How much does an Insurance technical analyst earn
A Insurance technical analyst earns between $1.476 and $9.365 per month, with an average monthly salary of $3.679 and a median salary of $3.000 according to an Averwage.com salary survey along with to data of professionals hired and fired by companies in the labor market.
Our research is based on the salaries of 3.732 professionals hired and dismissed by the period from 06/2021 to 05/2022 (last year).
| Monthly Salary | Annual Salary | Salary Per Week | Hourly Salary | |
| Average wage | 3.679 | 44.153 | 920 | 18 |
| 1º Quartile | 1.476 | 17.718 | 369 | 7 |
| Median Salary | 3.000 | 36.000 | 750 | 15 |
| 3º Quartile | 7.142 | 85.708 | 1.786 | 35 |
| Higher Salary | 9.365 | 112.382 | 2.341 | 46 |
Professional job categories
- Middle level technicians
- medium level technicians in administrative sciences
- technicians of administrative sciences
- insurance technicians
Related Positions:
Main workplaces
Insurance Technicians they work in insurance and private pension companies, mixed capital companies and government agencies in the insurance area. Work is carried out indoors during daytime hours. They are CLT or statutory workers and are organized as a team, under supervision. Eventually, they are subject to pressures at work that can cause stress.
What does it take to work in the field of Insurance Technicians
The exercise of these occupations requires high school education and professional courses of two hundred to four hundred class hours. The full performance of activities occurs after three to four years of experience.
Functions and activities of Insurance technical analyst
Insurance Technicians must:
Activities
- add documentation for bids;
- obtain information on physical and moral characteristics of the risk;
- propose investigation;
- increase production through distribution channels;
- show credibility;
- give technical and commercial support to customers;
- notify reinsurer and co-insurers of claims that have occurred;
- receive requests for quotation and/or proposals;
- demonstrate flexibility;
- search legislation;
- act with objectivity;
- analyze inspection reports, medical reports and questionnaires;
- request documentation;
- provide insurance quote and conditions;
- check inspection object documentation;
- calculate premiums;
- schedule inspection;
- negotiate budgets;
- demonstrate a sense of observation;
- track product implementation;
- request medical reports and inspections;
- photograph the insurance object;
- closing processes;
- compare competitors' products;
- analyze proposed conditions for the insurance;
- survey customer needs;
- act with patience;
- search competitor market;
- send insurance renewal notices;
- process documents (policies, amendments, endorsements, annotations);
- determine the insured's loss ratio;
- elaborate inspection and survey reports;
- transmit information about customer needs;
- consult other areas of the company;
- attract new business and customers;
- prepare documentation and list of assigned risks (map or bordero);
- assist the development of the computer system;
- framing proposals to the company's reinsurance and coinsurance conditions;
- recommend loss prevention measures;
- act with empathy;
- define inspection procedures;
- elaborate technical opinion;
- assist in the training and development of personnel involved with the product;
- demonstrate decision-making ability;
- check implementation of suggested measures;
- reconcile current account with reinsurer and co-insurer;
- get internal product approval;
- calculate reinsurance premiums and recovery;
- act with persuasion;
- create internal standards and procedures;
- express yourself orally and in writing;
- prepare documentation and list of outstanding and paid claims;
- identify new market niches;
- evaluate the dynamics of the claim, with causal link (cause and effect);
- forward processes for reimbursement and/or recovery;
- determine insurance profitability;
- analyze contract;
- reason logically;
- monitor portfolio results;
- settle a claim (payment to the beneficiary or the insured);
- test fire safety equipment;
- evaluate damages and quotes;
- frame proposals to the company's reinsurance and coinsurance conditions;
- promote product adjustments;
- request advance recovery;
- photograph the object of the insurance;
- implementing partnerships with brokers and other distribution channels;
- prepare technical claims report;
- identify exposure and physical and moral aggravation of risk;
- inform data for the preparation of a technical note (sales cost, loss ratio);
- act with empathy;
- disclose products;
- concept the product;
- suggest insurable value;
- register claims;
- submit proposals to the company's underwriting rules;
- write contractual conditions for new products;
- demonstrate research ability;
Sectors that hire Insurance technical analyst the most in the job market
- insurance, pension plan and health brokers and agents
- non-life insurance
- other service activities provided mainly to companies
- health insurance
- temporary labor lease
- life insurance
- auxiliary activities of insurance, supplementary pensions and health plans
- electrical maintenance and repair services for motor vehicles
- business management consulting activities
- health plans
