What Is an Insurance Specialist?
If you are new to the insurance industry, or looking to land a job in it, you might find it overwhelming to understand the different roles. The best way to understand how the hierarchy and job titles in the insurance sector generally work is to start at the bottom. That’s why, your first step should be to seek answers to what is an insurance specialist.
Insurance specialists have an important role in the insurance sector. This job position is one of the most demanded job titles in the industry and often the position most employees start at. Let’s find out in detail what insurance specialists do and what makes them the cornerstones of every insurance company.
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What Is an Insurance Specialist?
Insurance specialists play a crucial role in the industry. Broadly defined, an insurance specialist is an expert who provides information about, sells, and manages insurance policies. They are in constant contact with interested parties or existing insurance policyholders, which can be individuals or businesses.
Insurance specialists are often considered the representative face of the insurance company. They are responsible for building strong, trusting client relationships that will keep clients with the company longer.
Insurance specialists’ responsibilities focus on various aspects, from simple consultations and understanding clients’ needs to analyzing risk, underwriting, policy management, and insurance claims processing. To do their jobs efficiently, all insurance specialists must have deep knowledge of industry laws and the insurance policies the company offers.
Many decide to seek insurance specialist job offers and pursue a career in the sector because it is a highly dynamic role. One of the many benefits of the role is that the day-to-day activities are versatile, and the role is in constant contact with clients, which minimizes the chances of early burnout.
Requirements for becoming an insurance specialist
It is a common perception that becoming an insurance specialist might be a challenging journey. However, the steps on how to become an insurance specialist are pretty straightforward, and in most cases, all you need to do is fulfill the company criteria.
Most hiring insurance companies describe the perfect candidate for an insurance specialist as having the following qualifications and skills:
- High school diploma/GED graduate or a bachelor’s degree holder, depending on the company
- A working knowledge of all the federal and state compliance laws and regulations
- Computer proficiency
- Excellent verbal and written communication skills
- Ability to multitask and work under pressure
- Empathy and active listening skills
Key Responsibilities of an Insurance Specialist
Now, when familiar with the qualifications necessary for applying for the job of an insurance specialist, you may be wondering what does an insurance specialist do as a part of their role in the company. Some companies have more distinct job responsibilities for their insurance specialists, while others have a broader set of duties.
Generally speaking, the key responsibilities listed in the insurance specialist job description are:
- Assessing client's needs and finding suitable insurance coverage
- Answering questions about the company’s products
- Answering calls about insurance claims
- Performing administrative duties
- Policy management
- Claims assistance
- Customer service
Stay tuned as we are about to discuss some of the more important key responsibilities of an insurance specialist in detail.
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Assessing client needs
One of the core duties of insurance specialists is to provide expert advice and assistance to potential and existing clients. In simple terms, part of the insurance specialist's job is to guide clients in making an informed decision about their insurance needs.
An insurance specialist must have excellent listening and communication skills to effortlessly perform this responsibility. It is highly recommended that a person working in this job position be capable of understanding the client's insurance coverage needs and preferences while finding a suitable policy for them.
What’s more, successful insurance specialists know how to explain complicated insurance options in simple terms. The reality is that the majority of policyholders are not familiar with the language used in insurance contracts. So, insurance specialists play a significant role in helping clients understand their rights, responsibilities and insurance coverage as policyholders.
Policy management
Policy management includes a wide set of responsibilities regarding policy management. First, insurance specialists often dedicate time to identifying and analyzing risks associated with signing a policy insurance with a certain client. This process is called “underwriting”, and its main purpose is to protect insurance companies from financial losses.
After the risk assessment is complete, the insurance specialist prepares all the needed documentation and proposes an insurance policy to the client. If needed, a negotiation process follows, and some adjustments might be made to the policy.
The insurance specialist's responsibilities don’t end with issuing the insurance policy. They are also responsible for renewing and canceling existing policies. However, some insurance companies use technology to automate the entire process instead of having insurance specialists take care of this.
Claims assistance
Insurance specialists might also be responsible for claims management. Some companies have a separate job position called an insurance claims specialist, but for many, this falls under the responsibilities of an insurance specialist.
Claims assistance is a broad set of responsibilities that typically starts with providing support in the process of filing claims. In addition, the responsibilities of an insurance specialist might include:
- Claims investigation and analysis to prevent fraud
- Examining claims records and forms
- Ensuring the procedure for claims damage is followed
- Negotiating settlements
- Payments authorizations
Customer service
The role of an insurance specialist ultimately includes taking all necessary actions to keep clients happy. It is essential to handle all kinds of communication with clients, whether by phone, email, or in person, in a professional manner.
Every insurance specialist must be prepared to respond to client inquiries promptly, seek solutions for their problems, handle their complaints, and advise them when necessary. When an insurance specialist provides exceptional customer service, customer loyalty and retention are expected to grow.
Types of Insurance Specialists
The types of insurance specialists can be divided into various categories depending on the policies they offer. The most common insurance specialist types are:
- Health insurance specialist is specifically focused on offering medical insurance. They advise interested parties on governmental programs like Medicare and Medicaid but might also offer private plans.
- Automobile insurance specialist is a person who is responsible for finding the most suitable vehicle insurance policy according to the needs of the client.
- Life insurance specialists are a special type of insurance agents that provide clients with assistance for long-term planning, selling and managing their life insurance policies.
- Property and casualty insurance specialists, also known as home insurance specialists, need to offer the best policy for insuring real estate properties according to their clients' preferences and budgets.
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Get Hired As an Insurance Specialist With Afni
The demand for insurance specialists is rapidly growing. Understanding what is an insurance specialist is essential for anyone looking for a career change or wanting to start working in the insurance industry.
Insurance companies are constantly looking for fresh talent due to the high demand for insurance policies. This makes it challenging for job seekers to find the best company. Luckily, among all the job offers, one company stands out in this field – Afni.
The advantages of landing an insurance specialist job with Afni are endless. Firstly, you can apply for on-site or remote positions. Typically, most of the insurance specialist positions are entry-level, and the company offers adequate training before the candidate starts working with clients independently.
What makes Afni the best company to work for as an insurance specialist are the competitive salaries, paid time off, excellent medical, vision and dental insurance and tuition reimbursement. Ultimately, Afni is a place where people can create an entire career based on merit.
Author
Samantha Byard is the Recruitment Marketing Manager for Afni and brings a wealth of knowledge and tips for job seekers. She holds a bachelor's degree in public relations and marketing from Mount Saint Vincent University as well as a masters degree in digital marketing and advertising from Liberty University.
