How to become an Insurance Officer

Duties & Tasks of an Insurance Officer

There are two broad types of insurance:

• Life insurance, which can provide investment and/or life and disability protection; and general insurance, which can cover property in a variety of events (such as fire, water damage, theft of goods and property, marine cover, illness, accident and liability cover).

Tasks

• Compiling results of calculations into tables, graphs and charts to be used in analysis
• Obtaining information on the form of competitors by research, attending racing trials and liaising with contacts
• Operating computers to input, manipulate and output information
• May work in a call centre
• Despatching notices of premiums due and forms concerning conservation and transfer of insurance
• Offering and varying odds on competitors after considering the type of event, handicaps, weather conditions and odds offered by other Bookmakers
• Claiming accruing dividends and processing dividend payments
• Surveying potential risk exposure
• Processing insurance applications, adjustments to insurance cover, standard endorsements and insurance claims
• Monitoring balances of accounts and summarising reinsurance to determine outstanding risk
• Compiling statistics from financial records, survey returns and other data sources, and verifying the authenticity of the material
• Reviewing, checking, verifying and issuing transaction documentation for securities

Employment Opportunities for an Insurance Officer

Insurance officers are employed by insurance and finance companies. They may sell insurance and usually work for wages rather than commission, making competition for available positions strong. Prospects for promotion are better for those prepared to undertake further study in fields such as commerce, economics, law, computer science and mathematics.An entrant to an insurance company generally starts as a clerk and can progress through various departments to positions such as inspector, claims officer, re-insurance officer, loss adjuster, marine underwriter or manager.

Specializations

Investment Officer

An investment officer invests revenue (income) from clients' premiums in government, commercial and stock market operations on behalf of their company and assists in the financial management of properties owned by the company.

Loss Assessor/Adjuster

A loss assessor/adjuster investigates and assesses losses for individuals and companies.

Marine Underwriter

A marine underwriter is responsible for the acceptance or rejection of insurance proposals to cover cargo transported by ships, trucks, trains or aircraft.

Superannuation Fund Administrator

A superannuation fund administrator is responsible for the administration of employer/industry-based superannuation funds. This involves the day-to-day processing of new members, benefit payments and contributions, and the annual review of each plan to update member information and benefits.

Claims Officer

A claims officer arranges settlement of claims made by clients through their policies. They assess the validity of claims by interviewing clients or their representatives and obtaining evidence.

Life Insurance Assessor

A life insurance assessor assesses death, disability, illness and trauma claims on life and health insurance policies.

Insurance Surveyor

An insurance surveyor inspects all kinds of properties to check for hazards and the efficiency of protection devices, advises policy holders about risk improvement and provides inspection services to agents. They also prepare reports that influence insurers' decisions on risk acceptance and premiums. Insurance surveyors normally have an engineering, scientific or related qualification.

Underwriter

An underwriter assesses risks and the premiums that should be charged in particular circumstances. Most of these positions are located in head offices in Melbourne and Sydney.

Insurance Inspector

An insurance inspector is responsible for assessing the value and condition of property or events to make recommendations about insurance prior to purchase. They may also inspect the extent of damages that have been claimed by a client.

Re-insurance Officer

A re-insurance officer is involved in the administration and assessment of insurance claims and policies taken out by insurance companies as a form of risk management.

Insurance Officer

Insurance officers carry out clerical and other functions associated with insurance transactions.

• 

  Average age

  38

• 

  Future Growth

  N/A

• 

  Gender Share

  70% female

• 

  Average full-time

  40 hours

• 

  Weekly Pay

  N/A

• 

  Skill level rating

  Entry level

• 

  Unemployment

  Lower unemployment

• 

  Full-Time Share

  78%

• 

  Employment Size

  28,300

• 

  Employment by state

  ACT: 1.2%
  NSW: 37.8%
  NT: 0.5%
  QLD: 16.5%
  SA: 7.3%
  TAS: 1.7%
  VIC: 26.8%
  WA: 8.1%
  
• 

  Age brackets

  15-19: 0.9%
  20-24: 8%
  25-34: 33.5%
  35-44: 25.6%
  45-54: 18.9%
  55-59: 6.8%
  60-64: 4.1%
  65 and Over: 2.2%
  
• 

  Education level

  Advanced Diploma/Diploma: 15.6%
  Bachelor degree: 23%
  Below Year 10: 3.9%
  Certificate III/IV: 14.9%
  Post Graduate/Graduate Diploma or Graduate Certificate: 7%
  Year 10 and below: 7.6%
  Year 11: 4.7%
  Year 12: 27.2%
  Years 11 & 10: 14.1%