Career in insurance industry help

[cooperS]

Anyone here work for an insurance firm (not life insurance, auto & home insurance)?

Just wondering what are the certificates to qualify for the position. I am a university grad from business program but no certifications at all.

and what is the salary expectations? Is there a base salary?

Thank you in advance!

[urban.one]

You talking about sales or what sort of position?

[cooperS]

sorry, forgot to mention that

sales position

[300rwhp]

what company? what kind of role, besides just sales?

[three.eighteen.]

sales of auto & home insurance is generally not sold directly from the insurance carrier to the consumer, insurance sales people are brokers

http://www.ibac.ca/Pages/English/Education/Default.aspx

i think this is the education path for brokers

[Masked Bandit]

It sounds like you are looking at working at a brokerage (like me).

The first thing you need is your level one license but I wouldn't worry about getting that BEFORE you start applying. Most offices will pay for the course once you are hired. Generally speaking the pay isn't all that great to start ($26,000 - $35,000 per year) as you will probably start as an assistant.

However, if you can hang in for a couple years, I've seen everything from the career salary staffer at $45,000 to a commision only broker into six figures.

I don't know if that's much help to you but if you have other questions just fire away.

[Dave P]

your to qualified!

haha

im company side. its lame

[cooperS]

Thanks for everyone's help!

[tom_9109]

I've head the entry level telephone adjusters in calgary start between 43-48k/ yr now.

[Masked Bandit]

Originally posted by tom_9109
I've head the entry level telephone adjusters in calgary start between 43-48k/ yr now.

That surprises me. Generally speaking people on the company side are a bit under paid. It's possible I guess but 403Gemini would have a better idea (that's what he does).

[em2ab]

There's 2 types of insurance sales, brokers and agents. If you're a broker then you get the best price for your client based on any companies you want to get it from. If you're an agent then you work specifically for one company and get the client the best price that the company offers.
Also I've done the license exam for life insurance, it was $100 each test and $300 for the books to study.

[Dave P]

Originally posted by tom_9109
I've head the entry level telephone adjusters in calgary start between 43-48k/ yr now.

That seems pretty high to me. I work company side.

I think entry level is more 30-40k range.

[Masked Bandit]

Originally posted by Dave P


That seems pretty high to me. I work company side.

I think entry level is more 30-40k range.

That sounds a little more like the norm.

With that said, someone coming in with prior experience may be in the higher range?

[Dave P]

Ya, like any industry, experience = more cash$


But i think the OP is a insurance Greenhorn

[cooperS]

additional question for those of you work in the industry:

How did you like the work environment? Pros and cons?

Thanks again! You guys are awesome!:thumbsup:

[Masked Bandit]

Originally posted by cooperS
additional question for those of you work in the industry:

How did you like the work environment? Pros and cons?

Thanks again! You guys are awesome!:thumbsup:

Meh...it's shuffling papers back and forth. It's nothing that actually interests me but it's a means to an end. My situation is a little different in that I had the chance to skip the entry level grunt work and go straight to commission broker (work for family). It usally takes a few years to get to where I started. I think the biggest thing would be who you end up working for / with. The work itself is pretty bland.

[Dave P]

Its a good industry, because its not going anywhere. People will always need insurance.

If you have a good work ethic, its pretty easy to move up. And there are tones of different departments you can try (underwriting (personal, commerical, auto, property, liability) claims, loss control etc etc) or there are many different avenues on the broker side to.

As for the actual worth, im not bragging to my friends about what an interesting day I had.

[300rwhp]

Where do you work Dave P if you dont mind my asking, it is a field I am very interested in. I am looking to get into the energy broking side of things eventually but obviously I will have to start somewhere first (claims processing).

[Ruggzy_McTuggz]

If you are looking for long term career choice I would try to get into the property end of claims adjusting.

Once you have paid your dues company side and built a name for yourself within the industry you can start looking at building your own business.

