Five Reasons Why the Insurance Industry is an Exciting Place to Be

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Insurance is so much more than what it seems on the surface.

In a world full of risk, people and businesses turn to Insurance companies to create a safety net for their social and economic development. To better respond to the needs of their clients, Insurance companies must constantly evolve and elevate their practices to adapt to an ever changing business landscape. Here are five reasons why Insurance is an incredibly exciting industry to be in, especially right now!

Innovative Employers

Insurance companies often look for new and innovative way to optimize the workflows and spaces of their employees. They’re not just aiming to get things done – they want them done in the best way possible. Just take a look at Aviva’s expanded downtown office – they took a floor in the First Canadian Place, a traditional Toronto building and transformed it into an open, “agile” workspace with modern artwork, comfy meeting spots and portable workstations. The 14,500 square foot office, aptly named the “Digital Garage” also has rooms named “Fortress of Solitude” and has hangout nooks built from reused shipping containers painted bright blue. Thus, insurance companies are eager and willing to invest in the well-being of their employees through fresh, creative workplaces that encourage open thinking and connectivity.

Disruptors

In the age of startups, Insurance companies must always watch out for disruptive ventures that offer unfamiliar forms of risk. Just think about the logistics – imagine how different it would be insure a five-star hotel versus an Air BnB and a taxi as opposed to a part-time Uber driver. Being part of the Insurance industry gives you the opportunity to analyze and understand disruptors from a business standpoint and find advanced ways of minimizing their risks and maximizing their security. You’re literally at the forefront of economic change – providing companies, investors and consumers with the green light to leap into cutting edge technologies with peace of mind.

Evolving Technology

Thanks to advancements in data gathering technologies, Insurance companies now have an unprecedented level of data that is available to examine and assess cases and situations. People and companies leave a distinct digital footprint – in the form of social media interactions, text messages and CCTV footage just to begin, which allow Insurance companies to better understand and produce policies for each client. Deciding where to draw data from, how to sort it and then present its conclusions in a meaningful way are therefore an important part of the job. Being in Insurance then, means that you should be ready to create unique ways of looking at and interacting with data in order to draw useful and actionable insights for your clients.

Always Learning

As an industry that is readily impacted by anticipated trends in society, it’s incredibly important for Insurance professionals to regularly update their skills and expand their knowledge base. This is why it’s commonplace for Insurance companies to offer the option of taking continuing education courses to members of their team. By taking courses while working, Insurance professionals are able to seamlessly absorb the latest information while continuing to develop their careers. Along with continuing education courses, they can also attend industry-specific workshop sessions, conferences and networking events that touch on hot topic subjects to become better versed in up-and-coming subjects. The world around us is always changing – so Insurance professionals ensure they change with it!

No Two Days are the Same

In Insurance, no two clients are exactly the same – that’s why being in Insurance requires an open mind and desire to meet the needs of the client at hand. You’ll be communicating with a wide variety of stakeholders to ensure the success of a case, from empathizing with an upset client who is being sued to conversing with a senior manager on how best to handle a complex policy. Each case requires the ability to listen and look deeper into what has happened and how it can be resolved for the client. No matter what position or level of Insurance you’re working in, you’ll always need to be ready to pivot for changing situations and people, all to make sure the client can walk away with peace of mind.

For the five reasons listed above and so much more, Insurance is an industry that’s full of potential and possibility for students and new grads looking to grow personally and professionally.

If you’re ready to go on a journey and build an exciting career working with great people and unique challenges – check out Career Connections, the career hub of the Insurance Institute of Canada!

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