Think about how needed you will be as an agent. For that reason, the industry is not going anywhere and it will be relatively stable. May 21, 2019. If you're not sure what kind of job you're looking for, click on some of the job titles that interest you. The Bureau of Labor Statistics predicts that between 2012 and 2022, the demand for insurance agents will go up 10%. Prior to COVID-19, the insurance sector was already facing a series of big changes, including the fact that a large population of its workforce is nearing retirement age. US News ranks the 100 best jobs in America by scoring 7 factors like salary, work life balance, long term growth and stress level. Find out more about the average insurance sales agent salary and learn where the best-paying metropolitan areas are for a insurance sales agent across the country. The workforce in the insurance industry is aging. Find out more about the average insurance sales agent salary and learn where the best-paying metropolitan areas are for a insurance sales agent across the country. Working in insurance can be a hugely rewarding career. The insurance industry is a great place to build a career. 100% Employment: One of the big reasons to go to college is to make sure you’re employed in a good career after you graduate. The insurance industry has a lot of open positions, and it's scrambling to fill them. More and more often that place is online and through a mobile device. As in any industry, there's always an underlying support staff, and job titles and responsibilities can vary somewhat from employer to employer. There’s nothing people hate more than being treated poorly when they have to buy insurance or have questions to ask about their current policy. Top 5 Reasons Why You Should Consider Insurance as a Career. There’s nothing like personal service to maintain client loyalty. An insurance career can help satisfy this desire for meaningful work and community involvement. It’s a wonderful feeling to protect people but in doing so you may also be the person they turn to in the event of critical illness or disability. A Stable Industry. Know what is Insurance, Career Options, Job Prospects, Salary after Insurance Courses, Top Colleges, Eligibility Criteria, Recruiting companies and more ... Because their job is so foundational to how insurance works, underwriters exist in every corner of the industry, including life, health, mortgage and property-casualty insurance. The ability to develop transferable skills. If you have these skills; you may be able to help insurance companies tap in to these new customers. In insurance, like many things in life, no two situations are the same. For example, insurance can pay to rebuild a home after a fire, provide for loved ones after a death, or help workers injured on the job. You have one big licensing test to study for, and there are lots of classes designed to hold your hand through the whole process. We show you how to do this if you’re just starting out in an article you can find here. When you become an insurance agent, you can juggle your time however you see fit. What Are My Career Options in Health Insurance? You also don’t need very much experience to begin working and, although a college degree is advised, it’s not a requirement for most agencies. A job in insurance can be rewarding, challenging and filled with variety. About the author: Patty loves a challenge and never knew how much she needed a new one until she took a position with Combined Insurance.She was a horse trainer for 15 years, and when her champion stallion passed away, she found herself without a goal for the first time in a long time. It’s not all about numbers like you may have at first thought. Millennials are very comfortable researching and purchasing insurance all over their mobile device. It’s a chance for me to remind some (and educate others) that the insurance industry is a great career … Other roles can work directly with customers, in business-to-business relationships, or in the ‘back office’ in claims, underwriting, actuarial science, risk management, appraising and investigations.” - Trevor Buttrum, Career Connections Program Manager, The Insurance Institute of Canada General liability insurance is also a requirement in most states and for most industries. As people grow older and buy a house to raise a family in, making sure their future remains secure becomes a number-one priority. It’s hard to start a career as a financial advisor because no matter how great you are at recommending sound financial decisions and tools, at the end of the day you have to bring in new clients. There are plenty of other good reasons to consider this profession too. As an industry, insurance is regarded as a slow-growing, safe sector for investors. * If you require an accommodation to utilize any resource or to participate in any event, please contact our office. Valuable skills include knowledge of the insurance industry and of business practice as well as skill in making presentations to upper management. In 2015, 2.5 million people worked for almost 6,000 different insurance companies in the United States. In light of the low levels of interest in insurance careers among young talent, now might be a good time to survey some of those benefits: 1. The industry will need employees with an IT background to design their website and they will need Marketing Professionals to promote the website. Critical thinking is a part of the two previous skills. While the chances of becoming a millionaire are slim for most insurance agents, the average agent makes almost twice the national average salary. As the world changes, insurance risks and needs