In the United States, there are 2.9 million people who work in the insurance industry.
This is a growing industry, and it’s not a bad idea to consider finding possible insurance careers.
In addition to the endless benefits of working in this position, there are all kinds of positions available. Keep reading to find out all you need to know about choosing an insurance career path.
Benefits of Insurance Jobs
Deciding to go into an insurance career path could be a great idea if you want a path that opens up a lot of opportunities and gives you the potential to own a lot of money.
However, there are many other benefits of working in the insurance industry.
Global Market
For example, you’ll be able to work in different kinds of markets. The insurance industry is global, and there are many companies that work in multiple countries.
This is great for job seekers who want to experience working in other countries and get some cultural and diverse experience.
Ability to Move Up
No one wants to start a job and stay there for the rest of their career. Thankfully, there is plenty of room to advance in your roles. There will be room for growth in almost every role, and you’ll have the opportunity to learn new skills and apply them.
Job Security
The insurance market isn’t going anywhere anytime soon. As long as people need healthcare, will invest in home ownership, drive a car, or run a business, there will always be an insurance market.
Customers who need financial protection will turn to insurance, and this job security is something that will help you weather tough economies.
Can Keep Learning
If you’re someone who always wants to learn something new and continuously learn, you should get a career in the insurance market. It’s a dynamic industry, and there is always something new to learn.
There will be a different challenge each day, so no day will be just like the last. You’ll also get the chance to pursue more education and sharpen your skills.
Some insurance companies will even pay for you to take more certifications or courses, which uplevels your resume as well.
Challenging Work
Some people want an easy job that won’t challenge them. If this is you, insurance isn’t the job that is right for you.
It can be challenging, but it also can be very rewarding. It’ll provide opportunities to solve new problems, which can make working in the industry exciting and fulfilling.
In addition to that, you’ll also know that all of the work you’re doing is helping families, communities, and individuals be financially protected in the case of a catastrophe, which makes it very rewarding.
Plenty of Opportunities
There is something for everyone in the insurance industry, even aside from the traditional insurance roles. However, you’ll also be able to work as an actuary in HR, marketing, IT, sales, legal, or PR in the insurance industry.
Different Types of Insurance Jobs
As we mentioned, there are plenty of different job opportunities in the insurance industry. Here are some of the more popular ones that might interest you.
Insurance Agent
An insurance agent may be one of the most common jobs in the industry. They’re also known as sales agents or representatives. Their primary job is to sell insurance products, market the insurance, and adjust existing contracts.
They’ll reach out to new clients and sell them insurance plans. They’ll also provide customer service to anyone who wants to change their policy.
Insurance Broker
An insurance broker isn’t necessarily tied to the insurance company, but they do work with them to find the right policy for their customers.
They use their experience, expertise, and knowledge to help their customers figure out what insurance is the best option for them. An insurance broker will collect all of the information from the customer and send it out to different insurance providers.
From there, they’ll get a list of the best rates and policies and send that information back to the customer.
Insurance Underwriter
An insurance underwriter actually helps create the insurance policy. They are the determiners who help the company decide who they should insure or not.
For example, if a teenage male wants to get car insurance with their company but has had several accidents already, the underwriter may decide that they would be too risky for the company to insure.
The underwriter is also in charge of determining how much the company should charge for each policy. An underwriter will need to be financially savvy and also have good deductive skills to find a solution that is great for both the customer and the company.
If you like using algorithms and risk management techniques, this is probably the job for you. An underwriter can work in almost any type of insurance industry, and they’re very important to the insurance market.
To become an underwriter, you’ll really stand out if you have a degree in math, business, or finance. This will help you stand out from other candidates, and you’ll also need some underwriting certifications.
New underwriters will have to work under supervision for a period of time, but as they get more experience there is plenty of room to progress and earn even more money.
Claims Adjuster
A claims adjuster will investigate insurance claims and determine the liability for the insurance company. For example, if a customer submits a claim, the adjuster will go in and determine how much needs to be paid out.
They’ll inspect every aspect of the claim, including inspecting any property or damage, interviewing people, and then coming to a conclusion about how much the claimants should get.
Claim adjusters will handle the first step in the claim process, and then they’ll submit all of their information to the claims examiner.
There are two types of adjusters: independent claims adjusters and staff adjusters. A staff adjuster is an employee who works on salary for an insurance company. An independent contractor will work for an adjusting firm, which an insurance company will hire.
You’ll need a high school diploma to get started in this career, but some companies will require that you have a bachelor’s or an associate’s degree as well.
If you want to be an adjuster, you’ll need to pass a licensing exam and complete your required hours of training.
From there, you’ll need to be relicensed before your license expires.
How to Become an Insurance Professional
To become an insurance professional or agent, you’ll need at least a GED or a high school diploma. These jobs rarely require a college degree, but it depends on the company you’re working for.
In addition to your high school degree, you’ll also need to get the right level of licensing. Each state has different requirements, so you’ll likely need to take a course and pass the exam.
Licensing Requirements
First, the license you need will depend on what type of products you’ll be working with and what state you’re in. This will help you get the right licensure, but keep in mind that the name of the licenses can also vary depending on what state you’re working in.
There are two types of common licenses: Life, health, and accident license or property and casaulty license.
The property license is for agents who are going to be serving clients who need business, auto, or home insurance. If you’re going to be serving people who need insurance for an accident or life event, then you’ll get the other license.
Depending on your career path, you may even need to have multiple licenses. Your company may require you to have a list of specific licenses as well.
Most states will require you to take a pre-licensing class. Most of these are offered online, but some of them are in person. It could be a one-day class or twenty to forty hours of training.
After you’ve done your classes, then you’ll need to take your exam and pass. You’ll likely have to go to a testing site on a scheduled day to take this exam. Before you can start working in the insurance industry, you’ll need to provide proof that you passed the test.
How to Be Successful
The best way to succeed in the insurance industry is to ensure that you have all of your licenses, but finding a mentor and establishing a network can help as well.
Early on in your career, having a mentor teach you the ins and outs can give you the help you need to progress and get promoted. Having a network can also help you land your next insurance job.
Find Insurance Careers Today
Insurance careers are a good path to choose for up-and-coming professionals, but it can be challenging to find a job sometimes.
However, finding a career can be easier when you have a community full of connections and tips to help you out.
Thankfully, we have you covered. Check out our community page and forum to find all kinds of inspirational content and find your dream insurance job.