How to become an Insurance Officer

Insurance Officer

Insurance officers carry out clerical and other functions associated with insurance transactions.

Personal requirements for an Insurance Officer

  • Aptitude for numbers and calculations
  • Sound judgment
  • Strong attention to detail
  • Good communication skills
  • Aptitude for working with computers

Education & Training for an Insurance Officer

You can work as an insurance officer without formal qualifications, but most employers prefer you to gain your Senior Secondary Certificate of Education. You will probably get some informal training on the job. Entry to this occupation may be improved if you have qualifications. You may like to consider a VET qualification in general insurance, life insurance, personal injury management, loss adjusting or insurance broking. As subjects and prerequisites can vary between institutions, you should contact your chosen institution for further information. You can also become an insurance officer through a traineeship. Entry requirements may vary, but employers generally require Year 10.


Additional information

As an insurance officer, you may be eligible for membership of the Australian and New Zealand Institute of Insurance and Finance.

Duties & Tasks of an Insurance Officer

There are two broad types of insurance:

  • Life insurance, which can provide investment and/or life and disability protection; and general insurance, which can cover property in a variety of events (such as fire, water damage, theft of goods and property, marine cover, illness, accident and liability cover).

Tasks

  • Compiling results of calculations into tables, graphs and charts to be used in analysis.
  • Obtaining information on the form of competitors by research, attending racing trials and liaising with contacts.
  • Operating computers to input, manipulate and output information.
  • May work in a call centre.
  • Despatching notices of premiums due and forms concerning conservation and transfer of insurance.
  • Offering and varying odds on competitors after considering the type of event, handicaps, weather conditions and odds offered by other Bookmakers.
  • Claiming accruing dividends and processing dividend payments.
  • Surveying potential risk exposure.
  • Processing insurance applications, adjustments to insurance cover, standard endorsements and insurance claims.
  • Monitoring balances of accounts and summarising reinsurance to determine outstanding risk.
  • Compiling statistics from financial records, survey returns and other data sources, and verifying the authenticity of the material.
  • Reviewing, checking, verifying and issuing transaction documentation for securities.

Employment Opportunities for an Insurance Officer

Insurance officers are employed by insurance and finance companies. They may sell insurance and usually work for wages rather than commission, making competition for available positions strong. Prospects for promotion are better for those prepared to undertake further study in fields such as commerce, economics, law, computer science and mathematics. An entrant to an insurance company generally starts as a clerk and can progress through various departments to positions such as inspector, claims officer, re-insurance officer, loss adjuster, marine underwriter or manager.


Specializations

Investment Officer

An investment officer invests revenue (income) from clients' premiums in government, commercial and stock market operations on behalf of their company and assists in the financial management of properties owned by the company.

Loss Assessor/Adjuster

A loss assessor/adjuster investigates and assesses losses for individuals and companies.

Marine Underwriter

A marine underwriter is responsible for the acceptance or rejection of insurance proposals to cover cargo transported by ships, trucks, trains or aircraft.

Superannuation Fund Administrator

A superannuation fund administrator is responsible for the administration of employer/industry-based superannuation funds. This involves the day-to-day processing of new members, benefit payments and contributions, and the annual review of each plan to update member information and benefits.

Claims Officer

A claims officer arranges settlement of claims made by clients through their policies. They assess the validity of claims by interviewing clients or their representatives and obtaining evidence.

Life Insurance Assessor

A life insurance assessor assesses death, disability, illness and trauma claims on life and health insurance policies.

Insurance Surveyor

An insurance surveyor inspects all kinds of properties to check for hazards and the efficiency of protection devices, advises policy holders about risk improvement and provides inspection services to agents. They also prepare reports that influence insurers' decisions on risk acceptance and premiums. Insurance surveyors normally have an engineering, scientific or related qualification.

Underwriter

An underwriter assesses risks and the premiums that should be charged in particular circumstances. Most of these positions are located in head offices in Melbourne and Sydney.

Insurance Inspector

An insurance inspector is responsible for assessing the value and condition of property or events to make recommendations about insurance prior to purchase. They may also inspect the extent of damages that have been claimed by a client.

Re-insurance Officer

A re-insurance officer is involved in the administration and assessment of insurance claims and policies taken out by insurance companies as a form of risk management.

Insurance Officer

Insurance officers carry out clerical and other functions associated with insurance transactions.

  • Average age
    Average age
    37 years
  • Future Growth
    Future Growth
    Decline
  • Gender Share
    Gender Share
    70% female
  • Average full-time
    Average full-time
    40 hours
  • Weekly Pay
    Weekly Pay
    $1,217
  • Skill level rating
    Skill level rating
    Lower skill
  • Unemployment
    Unemployment
    Lower unemployment
  • Full-Time Share
    Full-Time Share
    77% Full-Time
  • Employment Size
    Employment Size
    25,600 workers
  • Employment Size
    Employment by state
    ACT: 1.2%
    NSW: 37.8%
    NT: 0.5%
    QLD: 16.5%
    SA: 7.3%
    TAS: 1.7%
    VIC: 26.8%
    WA: 8.1%
  • Employment Size
    Age brackets
    15-19: 0.9%
    20-24: 8%
    25-34: 33.5%
    35-44: 25.6%
    45-54: 18.9%
    55-59: 6.8%
    60-64: 4.1%
    65 and Over: 2.2%
  • Employment Size
    Education level
    Advanced Diploma/Diploma: 15.6%
    Bachelor degree: 23%
    Below Year 10: 3.9%
    Certificate III/IV: 14.9%
    Post Graduate/Graduate Diploma or Graduate Certificate: 7%
    Year 10 and below: 7.6%
    Year 11: 4.7%
    Year 12: 27.2%
    Years 11 & 10: 14.1%
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