We hired on a consultant to help us with the mass of hail claims from this summer and I have had to issue some of his paycheques. The guy makes $15k every two weeks (403 Gemini can vouch for this).... keep in mind he is an old bastard who has been doing property storm adjusting for about 20 years.

Oh and don't be a broker... I hate brokers :P (but they can make good coin if they are full commission with a good book of business)

[JohnnyBlaze]

I work as an underwriter assistant. It's alright, kinda boring...

[403Gemini]

Originally posted by Masked Bandit


That surprises me. Generally speaking people on the company side are a bit under paid. It's possible I guess but 403Gemini would have a better idea (that's what he does).

Why do you drag me into this ;)

Depends on the company you work for is what you start at... and even then nothing is guaranteed.

I had a friend switch companies and got a $3000 raise, another friend applied for the same company, same role, with the same history for experience and was offered less than what he was making at his current role.

Starting adjuster wages basically is anywhere between 34k-45k, again depending a lot of variables.

[googe]

go the actuary route, i think they're like 150k after a bit of experience :thumbsup:

[HybridTheory]

I work on the claims side and it's all right...I used to be an auto adjuster and now I work on the injury side. Auto was more interesting with having to argue liablity but I'm a lot less stressed out now.

[403Gemini]

Originally posted by HybridTheory
I work on the claims side and it's all right...I used to be an auto adjuster and now I work on the injury side. Auto was more interesting with having to argue liablity but I'm a lot less stressed out now.

Glad to hear you are a lot less stressed out!

You hear? I got a field position, start monday! :D

[HybridTheory]

Originally posted by 403Gemini


Glad to hear you are a lot less stressed out!

You hear? I got a field position, start monday! :D

:clap: Congrats buddy! It's about time they promoted you...lol you should have been my boss while I worked there

And I'm a lot less stressed out now that I don't have a boss that treats me like a child.

[three.eighteen.]

Originally posted by googe
go the actuary route, i think they're like 150k after a bit of experience :thumbsup:

you need to be retarded good at math...insurance companies are extremely selective about who they let into the actuarial dept for good reason

[Dave P]

Originally posted by three.eighteen.


you need to be retarded good at math...insurance companies are extremely selective about who they let into the actuarial dept for good reason


and maybe the VP of actuarials gets close to 150k. but if your just starting out, i dont think so.

[ralliart_girl]

Originally posted by 403Gemini


Glad to hear you are a lot less stressed out!

You hear? I got a field position, start monday! :D

Congrats dude!

I know that everyone has to start out in auto...but I would never go back to auto claims again. Maybe injuries, but not auto for sure. Four year of working in insurance was enough for me. :D

[403Gemini]

Originally posted by ralliart_girl


Congrats dude!

I know that everyone has to start out in auto...but I would never go back to auto claims again. Maybe injuries, but not auto for sure. Four year of working in insurance was enough for me. :D

Auto is SOOOOO simple but people care so much more about their car than their house/health its ridiculous. Glad i'm going to be a field property adjuster ;)

[Masked Bandit]

Originally posted by 403Gemini


Auto is SOOOOO simple but people care so much more about their car than their house/health its ridiculous. Glad i'm going to be a field property adjuster ;)

So when one of my clients has a flooded basement at 3:00 am on a Sunday, I can just call you?

:D

[403Gemini]

Originally posted by Masked Bandit


So when one of my clients has a flooded basement at 3:00 am on a Sunday, I can just call you?

:D

Phone gets turned off at 5pm, so go ahead and leave a msg ;)

[Dave P]

You can prob catch him on beyond haha

[Masked Bandit]

Originally posted by Dave P
You can prob catch him on beyond haha

Nah, like me he's probably only on Beyond during work hours.

[403Gemini]

Originally posted by Masked Bandit


Nah, like me he's probably only on Beyond during work hours.

Hush you! ;)

[SportEL]

How is working in Property/Casualty Underwriting like? And salary?

[ruggedboy]

Note from me: don't major in Actuarial Science it is bogus. They are really selective on who they hire and the pay isn't that great for the amount of work you put in. You are better off working in labour field in my opinion.

