims. As an insurance appraiser professional, you may also conduct field investigations and inspections of the damaged property.
- Insurance Claim Examiner
Average Salary per annum: $106,838
What does an insurance claim Examiner do? This is a mid-level role that requires compliance with certain regulations, the ability to make concise decisions and be able to supervise other teams’ work. Claim officers diligently look at insurance claims to verify that applicants followed the due process. They also make sure the claim adjuster has followed the investigation and reporting process for claims.
- Insurance Investigators
Average Salary per annum: $91,054
What does insurance investigators do? Basically, insurance investigators act as detectives for the insurance company that employs them. They inspect insurance claims to detect insurance fraud, submitted documents, insurance claims made by clients, interview witnesses and review surveillance footage.
- Loss Control Consultant
Average Salary per annum: $115,476
What does loss control consultant do? They evaluate the safety and loss risks of business or property before documentation. Loss control consultants may also implement strategies for the company to prevent safety issues, inventory loss and theft. They may conduct risk assessments, evaluate workers’ compensation claims and verify insurance claims before the processing stage. They also work closely with insurance companies to develop new ways to offer cost-effective coverage.
- Insurance Claims Adjusters
Average Salary per annum: $74,429
What does an insurance claim adjuster do? The first go-to person in the insurance claim/compensation process. As an insurance claims adjuster, you will investigate all insurance claims to discover the degree of liability for an insurance company. You will inspect the property, interview claimants, witnesses and determine the amount of money that the client will receive.
- Insurance Field Inspectors
Average Salary per annum: $82,000
What does insurance field inspector do? Insurance field inspectors go out to the field to inspect a property in other to give an estimated value for the property. They can work for insurance companies, mortgage lenders or banks to verify the property’s condition. As an insurance field inspector, you will be required to frequently visit different properties, document the property’s condition and make assessments of potential problems that might cause issues for the insurance company.
- Insurance Financial Analysts
Average Salary per annum: $101,895
What does an insurance financial analyst do? As a financial analyst in an insurance firm, you will offer financial planning assistance to your organization. You will use financial analysis models to forecast revenues and expenditures to create cost structures and determine budgets for projects. You will also be responsible for analyzing how market conditions and business performance may affect the company in order to help the management make strategic financial decisions.
- Insurance Sales Agent
Average salary per annum: $72,572
What does an insurance sales agent do? Insurance sales agents or insurance sales representatives, design and implement marketing strategies to sell new contracts or adjust existing ones. They contact new clients and appraise businesses’ or individuals’ needs to offer them a suitable insurance plan. Insurance sales agents provide customer service to clients who are changing insurance policies and help them develop long-term plans.
- Insurance Underwriters
Average Salary per annum: $91,906
What does insurance underwriters do? Insurance underwriters analyze individuals’ and companies’ risk profiles to calculate costs and make recommendations on the appropriate premiums for insurance companies to take on a specific level of risk.
Average Salary per annum: $126,530
What does Actuary do? Actuaries develop risk prevention policies to help minimize the code of those risks. Actuaries analyze the financial cost of risks for different companies. Their duties include offering comprehensive assessments to assist with a company’s financial decisions, such as choosing insurance policies, developing products and making investing choices.
- Insurance Risk Manager
Average Salary per annum: $125,826
What does an insurance risk manager do? Risk managers identify the root causes of incidents or losses, suggest preventative actions, and put plans into action to lessen costs and damage in the event of a loss. Risk managers utilize market models to understand operational hazards, suggest loss prevention strategies, and offer analytical assistance to stop further losses.
- Insurance Broker
Average Salary per annum: $86,783
What does an insurance broker do? Insurance brokers work with both individuals and businesses, and they have the option to specialize in one specific area of insurance. They help inform their clients about coverage options and make recommendations based on the individual’s or business’s needs.
- Insurance Technician
Average Salary per annum:
What does an insurance technician do? An insurance technician helps with providing administrative support in all types of insurance work when needed. Their role can consist of providing customer service, checking proposal forms, taking claim details, updating records and also sending letters. This role can lead to many opportunities where you can specialize in an area of insurance such as underwriting with further training, from here, with experience, you can then move into other areas of insurance such as working in loss adjusting, compliance or broking.
- Insurance Catastrophe Modelers
Average Salary per annum:
What does an insurance catastrophe modeler do? Catastrophe modelers estimate losses from catastrophic risks; such as terrorism or natural hazards by using complex IT models to do so. They can work in an insurance company with underwriters to ensure that if losses occur; they are kept within specified limits. With this career, you can then progress to more senior roles such as becoming a senior catastrophe modeling analyst. Career opportunities in the Insurance with salaries Australia
How To Start A Career In the Insurance Industry
So, you have completed your basic findings in insurance and you have decided to begin your insurance career. Though there is a considerable wide variety of careers in insurance, interestingly however many of them still require similar paths.
Let us briefly walk you through some procedures that will give you a headstart in your newfound insurance career.
- To begin with, you will need an education degree. Some insurance roles such as sales agents can accept a high school diploma while some more sophisticated roles will require a bachelor’s in majors such as Business, Marketing, Finance, Mathematics & Statistics. Having a master’s degree might be an added advantage.
- Some mid-level insurance positions require work experience. You can achieve this through an internship or an entry-level role such as an administrative assistant or sales representative.
- Identified your areas of interest in the insurance career and get the needed certification to boost your resume
- Identified with the appropriate bodies to build professional networks that will enhance your qualifications.
- Identify the insurance companies you’d like to work with, and research them to see how best you can help