Overview of Career Opportunities in Insurance Law
Insurance law is a vital corner of the legal landscape, influencing virtually every business across the nation in some way. As policy and regulation continue to increase and evolve with healthcare, digital assets and the changing landscape of global markets, it’s become more important than ever that both individuals and businesses have the proper legal guidance and representation to manage these changes.
For those with a strong analytical nature and an interest in negotiating, resolving disputes and, when needs be, litigation, a career focusing on insurance law can be incredibly rewarding. Spanning from risk management to claims adjustment to litigation, diverse career opportunities in the insurance and risk management field await those willing to dedicate the time to their education and secure invaluable on-the-job experience.
The insurance field has a range of career options in the business world. Professionals work in a multitude of insurance agencies and companies large and small, making their mark in everything from sales and administration to risk management and underwriting . In these roles, insurance professionals develop multifaceted skills and expertise that are in high demand in the legal sector. These capabilities make up the core of an attorney’s skill set who focuses on insurance case law and litigation.
On the other hand, insurance professionals with a deep understanding of the law may instead take up positions within the business world. Insurance and risk management professionals often leverage their practical knowledge and understanding of the industry to take up vital legal positions within insurance agencies and corporate legal departments, where they work to assess and mitigate risks by establishing risk control programs that meet the company’s needs.
Either way, a career in insurance undoubtedly affords any legal-minded individual the chance to work directly with unique, professionally diverse teams of businesspeople. From the insurance companies themselves to the rapid-fire pace of policy shifts, there are many avenues to consider pursuing. As businesses expand their operations, there’s never been a better time to explore this growing field.
Insurance Law Education and Qualifications
A foundational principle for embarking on a career as an insurance lawyer is the attainment of a professional high school diploma or its equivalent. From there, the path to this specialization involves a series of increasingly advanced degrees, certifications, and courses.
Most will begin with a commercial bachelor’s degree, either by attending a traditional four-year university or through an accredited online program. Deciding on the right institution for an undergraduate degree is critical; it is therefore recommended that you review a sample of projects completed by the university and make sure that they have the necessary experience when it comes to handling cases of insurance disputes, as well as supporting their clients through mediation and arbitration.
Graduate programs will usually require a Juris Doctor (also known as a Doctor of Jurisprudence). At this point, aspiring insurance lawyers may choose to earn an optional certificate in insurance law, although this may be possible to do with a Juris Master degree. Whether opting for a master’s or a juris certification, the education must span corporate and property insurance, alternative dispute resolution, human resources management, employment law, insurance politics, dispute resolution, risk management and commercial law. During this time, it is essential that candidates complete coursework in contracts, as many insurance law proceedings are decided in reference to contracts.
The final stage of education essential to an insurance lawyer is a state bar exam. Each state in which you wish to work will have specific requirements for the bar exam, but the goal is to pass the test and become a member of the state bar and, therefore, eligible to work as an insurance lawyer. The exam is designed to judge the knowledge of the candidate on areas of law that are relevant to winning cases in civil courts.
It is also important to keep the mind active and engaged in professional development, as this will help you to stand out when seeking promotion, professional recognition and career advancement. Taking certification courses, joining professional organizations such as the National Association of Insurance Commissioners, and enrolling in seminars and workshops are all ways to gain an advantage in this competitive field.
Key Responsibilities of an Insurance Lawyer
A career in insurance law can be diverse, requiring lawyers to handle a broad range of responsibilities and handle several matters at once. One day, an insurance lawyer might be focusing on a client’s business formation. The next, they may be focused on claim denials and compliance with state and federal regulations.
"Typically, you’re practicing either insurance coverage, which focuses on contracts and disputes involving insurers, or it’s a litigation-based practice," said Justin Johnson, managing partner of the Jacksonville, Florida office of Cole Scott & Kissane and national chair of the firm’s insurance practice group. "Some of them intersect in some ways, but many lawyers find themselves doing both."