[Gainsbarre]

For the OP, I got this email in my inbox just now...maybe this would be of interest to you? Follow the contact info at the end of the email of you want more information...



from ARMI <[email protected]>
date 10 February 2009 11:55
subject[Armi-l] ARMI Annual ING Speaker Night

Hello All,

Our Annual Speaker Night is taking place on Monday, Februrary 23rd from 5-7 pm in the Oak Room. This year we have a variety of speakers attending from ING Insurance.

This event will serve as an excellent opportunity to learn more about the risk management industry as well as network with current industry professionals.

Refreshments and food will be provided.

If you have any questions regarding the event, please do not hesitate to contact us at the information provided below.

Regards,

Association of Risk Management and Insurance
Haskayne School of Business
University of Calgary
Phone: 220-7154
Email: [email protected]
Web: www.ucalgary.ca/~armi

[Dave P]

So who here is working for Intact Insurance now?

[Masked Bandit]

Oh there's a few on here for sure. I'm curious to see how (if at all) the ownership change will affect things.

[Masked Bandit]

Originally posted by SportEL
How is working in Property/Casualty Underwriting like? And salary?

I've never actually done the underwriting part of the business but we deal with the underwriters daily.

I don't think the work itself is all that difficult (I'm pretty sure it isn't actually), shuffle some papers here, fax some stuff there, that type of thing. But because it's not a special / difficult skill, the pay isn't all that great either. I don't think you see a P&C underwriter getting much more that $40,000 a year and that would be with a few years experience.

Commercial would probably be a bit better..........Dave?

[JohnnyBlaze]

I'm at Intact Insurance. Managers have been saying that everything will be the same. Although it has only been 1 day since the announcement of the new name.

[Masked Bandit]

Johnny....what do you do over there at the Intact? What do you guys think of the new name?

[JohnnyBlaze]

I'm an underwriter assistant over here. I think the name is ok, not great. They really tried to hype it up and everything since we learned that ING Insurance Canada was being sold and a new name would come with it. They even had a little countdown party to unveil the new name... at least there was free food, haha.

[Masked Bandit]

Party for the staff? Really? That almost sounds Wal-Martish. Hopefully you didn't drink the Kool-Aid.

Are you in the BSU?

[JohnnyBlaze]

I guess it wasn't really a party, but more of a reception type thing where they had red coloured food and drink because that it our new colour now. But they did hire a one man band that walked around playing music, similar to the episode of the Simpsons where Willy had a little one man performance, haha.

No I'm not in BSU, I think I would go crazy with all the calls. But I'm part of Margie Fast's team if you know her.

Where do you work Masked? If you don't mind me asking.

[Masked Bandit]

Originally posted by JohnnyBlaze
I guess it wasn't really a party, but more of a reception type thing where they had red coloured food and drink because that it our new colour now. But they did hire a one man band that walked around playing music, similar to the episode of the Simpsons where Willy had a little one man performance, haha.

No I'm not in BSU, I think I would go crazy with all the calls. But I'm part of Margie Fast's team if you know her.

Where do you work Masked? If you don't mind me asking.

Don't know Margie Fast. What department is she / your team in?

I'm just at a little brokerage in SE Calgary.

[JohnnyBlaze]

Personal lines underwriting. I actually deal with a couple SE brokerages, like Bow Valley and Alberta Rose AMI

[Masked Bandit]

Any word on a possible shake up of underwriting teams with the new "name"?

[JohnnyBlaze]

If you mean shake up as in layoffs, then no. No indication of any layoffs in the near future. We are actually hiring more underwriters.

[Dave P]

We had our town hall meeting today to go over numbers blah blah blah. lots of pokes at aviva and intact. fun times in insurance. Its nice to be a canadian mutual company these days

[Dave P]

Originally posted by Masked Bandit


I've never actually done the underwriting part of the business but we deal with the underwriters daily.

