Posted by In Canada, insurance underwriters are in high demand, and many businesses are on the lookout for suitable persons to hire and sponsor. This could be a great field for you if you have expertise assessing insurance applications, calculating coverage needs, and setting premiums.
To choose which policies to accept and at what premium rates, underwriters evaluate insurance applications for various coverage kinds, including but not limited to life, health, home, and auto. A bachelor’s degree is usually required for this position, with a focus on business, finance, or statistics. The ability to think critically, communicate effectively, and analyze situations analytically is crucial.
Among your responsibilities as an underwriter are:
- Assessing insurance applications and associated risk information to fix coverage and pricing.
- Examining patient charts, budgets, and actuarial tables
screening potential candidates through interviews and additional research - Premiums are determined by analyzing the applicant’s risk level.
- Justifications for declining applications or increasing premiums
- Maintaining a log of all insurance sold and premium amounts
- Keeping abreast of changes in insurance rules and standard procedures
Sun Life Financial, Manulife, SSQ, and Desjardins are just few of the major insurance companies in Canada that regularly hire and sponsor underwriters. Those with 5-10 years of experience as an underwriter in Canada can expect to earn a salary of $60,000 to $100,000 annually. Health insurance, retirement accounts, vacation time, and promotions are just some of the perks provided by many employers.
It’s a great time to look for work as an insurance underwriter in Canada, provided you have the necessary qualifications. Find out more about businesses that interest you, revise your CV, and start sending it out! Companies are willing to hire and assist the immigration of top underwriting talent because to the shortage of competent candidates.
Canada Insurance Sales Agent Openings 2023
Sales agents in the insurance industry assist customers in identifying the best insurance coverage and signing up for it. A career in insurance sales may be an excellent option for those seeking stability in their working lives. Many Canadian insurance firms are looking to hire sales agents and will even pay for their relocation expenses if they find the right person.
In most cases, you’ll need a bachelor’s degree and insurance certification in order to qualify for one of these positions. In contrast to property and casualty insurance agents, who sell things like cars and homes, life insurance agents sell things like life insurance and annuities. Insurance brokers advise their clients on the best health coverage options.
Effective communication and interpersonal skills are required due to the high volume of interactions with customers. You will be responsible for meeting with clients, assessing their insurance and financial needs, and making recommendations. In order to give your clients the best advice, you’ll need to keep up with the ever-changing insurance market.
The job has the potential to pay off, but it also may need you to work odd hours and travel frequently to meet with clients. However, many people who work in sales like the independence and high earnings potential of commission-based work. Recent reports have put the average annual income of a Canadian insurance sales professional at $55,000. Agents with more experience, especially those with niche expertise, might earn considerably more.
Insurance sales could be a good fit if you’re an independent worker with a strong work ethic who wants to make a difference in people’s lives. Find out what is needed to get licensed in your state and start making connections. You can have a successful career as an insurance sales representative if you have the necessary training and dedication to assist clients in making policy selections.
Claims Adjuster Positions in Canada Compliance with 2023
Standards for Instruction and Certification
A high school diploma or its international equivalent is usually required for employment as a claims adjuster in Canada. While many adjusters learn the ropes on the job, formal education in insurance, business administration, or a similar profession is increasingly required. An adjuster’s license is necessary in several states. For instance, in Ontario, you need to finish a recognized training program and pass a licensing exam.
Duties On A Daily Basis
Investigating insurance claims and establishing their validity and value will make up the bulk of your work as a claims adjuster. You’ll need to talk to the claimant, any witnesses, the police, and any treating doctors in order to piece together what happened. You’ll check official records like police reports, hospital charts, and car repair quotes. The next step is to decide whether the claim should be fully paid, partially paid, or denied. The compensation amount, if any, will be determined by you.
Ability Sets
You will go far as a claims adjuster if you have excellent interpersonal, analytical, and communicative skills. When conducting interviews and justifying your choices, you’ll need to express yourself effectively. Evidence-based conclusions can be drawn through the use of critical thinking skills. And dealing with claimants requires a person with excellent customer service skills. Examples of other transferable skills:
- Paying close attention to detail by checking all of the books and records to ensure their accuracy.
- Ability to analyze and evaluate data from a variety of sources and draw reasonable conclusions.
- Settlement negotiations involve figuring out what’s fair for claimants and then explaining that to them.
- Ability to use computer software for managing data, files, and claims.
Job Prospects
Claims adjuster jobs are plentiful in Canada. The government of Canada predicts an 8% increase in demand for claims adjusters and property valuers, leading to an additional 3,800 positions in the sector by 2028. Opportunities for adjusters are greatest in regions that have recently experienced natural catastrophes such as flooding, hurricanes, or wildfires. Senior adjuster and branch manager positions are among those that are open to those with sufficient experience.