Claims or underwriting, which one has better career prospects and job availability?
I am abit confused as to what area to go into, claims or underwriting. I have a background in law and I am really interested in the insurance field. I am looking to getting into a field that provides job security, satisfaction and growth. Please advice if you have any experience in either fields. Thank you.
I think you could build a strong career in the claims area. I have done both and I think claims would better suit you since you have a legal background. I worked auto injury claims and I would estimate about 25% of the claims went to attorneys. Insurance companies would love to have someone to work on the litigated portion of the claims, not as a lawyer but as a person that works the claims with the insurance companies lawyers. Underwriting has more to do with quoting, writing and issuing the polices. There is some actuarial work and contract writing. I found the contract writing to be minimal as they were pretty standard contacts. Go with claims. Tremendous opportunity for growth.
Both are great areas to learn the fundamentals of insurance. But with a legal background, you will find claims as a great place to excel your career in insurance. Fighting your way through contracts to see where there is or isn't coverage will come easier to you than underwriting. I've worked in underwriting and found it to be a good place to learn but was not a career choice for me. Like many other underwriters, I've moved into the consulting/brokerage world and have found it to be much more fulfilling both monetarily and career-wise.
Oh, underwriting, for sure! Claims is very stressful & aggravating - the people you deal with are already upset, or trying to pull one over on you, and in both cases, can be extremely nasty.
You couldn't pay me enough to work claims.
Plus, there's more money & perq's in underwriting - claims people NEVER get invited to all the outings!
underwriting...........less hassle less corporate overseeing
Answers:
Once upon a time all claims staff were attorneys. Not much anymore, but the legal skills are still present in the job.
As for the difference between the two areas, I would state that there are always claims being made. Somewhere, in some line.
Underwriting usually has a chance for better pay sooner, but the key to success is writing business. Good sales skills, and working on a team is key.
Neither.
You should try for actuarial science.
They are paid at a scale way above the other fields.
Why did you leave out sales? How about writing professional liability for law firms? It's lucrative and you bring an understanding of the services they offer. It's flexible and a fun career.