What have you always wanted to know about working in the insurance industry?
With the following FAQs and the growing insurance career guide, TalentEgg has you covered with all the info you’ll need to make an informed decision about your career.
Read on to find out answers to some of the most frequently asked questions about the insurance industry, courtesy of Career Connections.
What are the different kinds of insurance?
As insurance is one of the largest contributors to Canada’s financial services sector, the industry influences just about everything in life and business. Here are a few of the main types of insurance.
Property and Casualty: This type of insurance involves managing risk and protecting individuals’ homes and property. When there’s an accident, extreme weather, fire, or theft, this kind of insurance works to offer compensation for the losses experienced.
Social Insurance: Employment insurance and workers’ compensation and safety are all examples of social insurance. This type of insurance is generated by a compulsory contribution for those who are sick or unemployed. Social insurance programs are all government sponsored.
Life and Health Insurance: While not compulsory, many people will take out some type of life insurance as this provides families with a lump sum in case an insured family member dies. Health and disability insurance provides you with compensation if you get sick or into accident.
What do I need to hatch my career in the insurance industry?
You can answer this question by asking yourself a few questions first:
What are you looking for from a career?
If you already know what you’re interested in generally then you’re a step ahead! Go through your experiences thus far and try to isolate some skills you really enjoyed using or developing.
Once you’ve picked a few skills you’d like to expand upon in a career, take a look at the different areas of insurance (you could start with the question above!) and try and brainstorm a couple of ways you might fit.
Do I know anyone in the industry?
During your job hunt, you’re bound to have a lot of questions. TalentEgg is a great place to start but having a contact in the industry will be invaluable when you’re looking for first hand answers. Chat with anyone you know about where you’re hoping to take your next step and ask if they know anyone in the industry that they could introduce you to.
If possible, meet with a few people from the industry to talk about what you want to achieve and ask them questions about how they got to where they are.
Remember that insurance is often built off of good relationships. Making connections at this early phase is a great way to get a head start!
Do I understand the industry?
If you have an idea of what companies you might like to work with them be sure to keep researching them to continue learning more about the industry.
When researching different organizations, try to get an idea of the different needs each employer is looking for and tailor your resumes to match.
I’ve already graduated. What kind of education do I need to become an insurance professional?
According to Career Connections, a common misconception is that budding insurance professionals need to have studied insurance prior to joining the industry.
While there can be some advantages to having studied insurance, the skills you need for the industry can be cultivated in many different places.
For example, problem-solving abilities can be developed in a class in school. You can work on your customer service skills and relationship building in a part time job. You can keep your math skills sharp by becoming a tutor.
What are some of the different roles I can have in insurance?
There are a couple of egg-citing insurance positions you can familiarize yourself with in your job hunt. These can include:
Adjusters either work for independent adjusting firms (independent adjusters) or work directly for insurance providers.
Insurance adjusters investigate insurance claims and determine the amount of loss or damages covered by insurance policies.
These professionals are independent business people. They manage all aspects of an insurance transaction with a client by providing advice, arranging the policy and facilitating claims.
Underwriters review and evaluate applications for insurance to determine risk, insurance coverage and premiums.
A job as an underwriter is a common entry level job in the insurance industry.
Where can I find more resources on a career in the insurance industry?
Aside from TalentEgg’s Insurance Career Guide, check out Career Connections for your one-stop shop for all things insurance! Additionally, you can check out the Government of Canada’s occupations list for more information!