Insurance is big business. Literally. Many insurance companies are big. Some have tens of thousands of employees worldwide.
When an organization is that size, it needs all kinds of people whose job is, ultimately, to make that organization run smoother. The result is a broad category of careers you can collectively think of as business operations.
Take business analysts, for example. They focus on ways for companies to find efficiencies and cut costs, often serving as translators between business units and IT workers. The business analyst is the rare person who can help make certain that the technology is serving the business, often by gathering and organizing information about a problem to be solved or procedure to be improved.
Another example is compliance officers. Insurance is a highly regulated industry, and compliance officers help ensure that rates, rules, forms, and underwriting and claims practices comply with the law.
Or even training and development professionals. Many insurers support their employees’ continuing education and actually have departments that actively provide opportunities for staff to learn more.
Here’s a sampling of business operations careers in the insurance industry and what it takes to get them.
Business Analyst
Undergraduate degree required? Yes, most often in business, insurance or computer science.
Advanced degree required? Not necessary, but can be helpful in lieu of job experience.
Additional requirements? No, but certifications are available, including through the International Institute of Business Analysis.
Typical career path: Business analysts come from diverse backgrounds in sales, consulting and IT work. These are people who see the need for research and development in order to streamline processes. Business analysts can specialize in certain areas, like technology or sales, or can apply a broader knowledge base to their efforts.
Salary range:
- Entry level: $57,000
- Senior level: $87,000
- Median: $70,000
Entry-level job titles:
- Business Analyst
- Information Security Analyst
- Computer Systems Analyst
- Management Analyst
- Financial Analyst
- Budget Analyst
Compliance Officers
Undergraduate degree required? Yes. Aim for accounting, business or finance.
Advanced degree required? No.
Additional requirements? Often, compliance officers will be required to earn certification through an industry-specific organization, like the National Association of Federally-Insured Credit Unions for finance-focused jobs.
Typical career path: It takes about five years to be promoted to a full-on compliance officer, but there are lots of opportunities to grow into this position, from internships and work as an assistant compliance officer.
Salary range:
- Entry level: $58,548
- Senior level: $79,080
- Median: $66,540
Entry-level job titles:
- Assistant Compliance Officer
- Product Manager
- Compliance Specialist
Human Resources and Training
Undergraduate degree required? Yes, preferably in human resources (HR), education, organizational leadership or business administration.
Advanced degree required? No, but a master’s degree in a related field may be required for growth.
Additional requirements? No.
Typical career path: HR and training professionals can start their careers in an HR or training department or move into one of them from a related area. To advance beyond entry-level careers in HR and training departments, certifications are available through numerous organizations.
Salary range:
- Entry level: $59,000 to $62,000
- Senior level: $120,000
- Median: $106,910
Entry-level job titles:
- Human Resources Assistant
- HR Specialist
- Training Specialist
- Employee Relations
Other opportunities in business operations related fields:
- Workers Compensation
- Administration/Clerical
- Processing
- IT
- Legal
- Supply Chain
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