Insurance is the third pillar of the financial services sector (standing next to wealth management/investment and banking)… and, while it may be seemingly unknown as a potential career, it impacts virtually everything we do in life and in business.
So, why should you consider it as a potential career destination? The question should really be why not.
Here’s our top 5 reasons to choose a career in insurance…
Whether you work as a broker, in claims, risk management, or even underwriting, Industry professionals tell us that no two days are ever really the same when you work in insurance. There’s always something new or different… So, it is far from boring!
There is also a lot of variety in the kinds of roles they make up the industry’s workforce. Whether it’s helping individuals or businesses select the right coverage, assessing damage from a claim, or analyzing and making plans to control risk, there truly is something for everyone.
And, there is the flexibility to take your career in the direction you want to go. You can become a specialist in an area that truly interests you, move into leadership roles, or if you’d like something different, you can change directions completely (e.g shift from being a broker to an underwriter).
With over a 500-year history and products continuing to evolve as we do as a society, Insurance is entrenched into our lives without any real expectation that it is going anywhere. And, it’s essentially recession-proof. In fact, at the height of the financial crisis in 2008, the industry added 12,000 positions to its workforce.
And, while yes, AI and technology are on track to impact the way the industry does business, with disruption comes opportunity. All of the current research and indicators point to continued growth and more of a shift in the kinds of roles and risks making up the core of the industry vs. a drastic reduction in the workforce.
3. You can make an impact and grow your career
Insurance is a people driven business. It is an industry that can offer people peace of mind and be there to help them when they need it the most.
94% of industry professionals are proud to work in the insurance industry and of what they have accomplished over the course of their career.
And, 97% feel the work they do contributes to the success of their company, with 77% going on to say that their company inspires them to do their very best work. According to the Conference Board of Canada, these numbers typically hover around 34% or 45% in the general labour market.
And, if you have ambitions towards leadership or management, there is a looming gap in the industry’s workforce. Up to 35% of those in people leadership roles are expected to retire by 2027. So, there is also an above average potential for advancement and a need for people with leadership skills.
4. Insurance Employers are Top Employers
With most positions in the industry offering a salary, benefits, funding for your designations and training, performance incentives, paid vacation, and more… the total compensation packages are pretty attractive in insurance. Even in foundational or early career roles.
Many companies also have flexible work environments, unique office spaces (e.g. innovation hubs, wellness activities, etc) and are known for their great culture!
You might also be surprised to know that insurance employers are often ranked on lists like the Top 50 Best Employers in Canada, Great Places to Work, etc.
And, you can find your niche comfort zone… whether that’s with an employer with 5-10 employees or 5K – 10K with the option of working on the global stage. You can find it in insurance!
If you thought insurance workplaces were all stodgy and traditional, think again!
5. Inclusive community
With over 126,000 professionals working in insurance, the industry has a wonderful and inclusive story to tell. The faces and values of Canadian society are reflected in its workforce.
In fact, the face of the insurance industry is a 42 year old female identified professional who likely leads a claims or underwriting department. In Toronto or Vancouver, there is a good chance that this individual is a person of colour.
Professionals in insurance also forge strong working relationships both in and outside of their offices. Networking is a key part of the industry and while 126,000+ can seem large, it is a tight knit community that values the power of things like mentorship, sharing best practices, and learning from one another.