How An Insurance Career Connects You To Emerging Industry Trends

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What if you worked in a field so diverse, you were always connected to the latest trends across multiple industries?

No, we’re not talking about a fictional career path. The insurance industry is one of the most exciting fields for graduates who are looking for new challenges on a daily basis. With recent advancements in technology, this space is more interesting than ever – because insurance is connected to a wide variety of industries, insurance professionals must always be ready to adjust to new emerging trends.

One of the biggest trends right now is the sharing economy. Ownership is becoming less and less common and everyone from Baby Boomers to Millennials are starting to take advantage of these fast and easy online services, which cover everything from transportation to overnight accommodations.

Uber and Airbnb are definitely at the forefront of this egg-citing trend. Almost everyone today has hailed an Uber driver with their phone or knows someone who’s stayed with an Airbnb host. For people who own vehicles or accommodations, these services allow them to become entrepreneurs at the click of a button.

CASE STUDY: Airbnb

If a potential insured customer discloses their intention to provide short-term accommodations, there are a number of things underwriters need to take into account. For example:

  • How often the person has guests – is it seasonal? On a regular basis?
  • How many rooms are being used in the rentals
  • The number of guests the person has at one time
  • Is the host (or a member of the hosts family) normally there when there is a guest
  • Information about safety and security measures, such as smoke detectors, fire extinguishers or sprinklers, clearly marked exits, handrails on staircases, and so on

Source: insuranceinstitute.ca

The sharing economy isn’t the only hot topic right now. The introduction of commercial drones are catching the attention of consumers and business owners alike. These aerial vehicles have amazing capabilities. Not only are they able to travel long distances, they can perform actions and collect data, making them valuable to a number of industries. They also have the potential to streamline the operations for a multitude of different industries, from agriculture to journalism, and even the insurance industry itself!

You’re probably thinking, “That’s great… but what does that have to do with insurance?” The answer? Absolutely everything! With every great new innovation, there is a team of insurance professionals ready to ease its transition into modern society. From analyzing risk scenarios to creating new products to protect their users, these individuals essentially pave the way so that consumers and business owners can experience the benefits.

What qualities do I need to succeed?

Insurance is constantly adapting to new developments in different industries. Do you have what it takes to be successful? Here are some essential qualities for insurance professionals:

  • Adaptable. Insurance is constantly changing its processes as new trends arise, so it’s important to have the ability to be flexible in the way you approach things.
  • Analytical. Almost every insurance professional will, at some point in their career, come face to face with a brand new situation their colleagues have never dealt with before. Being able to analyze and assess the case for possible risks and liabilities is highly valuable.
  • Knowledgeable. Insurance is connected to many different industries, so it’s very important for insurance professionals to be aware of what’s happening. Staying on top of industry news can help you react early to emerging trends.

In order to be successful in the insurance industry, it’s absolutely vital that you’re able to assess brand new situations and determine possible outcomes. At some point in your role, you will likely be one of the first to analyze a new piece of equipment or technology, so resourcefulness and intuitive thinking skills are key.

So, do you think you have what it takes to hatch a career in the fast-paced world of insurance? If you’re looking for brand-new challenges and diverse fields, then you’ll fit right in!

Learn more about insurance careers on Career Connections’ Employer Page!

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