Insurance

Overview of Insurance as a College Major

Most insurance degree programs train you for a career in insurance, risk management and actuarial services and fall under business at colleges and universities. That means to obtain an insurance degree you will be required to take general business courses such as accounting, economics, business law and marketing along with specific insurance-related courses that provide you with knowledge of insurance industry standards, practices, concepts and terminology.

Insurance Program Curriculum             

Many colleges and universities offer a specific insurance or a combined insurance and risk management program. The courses you will be required to take will teach you about:

• Personal life, home and car insurance
• Commercial property and liability insurance
• Health insurance
• Workers’ compensation and disability insurance
• Employee benefits
• Casualty insurance
• Insurance sales and marketing
• Ethical practices
• Risk assessment and management
• Financial planning and taxation
• Property valuation and annuities
• Real estate

Education Levels Available for an Insurance Degree

Though the most common insurance degree program is a Bachelor degree, there are Associate degree, Master degree and Doctoral degree programs available as well.

An Associate degree will provide you with a basic understanding of insurance and risk management and prepare you for an entry-level career in the field. With a Bachelor of Science in Insurance and Risk Management you will be trained to help individuals with their personal and business insurance needs and be prepared to move into a position of management. Additionally, there are graduate degree programs available, including a Master degree or Doctor of Philosophy in Insurance and Risk Management.

In addition, there are a wide variety of certification programs available including Associate in Commercial Underwriting (ACU) and Associate in Personal Insurance (API), both from the Insurance Institute of America.

Skills Developed through an Insurance Degree Program

While much of what you will learn in college will be about understanding the ins and outs of insurance programs and risk management, you also will have the opportunity to develop important skills that will assist you in your insurance future. These include:

• Team and relationship building
• Excellent customer service
• Conflict resolution and problem solving
• Understanding insurance underwriting
• Claims investigation and loss adjustment
• Contract management and negotiation
• Critical thinking and analysis
• Understanding securities, mutual funds and retirement planning
• Ability to conduct analytic and empirical research
• Prudent risk management strategies, understanding how risks are managed and financed in business and techniques used to minimize loss
• Working knowledge of computers and a variety of computer programs

Where to Obtain an Insurance Degree

The field of insurance is one that many people overlook. However, it is extremely important in today’s world and it can be lucrative as well. Though the U.S. Bureau of Labor Statistics (BLS) suggests that the insurance field is growing slowly (only about three percent over the next few years) due to current economic factors, certain segments of the insurance field such as medical services, health insurance, and financial services, such as securities and mutual funds, are seeing faster growth.

There are a number of traditional brick-and-mortar community colleges as well as 4-year colleges and universities which offer an insurance program. However, you might also want to consider getting your insurance degree through one of the many online college opportunities that are now available.

Career Opportunities for Insurance Majors

Insurance is an area that many people enter through on-the-job training with little formal education. However, if you want to pursue a management career with an insurance carrier, agency or brokerage firm, you should seriously consider a Bachelor degree. Traditional roles within the insurance field include adjuster, investigator, examiner, appraiser, underwriter, and loss control analyst.

Those with a Master or PhD may also want to consider a career in insurance education. And if you choose sales as a career, be prepared to sit for the Series 6 or Series 7 licensing exam.