Physicians who occupy roles in Insurance Medicine work in health, disability, life and long-term care insurance. This resource focuses on Life Insurance Medicine.

The physician’s core role in life insurance medicine.

Physicians help the insurance underwriter assess mortality and morbidity risk of the member who is insured or being considered for a life insurance policy.

Employers and role titles.

Physicians are employed at life insurance companies (for example, MassMutual, LibertyMutual, NewYorkLife) as medical directors, chief medical directors, or VPs of medical management.

Typical Responsibilities.

As the physician, you

• Review medical records referred to you by the underwriter.
• Interpret basic clinical information including medical history, surgical history, medications, and diagnostic test results.
• Apply evidence-based medicine, federal and state regulations, and company policy to morbidity or life risk assessments.
• Educate underwriters on medical topics pertinent to insurance underwriting.
• Assist the company in keeping their medical policies and products up to date with the latest evidence-based guidelines on mortality risk.

As the physician, you are NOT

• Responsible for treatment or prescribing.
• Making the determination if the company gives a policy to an applicant.

Job Requirements.

Qualifications and Experience:

• MD/DO.
• Clinical experience (requirement varies from 1-5 years).
• Board certification.
• Active medical license may be required.
• Internal Medicine /Family Medicine /Medicine Subspecialty trained physicians are preferred.
• Board Certification from the American Academy on Insurance Medicine (AAIM) is not necessary to land a role.

Skills:

• Comfortable with chart review, medical data and test results interpretation (including EKGs and Stress Tests)
• Know how to access, interpret, and apply evidence-based medicine to decisions.
• Critical thinking.
• Teaching.
• Creative problem solving.
• Teamwork and collaboration.
• Excellent written and verbal communication skills.

Annual compensation.

Compensation varies. The typical salary range is USD 180K-mid USD 200K.

How to find out more about this industry.

• The AAIM website is a great first stop.

There are educational webinars, a member directory, and board certification resources. If you join AAIM, you can contact a medical director who is working in the industry and get a mentor.

• Search LinkedIn and connect with physicians who have transitioned to Life Insurance Medical Director roles.
• Search LinkedIn and connect with recruiters in the Life insurance industry.

Final words.

Consider a role in the life insurance industry if you enjoy using your clinical knowledge and critical thinking skills to review patient charts, interpret test results, and stay up to date with medical knowledge. Typically, you work remotely, have regular work-week hours and there’s no call.