I don't think the work itself is all that difficult (I'm pretty sure it isn't actually), shuffle some papers here, fax some stuff there, that type of thing. But because it's not a special / difficult skill, the pay isn't all that great either. I don't think you see a P&amp;C underwriter getting much more that $40,000 a year and that would be with a few years experience.

Commercial would probably be a bit better..........Dave?

still pushing paper and faxing and all that lame ass underwriting stuff. pay is a bit beter then 40k in commercial though. i think most assistants are starting at like 35ish in commercial if you have your cip or degree

[guessboi]

Damn, you guys are on beyond while at work. lol.
:rofl:

Commercial U/A probably starts at like 36-40k depending on your education. U1 around 42-46k and U2 - 50+, U3 - 60+.

[Dave P]

Im just networking.........on beyond.

haha :D

MB is a client after all haha

[Masked Bandit]

Originally posted by Dave P
Im just networking.........on beyond.

haha :D

MB is a client after all haha

Hey, gotta stay friendly with the underwriters.

I read an article the other day in one of the industry rags that was going on about "hard market ahead" on the commercial side. Are you guys seeing anything yet?

[Masked Bandit]

Originally posted by JohnnyBlaze
If you mean shake up as in layoffs, then no. No indication of any layoffs in the near future. We are actually hiring more underwriters.

Actually I just meant reassignment of underwriters to specific agency groups, that's all. I wouldn't think there would be any layoffs or anything (yet anyway).

[HybridTheory]

Originally posted by Dave P
We had our town hall meeting today to go over numbers blah blah blah. lots of pokes at aviva and intact. fun times in insurance. Its nice to be a canadian mutual company these days


Lol funny cuz I work at the same company. I enjoyed the pokes at intact since I used to work there. Well at least our town hall meeting wasn't that boring...town halls at ING...er I mean intact were much more boring.

[Zewind]

Seriously, Intact insurance... doesnt really roll off your tounge that well.

[Masked Bandit]

Originally posted by HybridTheory



Lol funny cuz I work at the same company. I enjoyed the pokes at intact since I used to work there. Well at least our town hall meeting wasn't that boring...town halls at ING...er I mean intact were much more boring.

Alright, out with it.

- What do you do there?
- What did you to at ING?
- Who do you work with?

All the insurance people on here know who everyone else is.

[Masked Bandit]

Originally posted by Zewind
Seriously, Intact insurance... doesnt really roll off your tounge that well.

No it sure doesn't. I can't say that I'm a fan at all of the new name. I guess we'll see in a couple of months if the market gets used to it or not. I think the biggest advantage that ING had before was their name brand recognition because of the "save your money" guy, even though that was technically a separate company.

[Dave P]

Originally posted by Masked Bandit


Hey, gotta stay friendly with the underwriters.

I read an article the other day in one of the industry rags that was going on about &quot;hard market ahead&quot; on the commercial side. Are you guys seeing anything yet?

Everyone around here, and a few other companies are saying the hardmarket is coming. Lots of rate increases for 2009 across the board, as I think most companies took a hit in 08

[Chester]

Originally posted by JohnnyBlaze
I guess it wasn't really a party, but more of a reception type thing where they had red coloured food and drink because that it our new colour now. But they did hire a one man band that walked around playing music, similar to the episode of the Simpsons where Willy had a little one man performance, haha.

No I'm not in BSU, I think I would go crazy with all the calls. But I'm part of Margie Fast's team if you know her.

Where do you work Masked? If you don't mind me asking.


LOL. Was the one man band on monday? Cuz I saw that guy, laughed my ass off.

[JohnnyBlaze]

Yeah it was on Monday. :rofl:

[bighead2267]

Originally posted by Masked Bandit


Nah, like me he's probably only on Beyond during work hours.

i wish i could go beyond while i'm at work too. I guess your office must pretty causal to let you browse online. our office is all restricted due to multiple crash on powerbroker previously. i guess some stupid co-worker who open email attachment got virus and make the management team piss:dunno:
i wish i can browse online all day too as time goes much faster:devil:

[bighead2267]

wow, i didn't realize there is so many ppl in insurance field on beyond.

anyone work as U/W care to elaborate more about the CVI for ING/INTACT? i found it's so hard to do mid-term quote if client looking for SOV.


thx

[Masked Bandit]

Originally posted by bighead2267
wow, i didn't realize there is so many ppl in insurance field on beyond.

anyone work as U/W care to elaborate more about the CVI for ING/INTACT? i found it's so hard to do mid-term quote if client looking for SOV.


thx

Good luck getting anyone to give you a straight answer on CVI. I'd like to find the guy that came up with that whole idea and have a nice little chat with him / her.

