Premium
A Premium is the amount of money that customers pay to insurance companies for their insurance coverage. Think of it like a subscription fee for insurance protection. It can be paid monthly, quarterly, or annually. Insurance professionals work with premiums in different ways: sales teams explain premium costs to customers, underwriters determine how much the premium should be based on risk factors, and claims adjusters consider premium payment status when processing claims. The term might appear as "annual premium," "monthly premium," or "premium calculation" in job descriptions.
Examples in Resumes
Managed a $5M book of business with consistent Premium growth of 15% annually
Developed risk assessment models resulting in accurate Premium calculations
Successfully collected overdue Premiums with 95% recovery rate
Increased new business Premium revenue by 25% through strategic marketing initiatives
Typical job title: "Insurance Professionals"
Also try searching for:
Where to Find Insurance Professionals
Professional Organizations
Job Boards
Industry Networks
Example Interview Questions
Senior Level Questions
Q: How would you develop a strategy to increase premium retention in a competitive market?
Expected Answer: A senior professional should discuss customer relationship management, value-added services, competitive analysis, and methods to demonstrate value to policyholders while maintaining profitability.
Q: What factors do you consider when developing premium pricing strategies?
Expected Answer: Should explain market conditions, risk assessment, competitor analysis, customer demographics, loss ratios, and regulatory requirements that affect premium pricing.
Mid Level Questions
Q: How do you handle premium payment disputes with customers?
Expected Answer: Should discuss customer service skills, knowledge of payment terms, documentation procedures, and ability to explain premium calculations clearly to customers.
Q: Explain how you would analyze premium trends to identify business opportunities.
Expected Answer: Should demonstrate understanding of sales patterns, market analysis, customer behavior, and ability to use data to identify growth opportunities.
Junior Level Questions
Q: What is the difference between annual and monthly premium payments?
Expected Answer: Should explain payment frequency options, how premium amounts might differ based on payment schedule, and basic premium calculation concepts.
Q: How do you explain premium increases to customers?
Expected Answer: Should show ability to communicate clearly with customers, basic understanding of factors affecting premium changes, and customer service skills.
Experience Level Indicators
Junior (0-2 years)
- Basic premium calculations
- Customer service
- Policy documentation
- Premium collection
Mid (2-5 years)
- Premium analysis
- Sales techniques
- Risk assessment
- Customer retention strategies
Senior (5+ years)
- Premium pricing strategy
- Market analysis
- Team leadership
- Portfolio management
Red Flags to Watch For
- Inability to explain basic premium calculations
- Poor customer communication skills
- Lack of knowledge about insurance regulations
- No experience with insurance policy documentation
- Unfamiliarity with industry compliance requirements
