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What does an Insurance Analyst do?

Learn all about Insurance Analyst duties, skills and much more. Get expert advice on how to become an Insurance Analyst.

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Brenna Goyette
Certified Professional Resume Writer, Career Expert

Published 4 min read

An insurance analyst is a professional who provides analysis and recommendations to insurance companies regarding the best way to protect their assets. They may also work with individuals and businesses to help them choose the right type of insurance coverage.

Insurance Analyst job duties include:

  • Research and analyze insurance policies to determine coverage levels and recommend changes
  • Review insurance claims to ensure they are valid and meet policy guidelines
  • Negotiate with insurance companies on behalf of policyholders to reach settlements
  • Investigate fraudulent insurance claims and refer them for prosecution
  • Prepare reports on risk management and insurance trends
  • Analyze data to identify trends in insurance premiums and losses
  • Recommend changes in coverage or rates to management
  • Assist in the development of new insurance products
  • Train other staff members on insurance policies and procedures

Insurance Analyst Job Requirements

Most insurance analysts have a bachelor's degree in business, economics, finance, or a related field. Many have a master's degree or higher. Certification is not required, but it may give you an edge in the job market. Experience is also helpful, especially in the insurance industry. Many insurance analysts start out as insurance underwriters or insurance agents.

Insurance Analyst Skills

  • Analytical skills
  • Probability and statistics
  • Finance
  • Actuarial science
  • Excel
  • VBA
  • R
  • SQL
  • Tableau
  • Business acumen
  • Communication skills
  • Presentation skills

Related: Top Insurance Analyst Skills: Definition and Examples

How to become an Insurance Analyst

An insurance analyst is a professional who evaluates and recommends insurance products and services. Insurance analysts work in the insurance industry, but may also be employed by financial institutions, consulting firms, and government agencies.

The job of an insurance analyst requires knowledge of the insurance industry, as well as analytical and research skills. Insurance analysts must be able to identify and assess risk, and recommend ways to mitigate or transfer risk. They must also be able to evaluate insurance products and services, and make recommendations based on their findings.

In order to become an insurance analyst, one must first obtain a bachelor’s degree in business, economics, finance, or a related field. Many employers also prefer candidates who have earned a master’s degree in business administration (MBA) or a Certified Financial Planner (CFP) designation.

Once you have the necessary education, you will need to gain experience in the insurance industry. Many insurance analysts start their careers as underwriters or actuaries before moving into analysis roles. Alternatively, you may be able to find entry-level positions in research or marketing departments at an insurance company.

No matter how you enter the field, it is important to stay up-to-date on industry trends and developments. The best way to do this is to join professional organizations such as the American Academy of Actuaries or the Casualty Actuarial Society. These organizations offer networking opportunities, educational resources, and job boards that can help you advance your career.

Related: Insurance Analyst Resume Example

Related: Insurance Analyst Interview Questions (With Example Answers)