change. The better you are at thinking quickly and critically the better you will be at helping your customer properly cover their business. This is Insurance Careers Month. Here we outline some of the key benefits of a career in insurance. It only takes a few weeks or months to study for the state licensing exam, pass the exam, and start selling insurance. There are lots of opportunities for recent graduates to find a good mentor. You may be a hard worker but hate clocking in and out at the same time every day. There is also security in insurance and it is unique in that it can offer exceptional benefits to employees in the industry. Selling life insurance is a tough way to make a living and an even more difficult way to sustain a lucrative, long-lasting career. They will also need Human Resource Professionals to hire all of these people. If this is the only industry you’ve worked in, it can be easy to take all the perks for granted and even if you’ve worked here for 30 years it’s always good to remember just how good we have it. It helps to genuinely care about people. Just like death and taxes everyone has to buy insurance. by Jennifer Towne | Insurance Careers |. The career is good as in India the insurance penetration is still very low. As stated previously, insurance is kind of like death and taxes. Millennials want to shop for insurance in a much different way than baby boomers. The industry is changing with many customers wanting online and mobile options and successful insurance companies need help accommodating their customers in these new ways. Of course, every career has its drawbacks. Employment change. 233 Glenbrook Road U-4051 A college degree is preferred but is not required in many insurance firms. If you think you might be interested in a career in insurance, the best thing you can do is start exploring the industry while you’re still a student through research, networking and work experience, such as co-ops, internships, summer jobs and part-time jobs. If you are planning for higher posts then you have to prepare well for pass the exams. Reward. Center for Career Development According to an O*NET survey, 35 percent of claims adjusters who responded had a bachelor’s degree compared to 81 percent of underwriters. Some business is even conducted via social media. For instance, having car insurance prior to getting into a car accident may not heavily impact someone’s life, whereas having no insurance would result in disastrous consequences which include a financial setback. As long as you pass the licensing state, you can be well on your way in starting a career! He is an independent agent so I know that I have multiple options for carriers, and I trust that he will not put my insurance coverages with a "bad" carrier. As you can see, the insurance industry goes well beyond the insurance brokerages you see on nearly every downtown corner. 1 These companies had combined premiums totaling $1.2 trillion. Careers Listed by Industry and Title . If so, you’re missing out on a ton of potential career paths. If everyone is choosing this career, it must be good. We don’t need to tell you about COVID-19 and how it is destroying small businesses and putting over 20 million people out of work. There are a few misconceptions about the industry and the kinds of careers it can offer. Whether you’re ready for a career change or looking to move up in your career, don’t overlook the many perks of working in the insurance industry. Insurance companies have a really solid business model. The insurance industry is a great place to start — and grow — your career. Because millennials are becoming a target market, companies need employees who can relate to this growing customer base. Just like death and taxes everyone has to buy insurance. On the personal side of the industry, people are required to carry car insurance if they want to legally drive a car. Here's why: You have to have THE personality to sell people shit, PERIOD. Read the articles to get an idea of what each job entails and the qualifications you would need to apply. Because of the age of so many within the industry these new skills will only become more valuable as technology advances. 2 That’s a lot of money to account for and manage. An insurance career can offer stability, variety, challenges, rewards, above average potential for advancement and the opportunity for you to take your career where you want to go. For instance, you’ll never get bored because there’s always something new to be learned. Insurance has been around since the middle of the 18 th century in the United States, initially offering simple coverages like fire insurance or life insurance. As we can see, the insurance industry was doing pretty well. As we can see, the insurance industry was doing pretty well. The financial services industry offers amazing career opportunities for those who take advantage. Good growth from 2004-2006 with a slight dip in 2007, before the crash of 2008, and the subsequent dip in 2011. Workers can enter the insurance industry with anything from a high school diploma to a graduate degree. Making the decision to enter the insurance industry is not a career move to be made lightly. The health insurance industry is a vast one with many career choices you could pursue. Those types of risk assessment skills are something you could take in to the finance or management industry very easily. This makes many different majors the opportunity to find their place within the industry. You can be a truly compassionate person, all while making a pretty good … Millennials are becoming a target market. Many risk management and insurance careers regularly rank among the