5 Things You Should Know About the Insurance Industry

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Before you start a career in any field, it’s important to find out all the major details you should know.

While you’ll learn a lot hands-on, a little bit of research can go a long way in preparing you for the perks and challenges of a particular career.

These five things about insurance can help you get started!

It’s inclusive

One of the great things about the insurance industry is that you don’t have to have a specific educational background or set of work experiences.

Insurance is all around us and touches virtually everything we do in life and in business!

While there are many insurance diploma programs, certifications and specializations that can offer you a distinct advantage, you can hatch a great career in insurance without necessarily having a background in insurance.

Many top insurance companies assess a potential hire based on their knowledge, skills and previous work experience as it relates to their current needs.

Since insurance is involved in so many different aspects of our lives, that previous knowledge and experience can come from many different areas: cars, business, medical terminology, the law and infrastructure are all excellent examples.

Employers in insurance recognize that some additional training and education is required to ensure you can excel in your insurance career and to round out your knowledge – often, the cost for this training will be picked up by your employer.

Insurance is also inclusive from a demographic perspective! 63% of industry professionals are women and 14% identify as a visible minority, compared to 17% in the general Canadian labour market.

It’s exciting

Many people see working in insurance as a 9 – 5 desk job that involves working in isolation.

Nothing could be further from the truth!

While many roles do have an element of independence, an insurance career often calls for frequent client interaction, teamwork, networking and professional stewardship.

These activities not only provide variety, they also provide a well-rounded set of experience that can help you find a role or set of responsibilities that matches how you like to work.

The roles are highly varied

Besides a range of different responsibilities, opportunities for career specialization abound in insurance.

Whether you are a number cruncher, like working with people, can spot trouble before it happens or enjoy research and analysis, there is likely a role for you.

Job opportunities posted on TalentEgg in insurance include: Claims Representative, Underwriter, Insurance Advisor and more!

These positions include tasks like developing strategies and putting policies into place for your clients, understanding the goals and risk tolerance of your clients and being an independent and collaborative worker to meet personal and team goals.

There’s lots of opportunity to learn and grow

Since the insurance industry welcomes candidates from a diverse range of backgrounds, there’s a heavy emphasis on training and development, both in terms of onboarding and continual learning.

Career development programs and trainee programs are popular training formats for insurance companies to offer new hires. These training programs are designed to get you up to speed, whether you’re taking your first step in the industry or moving into a more senior role.

You can specialize in insurance

There are lots of college and university programs, specializations, designations, and certifications out there to give your education an edge or specialize your skills to a particular insurance career path.

The same goes for specializing within the industry, as your career evolves you can have the opportunity to develop niche expertise focusing on one area of the sector.

These areas can be as specific as fine wine collections, cyber liability, directors and officers insurance (for corporations, not-for-profits and other groups), or even sports and entertainment insurance.

Essentially, you can build on your education and experience to take you exactly where you want to go.

Even if you aren’t sure where your interests lie just yet, it’s great to know that you can specialize in your chosen field!

Want to know more about working in the Insurance industry? Check out the great resources in our Insurance Career Guide, sponsored by Career Connections!

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About the author

Meghan Greaves is a Bachelor of Arts - Sociology and Marketing Management student at the University of Guelph. She also earned a Business Administration – Marketing (Co-op) diploma from Conestoga College in 2012. Meghan is currently completing a summer internship with TalentEgg as a Editorial & Marketing intern.