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Employers of Actuarial Science majors in the U.S.

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 255,994 companies
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Company City State
The HHC Foundation of New York City Inc
United Services Automobile Association
USAA
The Allstate Corporation
ALLSTATE
American Manufacturers Mutual Insurance Company
Aetna Inc.
AETNA
Connecticut General Corporation
Cigna
Nationwide Mutual Insurance Company
Nationwide
Onebeacon Insurance Company
Cdmi, Llc.
South Carolina Public Employee Benefit Authority
Peba
The Prudential Insurance Company of America
Prudential
Blue Cross and Blue Shield of Florida, Inc.
Blue Cross and Blue Shield
Hartford Insurance Co of Illinois
Hartford Financial Svcs Group
AON Solutions, Inc.
AON
Medical University of South Carolina
MEDICAL UNIVERSITY OF SOUTH CAROLINA
Black Knight Financial Services, LLC
New York Life Insurance Company
New York Life
The American Insurance Company Inc
Prudential Financial, Inc.
Prudential
Southern California Permanente Medical Group
Kaiser Permanente
Mutual of Omaha Insurance Company
Bluecross Blueshield of Tennessee, Inc.
Bluecare
Innovation Health Plan, Inc.
Blue Cross & Blue Shield of Rochester
Blue Cross
Allstate Insurance Company
Allstate
Tri State Business Systems, Inc.
General Health System Management, Inc.
Mercury Insurance Services L.L.C.
Health Care Service Corporation, A Mutual Legal Reserve Company
Blue Cross and Blue Shield
American Family Life Assurance Co of Columbus
AFLAC
Servicelink Holdings, LLC
Servicelink
Great-West Lifeco U.S. Inc.
Hartford Fire Insurance Company
Hartford
Massachusetts Mutual Life Insurance Company
Massmutual
The Allstate Corporation
Allstate
Conseco Variable Insurance Company
The Allstate Corporation
Allstate
The Allstate Corporation
Allstate
Group Management 0002 LLC
Gm2
Aware Integrated Inc
Stella
Farmers Insurance Co of Arizona
Farmers Insurance
Progressive Casualty Insurance Company
Progressive Insurance
Cincinnati Financial Corporation
St. Paul Fire and Marine Insurance Company
Independence Hospital Indemnity Plan, Inc.
Blue Cross
Blue Cross and Blue Shield of Michigan Foundation
Blue Cross and Blue Shield
Bcbsm, Inc.
Blue Cross and Blue Shield
Country Mutual Insurance Co Inc.
ILLINOIS FARM BUREAU
American Family Mutual Insurance Company, S.I.
Afmic
American Casualty Company of Reading, Pennsylvania
CNA Insurance
Displaying 1 - 50 of 255,994 companies
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