best in the country because they offer high compensation, low stress and the chance to grow. If you have a knack for these platforms than you can position yourself as an asset within the industry. That is right, I said insurance is a great industry for millennials to look at starting their career. Unlike most other careers, there is no ceiling to how much money you can make as an insurance agent, so it all depends on how hard you’re willing to work. Jobs for All Professionals of All Backgrounds Office Hours: 8AM – 5PM You can use your talents. How great will it be to know that the more you push the more you can earn? A baby boomer probably wants to purchase insurance in person or over the phone. Actuary, an insurance profession whose practitioners compile and analyze risk, is ranked by Forbes as “ The Best Job in America.” Employment of insurance brokers and sales agents is expected to grow 9% by the year 2024 (compared with.5% overall growth during the same period). One of the pros of being a captive agent, however, is a steady paycheck and free leads and oftentimes, an existing book of business. For that reason, the industry is not going anywhere and it will be relatively stable. 2. We manage risks that range from driverless cars and smart houses to Crossrail and oil rigs, from rockets to sportspeople Working in this industry will give millennials the opportunity to analyze the risk of an enormous different types of people and businesses. The insurance industry is resilient. Soon they will be a larger demographic than baby boomers. People will always have to purchase insurance in some form or fashion. Because of the requirement to purchase coverage, this industry provides recent graduates with an industry that will stay relatively stable for the foreseeable future. Or consider a career as a broker if you have good maths skills. Any industry you find yourself going in to will have a need for strong risk assessment skills. Insurance fraud is a … It may just mean that you need a special career. Now those messages are frequently done via email. Captive agents work exclusively with one carrier and have less control over the rules they set for themselves. How can the emerging lessons serve as a catalyst for business transformation? It's a vast industry and if you're interested in being part of it, there's almost certainly a job that's a good fit for you. The Insurance Industry is predicted to continue growing for decades to come, and the existing RMI programs only feed 15% of its needs each year, which means if you Fran Majidi. In light of the low levels of interest in insurance careers among young talent, now might be a good time to survey some of those benefits: 1. * Evening appointments vary by semester. As an industry, insurance is regarded as a slow-growing, safe sector for investors. Career Coaching Hours: 8AM – 5PM Whether they secure this future with life insurance, health insurance or even home insurance and car insurance, they all need guidance in choosing how to protect their future and the future of their loved ones. Depending upon what the business does the business may need different coverages and you will need to think quickly in order to make sure the business owner is fully covered. The health insurance industry is a vast one with many career choices you could pursue. I really enjoy when this comes around every year. Jobs for All Professionals of All Backgrounds Made with love in Columbus, Ohio and Costa Mesa, California - 877-323-7750 - info@smartfinancial.com, Insurance Distribution Channels and the Role of the Agent, 10 Tips for Selling Insurance During Financially Challenging Times. And if at all possible, choose one that pays a good salary and is in a field that will have plenty of jobs in the years to come. If they are not fully covered it could result in a claim not being covered in the middle of their term. Copyright © 2020 University of Connecticut, Government, Public Administration, Law, and Non-Profits. Yes. 2,871. Communication, risk management and critical thinking are three skills that are essential for success in the insurance industry. While you’re more likely to read about the bad news stories of grandmas losing their houses through not being properly insured after a natural disaster, the fact of the matter is that insurance is a great force of good … Insurance has a reputation as a boring dying industry, but technological advances are moving it in to the twenty first century at a dramatic pace. Due to the low barriers of entry, insurance sales is a good career choice for people who are transitioning into a new career following a major life change. They need to be able to reach these customers where those customers are. In fact, most insurance agents, both captive and independent, often sell insurance products to their family members and friends once they learn how it can really benefit them. There are instances in which the death of a loved one, or their disability can really put an enormous financial strain on a family. Each comes with its own set of advantages and disadvantages. Millennials are now old enough where they have to purchase their own insurance and some are even beginning to start their own businesses. Some are good (really know their stuff and want to help people) and others are just trying to make money. The insurance industry is a great place to start — and grow — your career. 