Industry Solutions

Insurance Industry

About insurance

Insurance is a guarantee of compensation for a loss. Although insurance may seem to be a modern development intended to make money from nothing, the concept dates to ancient times. The modern insurance industry began mainly with a focus on protecting property against fire.

Today, there are infinite types of insurance coverage. Some examples include:

  • Accidental death insurance.
  • Auto insurance.
  • Boat insurance.
  • Disability insurance.
  • Errors and omissions insurance.
  • Flood insurance.
  • Health insurance.
  • Homeowner’s insurance.
  • Liability insurance.
  • Life insurance.
  • Medical malpractice insurance.
  • Pet insurance.
  • Renter’s insurance.
  • Travel insurance.
  • Wedding insurance.

Essentially, if something can be damaged or lost by an unexpected event, it can be insured.

Insurance coverage is issued in the form of a policy. The policyholder pays regular premiums toward a possible future payout, with the idea being that the premiums would generally add up to less than the total cost of covering the loss.

It takes many people to assess the risk involved and determine if the person, animal, or thing is worth being covered by the insurance company. If a loss is likely to happen before many premiums are paid—for example, an 80-year-old person wants to buy life insurance—then the company would either charge a very high premium or deny coverage.

Problems hiring the right people for insurance roles

Hiring the right people for insurance jobs is critical. Issuing an insurance policy to the wrong person or entity at the wrong price can result in a huge loss to the insurance company. Poor customer service and ineffective sales can cause a client to drop a policy or never take out a policy in the first place.

Different roles in the insurance industry take different skills. Actuaries, for example, assess the risk of insuring someone. They use math and statistics to analyze the likelihood of a person filing a claim. For example, in the case of life insurance, an actuary may have the grim task of trying to predict when a person might die.

A fraud investigator, on the other hand, needs different skills to succeed on the job. Investigators need effective communication skills to talk to many different people when gathering information. Investigators also need to pay attention to details, be persistent, and have detective skills.

Luckily, technology can reduce the problems you may have faced in hiring the right people for the insurance industry.

Why use pre-employment testing for insurance jobs

As mentioned, employees in the insurance industry need certain skills and personal qualities to succeed. But these attributes may not always show up on a resume or in a typical face-to-face interview. That’s where smart hiring comes in.

Anybody can list random skills on a resume. But with HireNest’s smart hiring platform, you can assess your candidates in ways you never could with old-school recruiting approaches. In the case of hiring investigators, for example, HireNest lets you assign tests that screen for inductive and deductive reasoning, pattern identification, problem solving, and more.

By conducting video interviews with those investigator candidates, you can see how they’d likely interact with the people they need to interview to gather information.

What’s more, HireNest makes hiring easier, faster, and fairer. You can collaborate with colleagues in different locations to rank candidates and make your final hiring decisions. And by offering our AI-based smart hiring platform to your candidates, you position yourself as a leader in your field.

Learn About Pricing

Common positions in the insurance industry

  1. Actuary
  2. Adjuster
  3. Claims clerk
  4. Investigator
  5. Loss control specialist
  6. Risk consultant
  7. Sales agent
  8. Underwriter

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