Which insurance professionals are responsible for collecting premiums and managing claims?

The role of administrators in the insurance industry encompasses essential functions such as collecting premiums and managing claims. Administrators are responsible for the operational aspects of insurance policies, which includes the administrative tasks associated with policyholder accounts. They ensure that premiums are collected in a timely manner and manage the processing of claims, making sure that they are handled efficiently and according to the policy provisions.

Insurance agents primarily serve as intermediaries who sell insurance products and assist clients in finding coverage that suits their needs, but they are not involved in the ongoing account management or claims processing like administrators. Insurance consultants provide advice on insurance products and coverage options but do not manage the administrative functions tied to premiums and claims. Actuaries focus on analyzing data to assess risks and determine policy pricing, which is crucial to the business but does not involve direct interactions with premium collection or claim management.

Therefore, the correct answer highlights the critical role of administrators within the insurance framework, emphasizing their responsibility for the financial and operational management that sustains insurance policies.