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Employers of Actuarial Science majors in MA

Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry. Most actuaries work full time in an office setting. Actuaries who work as consultants may frequently travel to meet with clients. Actuaries need a bachelor’s degree and must pass a series of exams to become certified professionals. They must have a strong background in mathematics, statistics, and business. The median annual wage for actuaries was $93,680 in May 2012. Employment of actuaries is projected to grow 26 percent from 2012 to 2022, much faster than the average for all occupations. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks.

Actuaries

Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, and they help businesses and clients develop policies that minimize the cost of that risk. They analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits. Actuaries’ work is essential to the insurance industry. Most actuaries work full time in an office setting. Actuaries who work as consultants may frequently travel to meet with clients. Actuaries need a bachelor’s degree and must pass a series of exams to become certified professionals. They must have a strong background in mathematics, statistics, and business. The median annual wage for actuaries was $101,560 in May 2017. Employment of actuaries is projected to grow 22 percent from 2016 to 2026, much faster than the average for all occupations. However, because it is a small occupation, the fast growth will result in only about 5,300 new jobs over the 10-year period. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new, emerging risks.

Claims Adjusters, Examiners, and Investigators

Claims adjusters, appraisers, examiners, and investigators evaluate insurance claims. They decide whether an insurance company must pay a claim, and if so, how much. Most claims adjusters, appraisers, examiners, and investigators work full time. They often work outside the office, inspecting properties on which insurance claims have been made, such as damaged buildings and automobiles. A high school diploma or equivalent is typically required for a person to work as an entry-level claims adjuster, examiner, or investigator, although some positions may require a bachelor’s degree or insurance-related work experience. Auto damage appraisers typically have either a postsecondary nondegree award or previous work experience in identifying and estimating the cost of automotive repair. The median annual wage for claims adjusters, examiners, and investigators was $64,900 in May 2017. The median annual wage for insurance appraisers, auto damage was $62,100 in May 2017. Employment of claims adjusters, appraisers, examiners, and investigators is projected to show little or no change from 2016 to 2026. Technology is expected to automate some of the tasks currently performed by these workers.

Insurance Appraisers, Auto Damage

Appraise automobile or other vehicle damage to determine repair costs for insurance claim settlement. Prepare insurance forms to indicate repair cost or cost estimates and recommendations. May seek agreement with automotive repair shop on repair costs. The median annual wage for insurance appraisers was $62,100 in 2017.

Insurance Sales Agents

Insurance sales agents contact potential customers and sell one or more types of insurance. Insurance sales agents explain various insurance policies and help clients choose plans that suit them. Most insurance sales agents work in offices, although some may spend time traveling to meet with clients. Some sales agents meet with clients during business hours and then spend evenings doing paperwork and preparing presentations to prospective clients. Although most employers only require agents to have a high school diploma, many agents have a bachelor’s degree. Agents must be licensed in the states where they work. The median annual wage for insurance sales agents was $49,710 in May 2017. Employment of insurance sales agents is projected to grow 10 percent from 2016 to 2026, faster than the average for all occupations. Faster employment growth is projected for agents selling health insurance.

Insurance Underwriters

Insurance underwriters decide whether to provide insurance, and under what terms. They evaluate insurance applications and determine coverage amounts and premiums. Insurance underwriters work indoors in offices. Most work full time. Employers prefer to hire candidates who have a bachelor’s degree. However, insurance-related work experience and strong computer skills may be enough for some positions. Certification is generally necessary for advancement to senior underwriter and underwriter manager positions. The median annual wage for insurance underwriters was $69,760 in May 2017. Employment of insurance underwriters is projected to decline 5 percent from 2016 to 2026. Automated underwriting software allows workers to process applications more quickly than before, reducing the need for as many underwriters.

Displaying 1 - 50 of 4,675 companies
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Company City State
Onebeacon Insurance Company
Massachusetts Mutual Life Insurance Company
Massmutual
Blue Cross and Blue Shield of Massachusetts, Inc.
Blue Cross
Liberty Mutual Holding Company Inc.
Liberty Mutual
Liberty Mutual Insurance Company
Liberty Mutual
Mml International (bermuda) Ltd
Mapfre U.S.A. Corp.
The New England Life Insurance Company
New England Financial
John Hancock Retirement Plan Services LLC
Liberty Mutual Fire Insurance Co Inc
Liberty Mutual
The Commerce Insurance Company
Tufts Associated Health Plans, Inc.
Tufts Associated Hmo
Harvard Pilgrim Health Care, Inc.
Harvard Pilgrim Health Care, Inc.
Harvard Community Health Plan
Private Healthcare Systems, Inc.
The Commerce Insurance Company
Suburban Homemaking Maternity Agcy Inc
The Paul Revere Life Insurance Company
Paul Revere
The Hanover Insurance Company
Safety Insurance Company
Massmutual Retirement Services, LLC
Dental Service of Massachusetts Inc
Delta Dental Plan Mass
Harvard Pilgrim Health Care, Inc.
Harvard Community Health Plan
Harvard Pilgrim Health Care, Inc.
Braintree Administration
Nhic, Corp.
Boston Medical Center Health Plan, Inc.
BMC
Liberty International Holdings Inc
Travelers Property Casualty Corp.
Travelers Insurance
Boston Mutual Life Insurance Company
Anthem Insurance Companies, Inc.
Cambridge Mutual Fire Insurance Co Inc
Travelers Property Casualty Corp.
Travelers Insurance
Liberty Mutual Group Inc.
Liberty Mutual
Srb Corporation
Bay State Insurance Company
Andover Co, The
Everquote, Inc.
EVERQUOTE
Lexington Insurance Company
Lex TV
Health New England, Inc.
BAYSTATE MEDICAL CENTER
The Savings Bank Mutual Life Insurance Company of Massachusetts
Berkshire Life Insurance Company of America
Liberty Mutual Insurance Company
Liberty Mutual
Atrius Health, Inc.
FORMALLY)HARVARD PILGRIM HEALTH CARE INC
The Guardian Life Insurance Company of America
Marsh USA Inc.
Quincy Mutual Fire Insurance Co Inc
Liberty Life Assurance Company of Boston
Nepc, LLC
Medical West Community Health
Brooks, Carolyn E
Federal Insurance Company
Chubb and Sons
The Premier Insurance Company of Massachusetts
TRAVELERS INSURANCE
Displaying 1 - 50 of 4,675 companies
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