The insurance sector in Canada is rapidly expanding and shows no signs of slowing down anytime soon. Looking for a career in the insurance industry will only benefit you.
If you want to improve your financial future or the financial future of others, jobs in insurance are a fantastic place to start.
And that is what this article is here to tell you about.
Why should I work in insurance?
The insurance business is one of Canada’s fastest-growing industries. It provides several opportunities in every sector, whether business or personal.
Here are some compelling reasons to choose a career in the Canadian insurance industry:
- People from many walks of life can find intriguing and fulfilling work in the insurance sector.
- Insurance careers are ever-changing, and there is always something new to learn.
- Insurance is a vast sector that offers several job options in a range of disciplines.
- Insurance jobs provide competitive pay and benefits packages that are suitable for most budgets and lifestyles.
You now have all of the reasons why. Those who want to work in the ever-changing insurance business have a bright future.
How much can I earn from an insurance job in Canada?
Below are 10 of the highest-paying insurance jobs you can find in Canada right now.
A consultant actuary advises customers on accounting and risk management.
The position requires many years of actuarial expertise as well as abilities in financial auditing and risk modeling.
This specialist might work for a major consulting firm or as a freelancer
Salary range: $93,000 to $173,000 per year
2. Life insurance actuary
Professionals in this field assist in the pricing of life insurance plans to reduce expense and risk.
Assessing customer risks, doing financial research, and preparing reports for salespeople and management are among their responsibilities.
Salary range: $67,000 to $150,000 per year.
3. Pricing actuary
A price actuary is a statistician who works in the financial services industry, which includes insurance.
They contribute to product pricing by estimating risks and analyzing data, to ensure that the company’s costs, like the cost of claims or employee retirement, are covered.
Salary range: $99,500 to $149,500 per year
Actuaries value insurance policies and advise businesses on how to satisfy regulatory requirements and balance capital.
Their responsibilities include monitoring daily customer contact and creating or deploying risk management software.
Salary range: $111,500 to $142,500 per year
5. Vehicle finance manager
These individuals are in charge of monitoring the financing of new and used automobiles, developing sales training programs, and ensuring that all transactions comply with federal, state, and local standards.
Salary range: $97,500 to $141,500 per year
6. Underwriting manager
Underwriting managers are in charge of the underwriting department’s daily operations and administrative obligations.
Their tasks include assisting underwriters in the evaluation of applications, designing suitable screening methods, and developing new approaches and models to analyze customers’ financial risk.
Salary range: $92,000 to $125,500 per year
7. Casualty underwriter
A casualty underwriter evaluates applications for business and personal insurance policies.
Their responsibilities include assessing property information as well as reviewing the applicant’s background, financial situation, and job to guarantee premiums can be fulfilled.
Salary range: $87,500 to $121,000 per year
8. Health actuary
Health actuaries examine healthcare data and market trends for healthcare organizations and insurance firms to establish future financial and strategic goals.
They also produce rate files, examine plan reserves, interpret medical patterns to identify new risks and possibilities and provide reports based on aggregate health plan data gathered from national databases.
Annual salary range: $75,500 to $116,000
9. Claims manager
These individuals oversee the day-to-day operations of an insurance claims department.
Their responsibilities include developing consistent policies for insurance coverage and claims in a range of scenarios.
They also make certain that consumers receive excellent service.
Salary range: $75,000 to $115,500 per year
10. General adjuster
General adjusters are in charge of assessing accidents to evaluate the insurance company’s financial obligation.
Their responsibilities include investigating property or physical damage linked to insurance claims, including determining the source of the occurrence, the degree of the damage, and the cost of repairs.
This position requires investigative research experience as well as interpersonal abilities.
Salary range: $43,000 to $114,000 per year
Insurance Job Vacancies in Canada in 2023
Below are some active job openings for insurance workers in Canada right now:
Insurance Services Officer – WorkSafeBC
Location: Richmond, BC
Salary: $32.57 an hour
Job type: Full-time, Part-time, Remote
Posting period: 01/18/2023 to 02/10/2023
Based on the operational demands of the role, WorkSafeBC provides a hybrid work style that blends the flexibility of working remotely with the energy of working in their offices.
