Navigating Your Career: Is Insurance Right For You?
When deciding on the career path you wish to take, it’s important to determine whether the industry you’re considering is right for you and your career goals. If you’re looking to make a move to an insurance career, this article is for you as it unpacks the industry, its career pathways, the key qualities and skills necessary, and the potential benefits and challenges.
Understanding Insurance
The insurance industry is primarily built on services for risk management. The insurer will guarantee payment to the insured in the case of a future incident, and in return, the insured pays a smaller premium to the insurer. Investors consider this sector very stable and reliable as it’s an industry that plays a pivotal role in risk management and will always be required.
The industry is wide-spanning and offers a range of job opportunities.
The key sectors include Life Insurance, Health Insurance, Property and Casualty Insurance, Auto Insurance, Commercial Insurance, Specialty Insurance and Travel Insurance.
Career Pathways
There are various positions available within the industry that involve a range of different skills. Here is a brief overview of some key roles that are available within the industry.
Underwriters assess risks, evaluate applications, and determine the terms and conditions of policies. This role is crucial as it offers individually catered assessments of incidents.
Claims Adjusters investigate insurance claims, assess damages, and determine the appropriate compensation for the insured. Much like underwriters, this role requires assessment and investigation skills to ensure an outcome that is reasonable for the insurance company and the policyholder.
This role primarily involves looking at statistical models to analyse financial risks for their clients. They look at the potential costs and weigh them against the benefits they can offer policyholders to conclude the options available.
Risk Managers identify, assess and mitigate potential risks within the organisation to ensure the company runs as smoothly and as uninterrupted as possible.
Potential Challenges and Benefits
Challenges:
The Insurance industry is constantly undergoing regulatory changes so those in the profession need to stay updated on the laws and compliance requirements of the business.
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Insurance can be viewed in a negative light due to its occasionally harsh nature. The industry is hinged upon striking a balance between the company’s abilities and the demands of the insured, but policyholders can at times consider their deals unfair. Thus, effectively communicating the value of the product or the assessment of the situation can be incredibly difficult.
Insurance is a cyclical process where the same practice is applied to scenarios. This can become repetitive and deter those who aren’t particularly interested in the process.
Those in the insurance industry who are tasked with accurately assessing risks can feel a great deal of pressure as an inaccurate assessment can financially harm the company.
Benefits:
You can often gain satisfaction knowing you are helping individuals and businesses safeguard their assets. Providing people with financial stability can be incredibly rewarding.
In Australia, during 2023, the average salary of an insurance agent is $68,000 per year and experienced agents can earn up to $160,500 per year. This offers financial stability and allows you to increase your earning potential.
The insurance industry operates on a global scale, meaning the profession offers individuals the chance to work internationally. Its international relevance means individuals seeking diverse cultural immersion can do so while advancing their careers. This also leads to job stability, as people and businesses globally will always require insurance coverage.
The skills required for insurance-based jobs are crucial to many other professions. Customer service, numeracy literacy, communication, and organisational skills are relevant in a range of fields. Thus, improving these skills through an insurance career can make you more employable in the future if you elect to change jobs.
Should I look at a career in insurance?
The insurance industry is complex but offers a vast amount of opportunities for all sorts of skill sets. It is ultimately important to reflect on your personal goals, values, and interests, and if they align with what the insurance industry offers.
If you are interested in an insurance career, connect with industry professionals and check out our live jobs through the link below!