The insurance industry is often overlooked or written off as dull or too complex. While working with claims or risk management may not sound like everyone’s dream job, working in insurance is much more than that– and can be far more rewarding than one may think. So, whether you are a young professional who’s just starting out in the workforce, or simply, just searching for a new, exciting career path– do not rule out this industry before you consider ALL of its benefits. Below are 6 Reasons Why You Should Consider a Career in Insurance:
1) High Demand
According to jobpostings.ca, the insurance industry has a 500-year track record of continued growth, so much so that in Canada, it is now a $30 billion industry. Therefore, it is both successful and durable- providing great value to individuals and Canadian businesses entirely. The reality is people are ALWAYS going to need insurance. Whether it is for their lives, health, wealth, their business, or personal belongings such as their car or home—it is an ever-present industry that allows people to take risks—and supports them in times of crisis and loss.
2) Wide Variety of jobs and opportunities
The insurance industry offers many rewarding career opportunities, for all interests and skill levels. For example, you could be an account manager, managing the needs of your client’s in their personal or commercial insurance policies. Alternatively, you could work as an underwriter for an insurance company or brokerage. Or, if your interest is in sales—you could be a producer reaching out to businesses, selling commercial insurance- generating revenue and obtaining commission. No matter what your title may be within the industry, there is a rewarding, enjoyable career path for everyone and anyone.
3) No degree is required
Now, this isn’t to say working in insurance is easy or doesn’t take industry knowledge, skills, and a strong business acumen. A degree and/or diploma from a college or university is incredibly beneficial—however, unlike in the medical or legal field – they aren’t a requirement.
However, some insurance professions may require courses and certifications. For example, in Ontario, all producers or account managers require a Registered Insurance Brokers of Ontario (RIBO) license.
4) Opportunities for learning and growth
In addition, the industry supports the professional training and education of its employees. For example, most companies will either partially (or fully) fund the education costs if their employees wish to become a Charter Insurance Professional (CIP) or Fellow Chartered Insurance Professional (FCIP). As the CIP and/or FCIP designations are reputable programs recognized across the nation, that improve technical insurance skills and allow individuals to grow and earn a greater income within the industry. Aside from additional schooling, doing something as simple as attending a tradeshow, or a few online seminars can allow you to build and hone your skills. Within the industry, there are opportunities to learn, grow, and advance in your career. You are constantly challenged and encouraged to improve your skills and abilities and should you do so effectively (and consistently) your hard work and commitment will reap great benefits.
5) Working in a team environment
The insurance industry consists of a diverse group of individuals from all walks of life. It is an accepting, engaging and immersive work environment. Whether you are working with clients or a sales team–if you enjoy collaborating and interacting closely with others, an insurance career is definitely for you. As a career in insurance requires you to closely listen and cater to the needs of others, to help them meet their goals.
6) Making a difference
In the insurance industry, you can help others by providing a service that allows individuals to invest in themselves, their belongings, and even the business that they’ve built for themselves. Some insurance professionals may even be faced with providing advice for victims of crime or natural disasters. However, even if your client may not have been struck by a tragic event or unforeseen loss—you are still making a vital contribution to their future. Through your knowledge and expertise, a client receives protection and assurance. Not only does this serve a great purpose within society, but it can also make for an exceptionally fulfilling career for someone who wishes to make a difference.