InsurTech

10 University Degree Courses You Need to get a Job in an Insurance Company

The insurance industry leads in job stability in the United States. The industry is not prone to recession-related problems because it is fiscally conservative. Additionally, people need insurance both in good and hard economic times. If you are planning to join college, you may consider one of the following courses that may guarantee you a career in the insurance industry.

  1. Degree in Insurance and Risk Management

The course involves training learners on how to draft various insurance policies such as health, automobile, commercial property, personal property and liability insurance. You will also train on how to help clients assess their insurance needs and deal with tax issues. A bachelor’s degree in this field will typically include the following broad areas:

  • Accounting
  • Insurance ethics
  • Law and insurance
  • Casualty risk insurance
  • Individual risk assessment
  • Personal liability insurance
  1. Degree in finance

If you take a degree in finance, you will be knowledgeable about investments. You will learn the dynamics of assets and liabilities under different conditions of involving risk and uncertainty over a long period of time. Simply put, finance is the science of managing money. Insurance companies work in conditions of risk and uncertainty, therefore, they need experts in finance. Key areas covered include:

  • Macroeconomics
  • Microeconomics
  • Investment theory
  • Corporate finance
  • Banking
  • Risk management
  1. Degree in accounting

Insurance business deals with multiple transactions involving money. A person with a background in accounting is, therefore, very useful to an insurance business. If you take a degree in accounting, some of the subjects that you will learn are:

  • Business law
  • Financial management
  • Cost accounting
  • Income tax accounting
  • Accounting information systems
  1. Degree in economics

Economists are trained to study and analyse economic data using economic models. A modern era economist must therefore be proficient in computer statistical software such as SPSS and SAS which are critical in data analysis. Upon completion, you may be employed in an insurance company as a benefits or compensation manager, a credit analyst or a financial analyst.

  1. Degree in commerce

A degree in commerce involves the study of the following key subjects:

  • Accounting
  • Economics
  • Finance
  • Management
  • International business

Since you will have a grounding in financial matters, you may find your way into an insurance company holding various positions.

  1. Degree in actuarial science

Actuarial scientists are trained to analyse the financial cost of uncertainty and risk. To achieve this, they combine knowledge of statistics and mathematics with financial theory. By so doing, they can tell the probability that a risky event will occur. They help insurance businesses to determine what risks to insure and which ones not to. Knowledge of modelling and statistical software is key to actuaries’ work.

  1. Degree in mathematics

A degree in mathematics has become critical in almost every career. Financial services careers such as insurance require a lot of mathematical calculations and analysis. Specialists in mathematics will, therefore, get jobs in insurance companies.

  1. Degree in statistics

Knowledge in statistics is key in understanding actuarial data. As such, statisticians are usually hired in marketing or management positions in insurance companies.

  1. Degree in business

A business degree encompasses such courses as entrepreneurship, accounting, management, and finance. Essentially, if you are majoring in business, you are required to understand all elements that make a business successful. One of the sectors that absorb graduates of business is insurance.

10.Degree in law

Lawyers usually have an eye for detail, good negotiation skills, and an analytical mind. As a lawyer, you are likely to be employed by an insurance company as a loss adjuster and your work will involve verification of insurance claims.

As seen from the brief discussion of the courses above, any degree in business, mathematics or any other that touches on calculations is good enough to see you land a job in insurance. The reason is simple, insurance business involves risk taking and, therefore, data analysis and calculations are critical to its success.

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