1.) If they find the right mentor, that relationship can position millennials for a highly lucrative job in the not so distant future. This opens up opportunities for graduates of all majors. Do you think becoming an insurance agent is the only opportunity for you in the industry? Below is a list of job titles organized by industry. When you really care about people, selling insurance becomes easy. April 16, 2012 October 28, 2014 While you’re more likely to read about the bad news stories of grandmas losing their houses through not being properly insured after a natural disaster, the fact of the matter is that insurance is a great force of good … Unlike many other finance-related positions, prior experience is also not required. Here are four reasons why insurance is a great industry for a recent graduate to look to start their career. Careers in insurance: If you are contemplating a career in finance, why not look at one of its largest sectors, insurance. If you're not sure what kind of job you're looking for, click on some of the job titles that interest you. These are also skills that can be easily transferred to many different industries. Demand for insurance will increase, but employment in the insurance industry will increase more slowly than employment growth across all industries. We also delve a little deeper into how to become an Insurance agent, and particularly how to become an independent insurance agent, as well as the pros and cons of being a captive versus independent agent. The insurance industry employs a large number of people over a range of positions. Below is a list of job titles organized by industry. Insurance? In the past, cold-calling and phone negotiating skills were a must to succeed in the insurance industry. If you’re good with handling highly emotional people, you’ll make an amazing insurance agent. Insurance products do one thing only: they protect people from unforeseen disasters in several areas in one’s life. If a recent graduate wants to stay in one industry for 10 or 20 years, insurance is the industry to look to. In the next 10 years, about 40,000 jobs will become available in the insurance industry. There is a wave of older insurance and risk management professionals retiring right now, opening up hundreds of thousands of jobs and allowing new hires to quickly advance. Being an insurance agent can be a wonderful way of helping people and spending your days getting to know the people in your neighborhood and beyond. Companies in the insurance industry are going to need people who can write, in order to craft the perfect message to reach these new customers. Last but not least, a great reason to consider a career in the insurance industry is that you'll never stop learning. Insurance is the Rodney Dangerfield of the business world: It doesn’t get much respect, but the industry is stable and hiring is strong. An independent insurance agent works with several carriers by getting assignments independently. Consider those life insurance payments would help in making mortgage payments if the breadwinner passes away. The differences could be whether a landscaping business just mows a lawn, does the business install shrubs and plant trees or does the business climb up in to trees. The industry also has trends, Cyber Insurance being the most recent one. “Not only do we put time into closing the protection gap, we also focus on mitigation. Today, insurance is a $421 billion dollar industry in the U.S. Selling life insurance is a tough way to make a living and an even more difficult way to sustain a lucrative, long-lasting career. Becoming an independent insurance agent is a little more challenging because of the assignments you have to earn but if you have the will to do it, we show you how right here. Keep reading to learn more about these two career paths, including their job duties, requirements and economic outlooks. Consider that having auto insurance will pay for an accident that was your client’s fault, saving them tens of thousands of dollars. That doesn’t mean that you will not succeed in life. Careers Listed by Industry and Title . Your community will take notice and you will begin to sign business without too much effort, based on referrals from happy clients you’ve protected. “Insurance as a career is not just about sales. February is recognized throughout the industry as Insurance Careers Month, a chance for insurance companies to showcase the benefits of a career in the field. February is recognized throughout the industry as Insurance Careers Month, a chance for insurance companies to showcase the benefits of a career in the field. In fact, during the most recent economic downturn, the insurance industry was actually adding jobs and hiring more people. No matter what job a recent grad gets out of college, these three skills are crucial to their future success. Insurance Investigators . Sadly, the insurance industry seems to be starving for new talent. Insurance is a consumer staple, so it's not subject to the booms and busts that affect trendy products and services. If you are talking about agents, then it’s really competitive and you need good convincing skill also. 1. When people consider insurance careers, they might often just think about selling. Just as selling insurance never goes out of style neither does good customer service. Insurance? If you’re good at giving guidance and clearing the cobwebs for your clients by simplifying the daunting insurance jargon, you’ll be a winner in your profession. Make a difference. Having trouble picking an industry to start your career? Insurance Sales: The Ideal Midlife Career Change . They may need you to keep them calm after they’ve had an accident or after someone near and dear has died. This means people who work in the insurance industry have to stay abreast of these changes and learn how to continue to help people and be profitable. 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