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What Are the Different Types of Insurance Analyst Jobs?

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  • Written By: Florence J. Tipton
  • Edited By: John Allen
  • Last Modified Date: 23 November 2016
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The different types of insurance analyst jobs are typically associated with companies that offer insurance products. People with insurance analyst jobs may use independent judgment to make recommendations of risks based on technical skills and experience. One type is an insurance risk analyst who looks at the risks associated with providing policies and the costs of fulfilling policy obligations. Another type is a disability insurance analyst typically responsible for analyzing information related to a claim for disability payments. A third type is a financial insurance analyst that examines options for improving the financial performance of the company.

Generally, insurance analyst jobs are found within companies that offer insurance policies to businesses and individuals. Whether large or small, these insurance companies help to protect businesses and individuals by assuming financial risks with these policies. Most insurance policies may include coverage for property, vehicles, disability, and health care.

Regardless of the type of employment, insurance analyst jobs often require extensive industry knowledge of internal and external changes. For example, changes to industry processes and other factors might affect risks and policy decisions. Additionally, local, regional, and national regulations could impact insurance company guidelines and policies. To perform duties successfully, the insurance analyst should stay abreast of these conditions.

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Typically, an insurance risk analyst offers advice on the acceptable levels of policy risks for the insurance company. A person in this position typically conducts scenario analyses to ensure decisions made are in the insurance company’s best interest. An insurance risk analyst might recommend refusal of policy coverage if risks exceed parameters of qualifications for different plans. She might also increase or decrease the policy value after reassessing the risk on existing policies.

Disability insurance analysts are usually responsible for overseeing the claims process for insurance payments. Insurance analyst jobs in this sector may recommend approval or rejection of a claim for disability payments. Decisions are usually based on a number of factors that the disability insurance analyst must investigate.

To determine eligibility, the initial investigation is typically related to the medical condition that caused a person’s disability. The disability insurance analyst generally looks at medical records, witness statements, and patient qualifications before making payment decisions. She could also analyze the medical and legal obligations of the insurance company for providing disability coverage and payments.

Insurance financial analyst jobs normally assess the financial strength of the insurance company. They usually analyze the operating performance of various products such as health or life insurance. By using analytical techniques, people in these jobs review trends, conduct audits, and determine financial obligations according to policy provisions. The information is generally used to prepare financial reports that recommend options for improving the insurance company’s financial performance.

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