What agency are you at?

[bighead2267]

the broker i'm working at is in NW along Centre St. btw, if you guys have any link to find job in insurance field?
i tried Workopolis but no luck.

[HybridTheory]

Originally posted by Masked Bandit


Alright, out with it.

- What do you do there?
- What did you to at ING?
- Who do you work with?

All the insurance people on here know who everyone else is.

Lol I just keep myself on the d/l but since you asked:

I was an auto adjuster at ING for about a year and a half
I'm now an accident benefits adjuster at Economical and have been here for 6 months

[Masked Bandit]

Originally posted by bighead2267
the broker i'm working at is in NW along Centre St. btw, if you guys have any link to find job in insurance field?
i tried Workopolis but no luck.

Try marrying the owner's Niece. That's what I did.

[JohnnyBlaze]

that's one way to get "in" the industry :rofl:

[403Gemini]

/facepalm @ intact insurance

I keep wanting to call it Impact insurance

[HybridTheory]

Originally posted by 403Gemini
/facepalm @ intact insurance

I keep wanting to call it Impact insurance

Lol that's what I first thought when someone told me the name...hey my company isn't much better on the cheesy factor haha

[Masked Bandit]

Impact......

Interac......

Impark.....


I'll add if I think of any more.

[bighead2267]

Originally posted by Masked Bandit


Try marrying the owner's Niece. That's what I did.

is the owner still have any close relative available?? lol

[Masked Bandit]

I've got a brother in law in Ottawa?

[403Gemini]

Originally posted by Masked Bandit
Impact......

Interac......

Impark.....


I'll add if I think of any more.

Contact

Retract

anything that ends in "...act" an insured hears it.

[bighead2267]

anyone heard any brokerage is laying off ppl so far?? or any rumor any brokerage will be laying off ppl?

[Masked Bandit]

I know Dyck laid some off when they were bought out as did Bentley. Are either of those places still even open?

[Masked Bandit]

Originally posted by Masked Bandit
Impact......

Interac......

Impark.....


I'll add if I think of any more.



Tic Tac

[403Gemini]

haha Tic tac insurance! how ... REFRESHING! :D

[ralliart_girl]

Originally posted by Masked Bandit




Tic Tac

lol...good one. That is what I will call them from now on. :rofl:

[bighead2267]

i think Dyck's building burned to the ground awhile back? not sure about Bentley.

i always thought we are in 1 of the most safe industry for lay off?:dunno:

[Masked Bandit]

Originally posted by bighead2267
i think Dyck's building burned to the ground awhile back? not sure about Bentley.

i always thought we are in 1 of the most safe industry for lay off?:dunno:

I know Dyck had a fire but I don't think the building was burned to the ground. I could be wrong though.

Generally speaking, insurance is pretty safe. The only reason there were "layoffs" at those two places is because they were bought out and a lot of the positions were doubled up (don't need two IT guys for example).

[Dave P]

http://www.financialpost.com/news-sectors/story.html?id=1374734

sweet sassy molassy

[403Gemini]

Interesting, with ING holding roughly 25% of auto policies as is... isnt an additional 20%... almost too much?

[Dave P]

http://atlasshrugs2000.typepad.com/atlas_shrugs/images/2008/02/20/monopoly.jpg

[Dave P]

Anyone hear about Intact buying Aviva?

I know aviva is always in the rumours for being sold, but Im hearing its a done deal this time?

as per my post above, MONOPOLY

[Dave P]

Also, anyone work at Intact. I am hearing that your new small business package is crazy, and will blow everyone out of the water.

