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Employers of Actuarial Science majors in MI

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 6,742 companies
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Company City State
Blue Cross and Blue Shield of Michigan Foundation
Blue Cross and Blue Shield
Foremost Financial Services Corporation
Auto-Owners Insurance Company
Foremost Corporation of America
Foremost Lloyds of Texas
Foremost Insurance Company
Foremost Insurance Group
Accident Fund Holdings, Inc.
United Heartland
Blue Care Network of Michigan
Blue Care Network
Frankenmuth Mutual Insurance Co Inc
Frankenmuth Insurance
Delta Dental Plan of Michigan, Inc.
Delta Dental
Blue Cross and Blue Shield of Michigan
Blue Cross and Blue Shield
Priority Health Managed Benefits, Inc.
Priority Health
Great Lakes Delta Insurance Co
Alliance Health and Life Insurance Company
Delta Dental Plan of Michigan, Inc.
Hastings Mutual Insurance Company Charitable Foundation
Health Alliance Plan of Michigan
Hap
American Community Mutual Insurance Company
Charter Warranty Services, Inc.
Farmers Group, Inc.
Farmers Insurance
Amerisure Mutual Insurance Company
Citizens Insurance Company of America
Amerisure Insurance Company
Foremost Affinity Services Inc
Foremost Insurance Agency
Hagerty Insurance Agency, Inc.
Amrock Inc.
Michigan Education Special Services Association
MESSA
Jawood Business Process Solutions, LLC
Jawood Management Associates
Farm Bureau Mutual Insurance Company of Michigan
Farm Bureau Insurance
Proctor Financial, Inc.
Amerisure, Inc.
Blue Care Network of Michigan
Cofinity, Inc.
Quest Software, LLC
Q S I
Meadowbrook, Inc.
Meadowbrook Claims Service
Philip F. Greco Title Company
Star Insurance Company
Buyers Vehicle Protection Plan Inc
Digital Leash, LLC
Protect Cell
Blue Cross and Blue Shield of Michigan
Blue Cross and Blue Shield
Blue Cross and Blue Shield of Michigan
Blue Cross and Blue Shield
Burns & Wilcox, Ltd.
Floyd West & Company
Farmers Group, Inc.
Farmers Insurance
AJK Enterprises, Inc.
Burns & Wilcox
Weyco, Inc.
Selectcare Inc
Selectcare P P O
State Farm Mutual Automobile Insurance Company
State Farm Insurance
Hartland Insurance Group Inc.
Title One, Inc.
Aetna Better Health of Michigan Inc.
Displaying 1 - 50 of 6,742 companies
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