The income from the job in the insurance industry is a concern for many people because this industry has grown strongly in recent years. In particular, for candidates who are contemplating applying for a job in this field, knowing the specific job requirements and salary will help determine the career direction clearly. Let's learn about this issue with Navigos Search through the following article!
1. What is the insurance industry?
The insurance industry is considered a method of setting up a monetary fund (insurance fund) to compensate for damage caused by risks (natural disasters, accidents) or events related to human life (death, sickness). Insurance will help protect people against financial losses and manage risks that may occur to people.
Definition of the insurance industry
2. What positions are available in the insurance industry?
An entity that provides insurance is called an insurance company. Each insurance company will have a different promotion path with positions with different names, specifically as follows:
Insurance agent
An insurance agent is a person who searches, approaches, and convinces clients who need to buy a specific type of insurance. They are also the ones who interpret policies, guide clients through the selection process, and maintain their insurance records. They can work through agents, brokers, or directly at the insurance company. The basic salary of an insurance agent is from 3 to 6 million VND per month. However, this salary can be many times higher if you achieve high sales.
Customer service representative
Customer service representatives are responsible for helping insurance company clients understand all policies and benefits of insurance packages. They will communicate with clients through various communication channels to maintain a positive relationship with them. This position has a salary of about 9 million VND per month.
Loss adjuster
Loss adjusters have the responsibility of monitoring the company's growth to provide strategies to reduce risk, loss, and damage. They must focus on finding and detecting all potential risks to report to the insurance agency to provide timely handling. Loss adjusters receive a salary of about 7-12 million VND per month.
Compensation assessor
A compensation assessor is a person who works directly with an insurance company's client who is experiencing an accident or loss and submits a claim. This position is responsible for checking and confirming how much the insurance company has to pay for a client's loss or damage. This position has an income of 10-15 million VND per month.
Claim executive
A claim executive is a person who handles all procedures and papers related to insurance policies. Specifically, they will draft and publish new policies and amend existing policies. This position will receive a salary of more than 15 million VND per month.
Many hot positions are waiting for you to apply
Insurance actuary
Insurance actuaries use their analytical skills to predict event and accident risks. They help insurance companies make decisions about how much to charge for different types of insurance. This position typically works for governments, insurance companies, and brokers specializing in a certain type of insurance, such as body and property insurance. The salary of this position ranges from 15-20 million VND per month.
Underwriting specialist
The underwriting specialist is the one who decides whether to sell the insurance plan to each client. They review and evaluate the client's profile, identify possible risks and hazards, and ensure that the client meets the minimum conditions and criteria. Underwriting specialists usually work for an insurance brokerage firm, a specific insurance company. They have an income of about 14 - 17 million VND per month and usually specialize in a specific field such as auto or life insurance.
The income of people working in the insurance industry is always a concern among many people because this industry has been developing strongly in recent years. The salary for each position in this industry will be different, depending on sales and work efficiency.
For people with high qualifications and extensive experience, the salary is incredibly high. However, it's not easy to get a high salary. You need a whole process of effort and perseverance in the work.
3. Recruitment requirements for a job in insurance industry
In the past decade, the insurance industry has become increasingly hot with many positions attracting the participation of many candidates. Depending on the position, recruitment insurance companies have different criteria for selecting candidates. However, to enter the profession, you need to arm yourself with:
Knowledge
In addition to a certificate in insurance consulting, insurance industry recruitment often prioritizes candidates with a university degree in insurance or other related fields. Candidates with work experience will be an advantage.
Regardless of any position, knowledge is also a mandatory requirement to have thorough preparation before entering this profession. You must understand different types of insurance such as property insurance, life insurance, or health insurance, and have a good understanding of economics, business administration, and finance to perform your duties well.
You need to prepare many things to enter the profession successfully
Skills
If competence and knowledge are the foundation for you to successfully enter the profession, skills are the tools to support that foundation and help the work go more smoothly. Working in this field, you must practice the ability to synthesize, analyze, evaluate, understand customer psychology, make policy, communicate, persuade, close sales, and handle problems.
Insurance businesses compete fiercely, requiring people working in this field to make the most of their skills to solve problems, create a chain effect to attract customers, prioritize Vietnameseize the product packages of their unit, and close the order successfully.
Make sure the value the insurance package brings is completely worth the money clients spend. You must apply skills fluently, flexibly, and proactively to enhance your company's advantage over competitors, reach more potential clients, and improve your chances of success.
Mentality
Every profession has its set of challenges and difficulties. In the insurance industry, many people still have negative thoughts. The reason is that many people are often called by the insurance company to ask about the need to use the service, making them feel disturbed with insistence.
In addition, in Vietnam, many people do not have formal qualifications or have not been fully trained to enter the profession. That makes their way of working unprofessional, misleading potential clients. Furthermore, pressure from sales, superiors and clients makes people working in this field unable to continue their work.
Therefore, you need to prepare mentally before entering the profession, understand what your job is and be ready to face hardships. When you are fully equipped with knowledge, skills, and psychology, you can apply for any position in the insurance field.
The income level in this field is relatively high
4. Finding a job in insurance industry at Navigos Search
If you are confident in your ability, do not hesitate to send your CV to Navigos Search - Vietnam's leading prestigious headhunter company. Many job vacancies are waiting for you to apply for insurance companies at Navigossearch.com's job category.
Established in 2002, Navigos Search is a part of Navigos Group-a unit featuring Vietnam's number 1 recruitment website- VietnamWorks. With a massive data volume of 375,000+ high-level candidates from VietnamWorks data source, our headhunter team has supported candidates in finding jobs in all fields.
Navigos Search features the largest team of consultants with diverse specialized experience and a network of close relationships in their respective fields. Based on the scientific recruitment process, the candidate's capacity and experience, and the labor market development situation, our consultants will search and advise you on the most suitable employer and working environment.
After the candidate is selected, we continue to accompany the business and the candidate through the process of "success after achieving the dream job".
Along with that, with a comprehensive database, we're confident to become the best talent hunter specializing in middle and high-level human resources in Vietnam for businesses looking for the next generation of talent. With 375,000+ high-level candidate profiles and an advanced working process, we are committed to filling all vacancies in the business within a certain time.
Navigos Search - Vietnam’s leading talent hunting company in Vietnam
If you are looking for a job in the insurance industry or your business is in need of recruiting personnel, don't hesitate to contact us. You will have the dream job within reach and the business gets the most potential candidate!
Navigos Search - Vietnam’s leading talent hunting company in Vietnam