- Apply law, policy, and procedures to reply to inquiries from businesses about insurance coverage, the registration process, categorization, payment, premium rates, payroll reporting, and other topics.
- Insurance registration applications, employer classification changes, experience rating transfers, legal entity changes fines, account changes, rate adjustments, and any difficulties with an employer’s account are all adjudicated.
- Examine applications and register businesses for standard or optional coverage, ensuring that all legal and policy criteria are satisfied.
- Interact with folks in a courteous, empathic, and impartial manner.
- Apply law and policy to facts to make prompt, independent choices.
- Provide exceptional client service.
- Manage a large volume and difficult workload independently and aggressively.
- Record and explain thorough choices both verbally and in writing.
Qualifications and experience:
- It is preferable to have a postsecondary degree or diploma.
- A minimum of two years of business experience addressing complicated customer issues is required; expertise in the insurance industry, finance/banking, or government is advantageous.
- Experience making independent decisions in which you assessed facts and evidence and utilized policies to reach a choice.
- The ability to carry out mathematical computations.
- No criminal history.
Defined benefit pension plan
3 weeks of vacation in your first year, with regular increases based on years of service.
Health care and dental benefits.
Optional leave arrangements.
Insurance agent – Link Insurance Services Ltd.
Location: Surrey, BC
Salary: $30 an hour
Job type: Full-time, Permanent
Work hours: 40 hours per week
The duties of the insurance agent include:
- Identify and evaluate possible institutional, commercial, and individual customer markets.
- Ensure that all necessary forms, medical exams, and other policy requirements are fulfilled.
- Monitor insurance claims and react to inquiries from clients.
- Establish client insurance coverage, calculate premiums, and decide on a payment mechanism.
- Provide information about the group and individual insurance packages, risk coverage options, benefits paid, and other policy characteristics.
Customer Service Representative – Workplace Safety and Insurance Board
Salary: $58,773 annually
Job type: Permanent, Remote
Work hours: 7:30 am to 5:00 pm ( extended hours till 8 pm are currently being tested.
- The Customer Service Representative is in charge of receiving and responding to inquiries about WSIB claims, health care benefits, and other services.
- Proactively gather information on workplace parties’ claims to aid our internal business partners in making decisions.
- Performing a variety of clerical activities such as reception and mailroom coverage.
High school certificate plus additional skill courses.
One year and five months prior experience in customer service.
To apply for this position, please submit your application by the closing date of 02/15/2023 on our WSIB career portal.
Insurance underwriter – Stratford Underwriting Agency
Location: Vancouver, BC
Salary: $40.50 an hour
Job type: Full-time, Part-time, Permanent
Work Language: English
Work hours: 30 hours per week
Education: High school graduation certificate
Experience: 2 to 3 years of work experience.
- Examine new and renewal applications to assess insurance risks, insurance rates, coverage extent, and other criteria.
- Examine individual and group insurance applications.
- Accept insurance policy sales.
- Make advice on the design of individual or group insurance plans.
- Ensure that all government requirements are followed.
- Give guidance on underwriting.
MS Word, Spreadsheet, Database software, MS Excel, MS Outlook, and MS Windows proficiency is a necessity.
Health care plan
Vision care benefits
Long term benefits
Registered Retirement Savings Plan (RRSP)
Group insurance clerk – Kearns Insurance Corporation
Location: Toronto, ON
Salary: $55,000–$60,000 a year
Job type: Full-time
- Claims transactions are processed.
- Take premium payments.
- Determine insurance prices.
- Financial data is stored, updated, and retrieved.
- Implement policy modifications.
- Financial transactions are sorted, verified, and processed.
- Provide information to clients.
- Compile and keep insurance records and data.
Qualifications and skills
Secondary (high) school graduation certificate
2 years to less than 3 years
Proficiency in Microsoft applications
Whether you are just starting as an agent or are currently in a high-level managing position, there will be plenty of room for career advancement and development in this sector.