Insurance carriers come in many forms that can provide various types of policies, such as property and casualty, life insurance and medical or health insurance, to individuals and businesses, depending on their needs. Various activities are performed by an insurance carrier, including the underwriting of a policy prior to issue. An insurance carrier not only sells insurance policies but also pays claims that insureds make on their policies.
- Most insurance carriers have a marketing department that is responsible for advertising and public relations, such as providing information to clients about new products and existing product changes. Marketing departments typically create the brochures that are used to provide information about an insurance carrier's products. A marketing department may also have company representatives that make regular visits to an insurance carrier's agency force to promote new products and go over company information.
- Most insurance carriers have a sales and support department, which may also be known as the agency department. Many insurance carriers that do not sell directly to the public have licensed insurance agents who sell their products. The agency department is responsible for hiring and training agents who are an insurance carrier's sales force. An insurance carrier's agency department also provides customer service to its agents for computer software or other technical questions.
- Insurance carriers have departments that provide various actuarial and accounting functions. An actuarial department within an insurance carrier uses statistical data to determine if the rates used for specific types of policies are sound. The accounting department of an insurance carrier provides various bookkeeping and auditing functions. Accounts receivable is one function of an accounting department that accounts for all payments received by a policyholder.
- An insurance carrier has an entire department dedicated to the underwriting of individual policies that are reviewed before they are issued. An insurance carrier's underwriters review policies to determine whether an application for insurance contains all necessary information and whether an insured meets all the criteria for policy issue. When an insurance policy is issued, an insurance carrier mails all of the policy documents to the insured.
- One of the most important departments of an insurance carrier is the claims department. An insurance carrier's claims department determines whether a submitted claim meets the conditions of the insurance policy and should be paid. Claims departments examine all claims and investigate any that look suspicious. Insurance carriers also employ claims adjusters, who are used to determine the cost for damages caused to an automobile or home.
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