I want details haha

[friedn00dles]

i've been a personal lines Broker here in Edmonton for about 3 years now.

As masked mandit mention. Work is often very bland.
I would never become a underwriter. I've visited Intact, Economical & Aviva's office to know that work spaces feel like a call center.

My salary i started out at 38K 2nd year 41k 3rd year 45k. Not including bonus's. I am training right now in the commercial field as i am soon to complete my CAIB & CIP designations. I do wish to become an adjuster one day but if things go the way i plan i'll stay where i am.
Commercial = $$$$$. it's hard and competitive but it'll be worth it in the long run.

I've never heard of Intact buying out Aviva. Although Aviva may not be so popular west side of the country, they are very big in Ontario and Quebec.

What is everyone's Vacation time in the industry Company vs brokers?

i only have two weeks vacation + 10 personal days(dont feel like working or sick). it's lame but next year it goes up to 3 weeks + 10 personal days

[Zewind]

Originally posted by Dave P
Anyone hear about Intact buying Aviva?

I know aviva is always in the rumours for being sold, but Im hearing its a done deal this time?

as per my post above, MONOPOLY


The Aviva rumor has been going around for about 2 years. So I really dont know.

Recent buy-outs that I know of was Jevco bought Kingsway.

[Speed_69]

Originally posted by friedn00dles

What is everyone's Vacation time in the industry Company vs brokers?

i only have two weeks vacation + 10 personal days(dont feel like working or sick). it's lame but next year it goes up to 3 weeks + 10 personal days

When I was a broker 2 years ago, I only got 2 weeks vacation; no personal days.
Now that I'm on the company side as a commercial lines underwriter, I get 3 weeks vacation, 4 personal days & 12 flex days (same as personal days but one needs to be taken every month). We don't have a certain limited amount of sick days, you just have to make sure you're not calling in sick all the time. I get paid more and I work less, the flexibility is awesome. I would probably never go back to the broker side unless they gave me at least 3 weeks vacation and some personal days.

[bighead2267]

i love my holiday at my work
i have 3 weeks annually plus 1 weekday once a month from working weekend. also, i do have 0.5 day bank up each month for not slacking off.
which means i have 1.5 days week day off each month.

honestly, i can't believe how Jevco still survive. they paperwork sucks. it's either always loss or take forever to process.

[friedn00dles]

Jevco's new portal for issuing policies FTW no more useless french underwriting & long 30 minute wait times

[Dave P]

Originally posted by Speed_69

I get paid more and I work less, the flexibility is awesome. I would probably never go back to the broker

+1
Company side is sweet. 4 weeks vacay + personal days here.

[Masked Bandit]

Originally posted by Dave P
Anyone hear about Intact buying Aviva?

I know aviva is always in the rumours for being sold, but Im hearing its a done deal this time?

as per my post above, MONOPOLY


What the hell man, were you bored today, decide to start some rumours? lol.

I guess nothing is impossible but I would be very, VERY surprised to see Aviva sell off their Canadian operations.

We've got an Intact man on the board here but I don't think he's responded yet.

[Masked Bandit]

Originally posted by Zewind



The Aviva rumor has been going around for about 2 years. So I really dont know.

Recent buy-outs that I know of was Jevco bought Kingsway.


Jevco has been owned by Kingsway for many years. They retired the Kingsway name and carried on as Jevco.

Oh how the mighty have fallen. Years ago I got to go on the Kingsway cruise out of Miami. The money they spent on that little trip every year must have been nuts.

[guessboi]

The Aviva rumor have been going on for the past year and actually started again this tuesday. I got a whack of people messaging me that day if I know anything about Aviva being sold to perhaps Intact or RSA. Confirmed from my source that this is just another rumor the same night.

I am actually not surprise if Aviva is sold in the near future. They laid off 300+ staffs in Canada recently and moved their Alberta PL operation to Ontario.

[tom_9109]

Avivas doing just fine..........