What kinds of careers are there in Insurance?

Many people I speak with are at first reluctant to consider an insurance career. The first thing they think of is having to go door to door selling insurance policies to their friends and family members. That can be a very tough way to make a living! Insurance offers far more career options than this!

At its most basic, all insurance companies do two things: analyze and estimate the probability and cost of risk (which is what underwriters do), and pay out money when the risk actually materializes (the world of claims adjusters). Around those two core functions are a multitude of other types of positions that support this work. At Pinnacol our loss prevention staff works hard to minimize the risks identified by the underwriters by working with our policyholders to make sure they have the safest possible workplaces. On the claims side we have dedicated nurses and a physician adviser to help our adjusters manage the medical aspects of an injured worker's claim. Medical bills need to be be paid so we have a whole team of medical payment processors who ensure what we pay out is accurate. The payments go to Doctors and other healthcare professionals across Colorado so we have a group of Provider Relations Specialists to act as liaisons. Customers (injured workers, policyholders, healthcare professionals, attorneys, etc.) seek information from us so our customer service and administrative support staff are there to answer most of their questions.

Sometimes a claim is complicated enough that both sides may seek legal opinions so Pinnacol also has a legal team comprised of attorneys, paralegals, and legal secretaries. Occasionally something might not appear quite right with a claim or a policy so we also have investigators to help us get the facts. All of this activity generates a tremendous amount of information so we also have a very strong group of Information Technology folks (programmers, database administrators, help desk staff, web specialists, project managers) to keep the information accurate and flowing to the right people at the right time. Some of this information is still paper-based (though Pinnacol is moving towards a paperless environment as quickly as makes sense) so we also have a records, print, and mail group. Much of what they do today involves scanning paper-based files into an electronic format. Some of the work is fairly complex and requires either prior related experience or training so Pinnacol also has a training group that can facilitate learning on everything from computer software to interpersonal skills.

Millions of dollars flow into and out of most insurance companies (policy premium coming in, claims payments going out) and Pinnacol is no different. Our finance team of accountants and others handles these transactions. The flow of information throughout the organization, and between Pinnacol and the outside world, is critical and we have a communications and marketing group that we 'get the word out' through a wide variety of media.

All this work takes a lot of dedicated people and Pinnacol's human resources team makes sure we have the talent we need to get the work done. And yes, it does take a strong management team to keep all these varied efforts on track. As you can see, there is a lot more to insurance than just selling policies and for those who have the skills and apply themselves insurance can be a very rewarding and challenging career option.

I'll finish by sharing what I sometimes tell candidates in person. When your elementary school teacher  asked you what you wanted to be when you grew up, you probably didn't say "I want to work in insurance!" But for many of us who have come to this industry we probably can't imagine doing anything else.