How Insurance Touches and Impacts Many Industries

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When you think of insurance, your first thought may be about your vehicle or your home. But did you know that insurance impacts virtually every other industry in the economy including finance, engineering, and healthcare? Read on for insights from insurance professionals with backgrounds in each of these areas, and how you can hatch a stable and rewarding career in the insurance industry!

Finance

The insurance industry is one of the key pillars of the financial services sector and employs more than 125,000 people across Canada. Property and Casualty Insurance is about managing risk and protecting assets, which is vital in finance where money, investments, and the economy are at play.

For example, in a risk management role, you will likely handle analysis, reporting, and monitoring of risk exposure to support financial success. Since risk is ever changing, flexibility, having a strong work ethic, and having a willingness to learn something new are all skills that are extremely valuable in this kind of role.

Sales and customer service are also an important aspect of the insurance industry. Being there for clients during times of peril and distress and having the ability to help them to recover from loss is very rewarding for those working in this type of role. Individuals with a background and finance and a passion for working with people may find roles in Customer Service, Underwriting, or Marketing particularly fulfilling.

Take a look at nine gateway roles in the industry here.

Engineering

From hazardous industrial operations to technological losses, there are many risks associated with the nature of engineering work. Insurance is needed in this sector to underwrite risks that could arise for clients, especially when dealing with large scale projects that have multiple stakeholders and parties at risk. There are environmental factors, health and safety concerns, financial issues, and many other aspects that need to be taken into consideration when working these kinds of projects. That’s also what makes insurance so exciting – your role can vary from day to day, and you’re constantly learning new skills that you can use in your career.

Roles for those in engineering may include: Appraiser, Claims Investigator, Loss Control Specialist, and Risk Manager. Depending on your area of engineering specialization, there is also a need for engineers to help insurance companies rebuild communities in times of loss.

Healthcare

When tragedy strikes, your well-being is of utmost importance. This is a part of what makes insurance in the healthcare sector so important. Similar to the various other sectors we’ve talked about already there are numerous aspects to healthcare where insurance is essential. From new innovations in technology and medical equipment, to audits for safety, there is nearly no end to the application of insurance in healthcare. According to Career Connections, typical roles for those with a healthcare background include: Loss Adjuster, Loss Control Specialist, Risk Manager, and Underwriter.

Working in insurance also means that you have to work collaboratively with others to meet the clients’ needs. Workplace critical skills like communication, teamwork, and active listening are particularly valued

Insurance is everywhere. It underpins, covers, and is integral in nearly every other industry. A career in insurance can offer you growth, stability, and an opportunity to learn. No matter what your skills and interests are, there is a place in insurance for you!


Here are some key pieces of advice directly from insurance professionals in the finance, engineering and healthcare sectors on hatching a career in insurance:

  • “Don’t be scared of starting at an entry-level position in this industry, as there is a lot of room to grow quickly.” – Craig Skowronski, Commercial Account Executive, Edmonton, AB, Canada.
  • “Find a mentor in the insurance industry to discuss your career path with. Someone already employed in the industry will be instrumental support for you as you navigate your career in Insurance.” – Cathy Laurin, Personal Lines Specialist, Ottawa, ON, Canada
  • “Do anything. There are so many different careers available in the insurance industry that you have a chance to start anywhere and grow into your career.” – Sarah Higgins, Senior Operational Auditor, Toronto, ON, Canada.
  • “A career in insurance means endless possibilities.” – Miranda Doan, Thermal Imaging Risk Technician, Listowel, ON, Canada.
  • “Remain curious and ask questions. In school, you learn to explore concepts and ask questions, so keep doing this in your career!” – Brad Keeling, Adjuster – Casualty Claims, Oakville, ON, Canada
  • “Network and ask people in the industry out for a coffee – you’ll be surprised what you might find out about what the different opportunities are in the industry.” – Tim Randles, Director of Distribution and Business Development, Calgary, AB, Canada.

If you’re interested in hatching your career in the insurance industry, take a look at the Career Connections profile!

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About the author

Stephanie Davis Stephanie Davis is a Content and Marketing Coordinator with TalentEgg. Stephanie graduated from Ryerson University with a Bachelor of Arts and Contemporary Studies and has two Professional Certificates in Strategic Public Relations and Online Social Media & Web Writing from the University of Toronto. She has a passion for storytelling, whether it's through words, pictures, or song! Connect with her on Twitter, Instagram or LinkedIn.