Day-to-day tasks for insurance lawyers include: handling claim denials, settlement negotiations, mediation, arbitration, jury and bench trials, and appeals. Lawyers may also communicate and negotiate on their client’s behalf with insurers, businesses, brokerages, and agencies. Insurance lawyers conduct legal research, draft case pleadings, briefs, motions, and discovery documents, and perform shipboard visits, medical consultations, examinations under oath, on-site premises inspections, and other risk and policy investigations.
"Some insurance transactional lawyers focus on getting the deals right at the outset, and some litigators do more of the investigative discovery side of things," Johnson said. "We recently had a case with the Coast Guard, and we were meeting with our client on the ship in the presence of a Coast Guard representative – an example of on-site investigations."
Logistically, attorneys working in insurance generally follow the typical billable hours model. Some firms do allow for more flexibility than others, as long as lawyers demonstrate value and provide a significant service. For practice in the first four years of hiring, most professional tasks require 2,000 to 2,300 billable hours during a 12-month period. Senior associates and partners are then responsible for developing business in addition to overseeing and training junior staff.
"The thing that interns and junior lawyers are going to learn very early on is that a lot of the times you’re going to have to sort through those e-discovery documents and be able to find the relevant points that come out through those searches," said Dianna Thomas, a senior insurance associate with Cole Scott & Kissane in Tampa, Florida. "People think of it as grunt work, but just being able to knowledgeable enough to know where to look is important."
An example of a typical work week for an insurance lawyer in this type of practice might include: a trial pre-conference, meeting with an expert witness, preparing a deposition for a fact witness, conducting medical records and treatment reviews, drafting an insurance claim, attending a mediation for a disputed claim, working daily on cases in motion practice and settlement negotiations, and preparing pleadings and jury instructions.
"There are so many disciplines within insurance law," said Therese Dunne, senior counsel at Lowenstein Sandler in Roseland, New Jersey. "It spans all types of corporate and commercial matters. It’s definitely worthwhile."
She said that in order to become successful in this field, lawyers need to have: "Strong communication and writing skills, and an open mind."
Job Opportunities in Insurance Law
Careers in the field of insurance law can be divided into two categories: corporate legal jobs and private legal career positions. Corporate legal jobs generally involve working in-house for an insurance or risk management company. These jobs often come with a more stable salary and benefits, but some corporate legal positions have been known to require extensive travel. Private insurance law career options involve working for a law firm or as a solo practitioner. It is possible to negotiate a stable schedule and salary when pursuing private practice; however, the nature of litigation means that court dates and cases can affect even the most scheduled day. Potential private practice options include claims adjustment, compliance, contract negotiation, and litigation.
A claims adjuster position typically involves working with the insured and the insurance issuer to determine if the insurance claim falls within the policy’s coverage guidelines. Claims adjusters work on first-party and third-party claims for property, auto, liability, disability, workers’ compensation, and life insurance.
A compliance officer position involves working as part of a risk management team to ensure that the insurance company’s practices meet federal and state regulations.
A contract negotiation position allows lawyers to advocate for their clients with large insurance institutions. Contracts may involve medical insurance, general commercial insurance, reinsurance, or exclusive agency contracts. In large organizations, contract negotiation positions may exist both for the insurer and the proposed covered party.
Litigation positions involve working as a litigator for a law firm. Due to the nature of insurance policies as a form of contract law, litigation subspecializations are available for lawyers who wish to specialize in appellate law, first-party claims, bad faith claims, or subrogation.
Qualities of Successful Insurance Professionals
A well-rounded education is essential to the success of insurance lawyers in their careers. In addition to that baseline educational foundation, a wealth of inborn and acquired skills is required. The analytical nature of insurance litigation requires an exceptional level of critical reasoning and the ability to thoughtfully analyze extremely complex arguments. Oral and written argument is necessary on a daily basis, as these lawyers can be called upon at any time to advocate for their clients. In fact , many insurance lawyers spend much of their time drafting briefs, memos and several motions. Attention to detail, in writing and negotiating, is critical to sustained success in this particular area of the law. Preparation is key to success, so obtaining the proper education, engaging in networking opportunities with other established insurance attorneys, and even learning from unsuccessful cases is essential to the success of a new insurance lawyer.
