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5 Reasons to Consider a Career in Insurance

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“What do you do for a living?”
“I work in insurance.”
“Oh, really? Ummm … I have some of that!”
If a conversation you’re having stalls as soon as you mention that you work in insurance, share one of these five facts. They’ll make you sound like a genius for choosing a profession that has been around since the 18th century.

1. Stable Industry

A career in insurance may not seem glamorous to some, but in terms of job security, insurance is a smart path. Cong To, VP and Chief Actuary for SageSure Insurance Managers, knows this firsthand. “There is a stigma behind it,” Cong says. “This generation just doesn’t see it as an interesting field. I find it to be a steady, secure career.”
Like many young people, Cong wasn’t sure exactly what he wanted to do for a living. He was an undecided major when he spoke to an actuary and discovered how it complemented his love of math. He took some actuarial science courses, completed an internship and has been working as an actuary for insurance companies for the past 14 years.
According to Be an Actuary, actuaries are well compensated for what they do in insurance. Experienced actuaries have the potential to earn from $150,000 to $250,000 annually, and many earn more than that[1].
However, there are many different disciplines to choose from in insurance. Homeowners insurance, renter’s insurance, car insurance, health, life and more—it is here to stay! According to Insurance Business America, this billion-dollar industry added 14,000 jobs in April 2017, which means it accounts for the vast majority of growth in the insurance and finance sector.

2. Diverse Career Paths

Whether your background or passion is science, technology, marketing, PR or entertainment, the insurance industry offers a career path for just about everyone. There is opportunity in disciplines like:
Finance/Accounting
Actuarial
Agents
Brokers
Field Sales Representatives
Underwriters
Operations
Information Technology
Human Resources
Loss & Prevention
Marketing and Public Relations
Events Management

3. Community Support

A career in insurance is also a great way to get more involved in your community. The nature of this industry—providing protection for individuals, companies and more is an important responsibility. You must practice what you preach, so to speak. If you want to provide insurance to protect policyholders from natural disasters, then why not aid in the community that helps supports them? Many insurance companies rallied together to raise money, volunteered and supported the relief efforts caused by recent hurricanes that devastated parts of Florida and Puerto Rico.

4. Financial Stability

There are many advantages to choosing a career in insurance. In addition to competitive compensation packages designed to retain great talent, most insurance companies like to offer tuition reimbursement to full-time employees. One recipe for its financial success is to recruit highly educated professionals to join the team. So, if you’re concerned about job security, put your expertise to good use in this industry.

5. Ageless Workforce

From seasoned professionals to recent graduates, the insurance industry doesn’t discriminate on talent. In fact, majority of its seasoned workers are nearing retirement which means this is a great time for the young professional. According to a 2013 survey conducted by Accenture, the number of employees age 55 and over is 30 percent higher in Property & Casualty insurance than in any other industry[2]. There is a real significant talent gap in this industry, and now is the time for new talent to learn from the veterans and shine.
“We need fresh minds to help us evolve the way we have always thought of insurance,” Cong says. “Identity theft, Equifax, Cyber Security, there is a huge need for talent.” When asked if he would choose the same career field if he had to do it all over again, the answer was simple.
“Yes, I think I would. I like numbers, analyzing data, solving problems and helping people insure their biggest assets.”

 

[1] http://www.beanactuary.org/what/?fa=fast-facts-about-actuaries
[2] http://www.bls.gov/iag/tgs/iag524.htm