The Future Landscape of Insurance Law Careers
In a continuously evolving legal landscape, insurance law practitioners are witnessing significant changes that are set to redefine the profession in the coming years. Several key trends are currently impacting the field, including the rise of digital insurance platforms, the growing need for compliance with increasingly complex regulations, and the involvement of technology in traditional insurance transactions. All of these developments suggest that the role of insurance law professionals will only increase in both scope and importance.
Technology is one of the most influential trends for the insurance industry, as it has opened up new frontiers for the way insurance companies operate. Most notably, the "InsurTech" revolution is focused on leveraging technology to optimize the way insurance products are sold, bought, used, and underwritten by utilizing data analytics tools, chatbots, online platforms, and other innovations. Because of this, they are also becoming an invaluable part of enforcement and regulatory matters. As a result of these developments, the regulatory environment is becoming more complex, and professionals who specialize in this area are becoming increasingly sought after. Coupled with the changing landscape of insurance technologies, many professionals now believe that the future of insurance law will be built on the foundation of complex transactions.
These trends have entrepreneurs and individuals in leadership positions viewing regulations more as something that guides business models than as something that holds them back from making the best operational or strategic choices. For the lawyers, this means that their role will not just be to advise on regulatory matters but also to facilitate value-generating plans and opportunities that can, for example, combine existing technologies with new business models. In this regard, legal professionals in the insurance industry are given the opportunity to work closely with other disciplines, such as technology, marketing, finance, and accounting, offering them a comprehensive view of how the industry operates and how every member works toward common goals.
The current and upcoming health regulations will also continue to shift the way insurance law practitioners work with their clients. While traditionally insurance companies were responsible for covering their clients, consumers are now also better protected by law than ever before. In response to this development, lawyers are also taking on the role of advisor more often and are becoming less transactional. Instead, they are called to manage and mediate their relationship with clients and regulatory agencies alike. Lawyers are expected to have a deeper understanding of their customers, their needs, and the rules and guidelines that govern the industry, which also gives them a unique responsibility and allows them to create a more long-term relationship with their clients. The increasing role of the insurance law professional in day-to-day administrative matters is perhaps the strongest sign of how much influence and support practitioners can provide to their customers, a trend that shows no signs of slowing down.
Networking and Professional Development
A career in insurance law is dependent on the ability to navigate an ever-changing field. Laws and regulations are continually evolving, subject to interpretations by the courts and other authorities. Consequently, knowing how to stay up to date with new regulations affecting your specialty is paramount to a successful insurance law career. Joining professional organizations is an excellent way to stay in the know about changes in the field. Memberships allow you to connect with like-minded professionals who understand the unique demands of this area of the law. They can serve as a resource for legal questions and, at some point, you’ll be able to serve as a resource for them, as well. In addition to providing networking opportunities, many professional organizations offer continuing education. Legal organizations such as the American Bar Association, the Defense Research Institute and the Insurance Law Committee provide regular opportunities for CLE credit. You can also find industry seminars, webinars, online courses and more. Most importantly, regularly updating your knowledge will help you best advise your clients. In this line of work, both acumen and accuracy will ensure that your services remain in high demand.
Concluding Insights for a Career in Insurance Law
In conclusion, this article has examined the vast and dynamic field of career opportunities in insurance law. We discussed the various practice areas within insurance law and highlighted the demand for skilled legal professionals. Opportunities for advancement and growth in this discipline have also been reviewed to emphasize the potential of carving out a successful and fulfilling career in this field.
The exploration of internships, networking , and professional development as means of creating connections and advancing one’s career has been covered in detail. Those who choose to make a career in insurance law have a wealth of options at their disposal, and the growth opportunities in this dynamic field are plentiful.
If you are considering a career in insurance law, now is the time to begin researching the specific areas of law you may want to specialize in. With the proper research, networking, and know-how, you can forge a successful and fulfilling career in insurance law.