Believe it or not, not many people who work in insurance companies or agencies dream of a career in insurance since childhood. Unless insurance is a family business, most people are not even aware of the opportunities this field offers.
The insurance industry offers exciting lifelong career paths in which professionals in many specialized fields find fulfillment. In this article, we explore what it’s like to work in the insurance industry, what kind of experience and training is available in the field, and how to find out if a career in insurance is right for you.
What is a career in insurance like?
There are many stereotypes people have about working in the insurance industry. From stuffy spreadsheets to piles of paperwork to stuffy suits, misunderstandings abound. Some even thought the insurers were nervous, bored, or trying to take advantage of others.
Nothing could be further from the truth.
First, many different insurance careers are available to professionals, not just those that these incorrect stereotypes refer to. In 2021, the number of employees in the insurance industry is about 2.8 million people; 1.6 million for insurance companies, 1.2 million for insurance-related companies such as agencies and brokers.
These numbers also support diversity across the industry. Employees of insurance organizations represent many different backgrounds, educations, experiences and interests.
For example, those who are digitally savvy may end up in underwriting, while those with excellent people skills may find a niche in customer service. Likewise, an employee with a creative passion might pursue a career in insurance marketing, while an employee with a technical background could apply their skills to an innovative insurtech project.
No matter which path you take, the insurance industry is what you make it.
What kind of person is suitable to work in the insurance industry?
Insurance is often referred to as a relationship business. People assume that if you work in the insurance industry, you may have to interact with colleagues and colleagues in other organisations.
For some roles in the industry, this is true. If you’re a people person, there are countless opportunities to pursue a career path that allows you to network with others, sell products and services, and share your knowledge.
However, there are countless other options for those with different skills and backgrounds. Assessors, processing clerks, actuaries, legal, support staff, marketing, design, IT and product development all offer career tracks for different personalities and preferences.
Overall, those who work in the insurance industry generally enjoy the service aspect of their work. We go to work every day hoping to help others by providing insurance that protects what is most important to them or by helping to pay claims so they can move on with their lives after their loss.
We also love to support our community.The Insurance Information Institute estimates that by June 2020, insurance organizations had donated $280 million donated to charitable foundations Response to COVID-19.
At Central, we support our community in many ways, including our United Way Giving Campaignorganizing blood donation activities, providing Christmas gifts to local families in need, etc.
What skills will enable me to have a successful insurance career?
Whether you work directly with agents and policyholders, or with an in-house team, insurance is a very people-centric business. A career in insurance is ideal for anyone who enjoys solving problems and helping others. Whatever the job title, these are some general skills that will come in handy no matter what role you have:
- Collaborative spirit
- Clear communication (written and oral)
- Ability to solve problems
- Creative Thinking
- flexibility and adaptability
- team oriented
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What are my insurance career options?
For many people, a claims representative is often the first role that comes to mind when they think of a career in insurance. While claims reps do some very important work as our first-line liaison with agents and policyholders, you may be surprised to know that there is a range of careers waiting to be explored behind the doors of insurance companies. Career areas at Central include:
- human Resources
- Fraud and Loss Prevention
- customer service
What are the benefits of an insurance career?
Career opportunities within the insurance industry abound, spanning a variety of interests and skills. 2022 Insurance Labor Market Study Findings 68% of insurance companies Additional staff are planned for the next 12 months. Nearly two-thirds of the companies surveyed said their main reason for hiring was the expected increase in business volume in the coming year. Others are looking to fill understaffed areas, including technology, underwriting and claims.
The income and benefits in the insurance are also consistent. For example, between February 2020 and May 2020, average hourly wages for insurance workers increased by 1.8%.
How do I know if a career in insurance is right for me?
Most insurance companies have a mission statement. They vary, but typically include core pillars of integrity, security, protection and excellence.These statements express What we try to make and Why We did it. The best companies want to hire people who share the same values and share a sense of their culture.
If you’re considering a career in insurance, review the company’s mission statement and consider how it aligns with your values. With this focus as your North Star, you are sure to find the right place to start a long and happy career in an industry that may surprise you.
A career at Central is more than just a job
central quote Challenging and rewarding career opportunities across many different areas of expertise. We pride ourselves on fostering a culture that prioritizes our people.
Employees live our core values and promise to make a difference in the lives of others every day. Central rewards their hard work and dedication with a competitive comprehensive benefits package designed to meet changing needs, maximize flexibility, provide work-life balance, and help build future financial security. These are just some of the benefits and programs we have in place to make this happen:
- Vacation time: Each new employee is entitled to a minimum of 20 vacation days on the date of hire (prorated for the month of hire). In addition, employees with 10-24 years of central and/or related industry experience will receive 25 days and those with 25+ years will receive 30 days.
- Paid parental leave: 12 weeks of 100% paid leave for the birth, adoption or foster care of a child.
- Paid Family Care Leave: Eight weeks of 100% paid time off to care for a family member with a serious illness.
- Bereavement/Funeral Day: eight Weeks of 100% paid time off Because of the death of your spouse or child. Five days plus the travel time required for the death of a parent, parent-in-law, brother, brother-in-law, sister, sister-in-law or grandchild.
- Paid sick leave: 10 new sick days per year, up to 20 days (prorated based on month of employment) for an employee’s personal illness, injury, medical appointment, or caring for a family member.
- Short term disability: Benefits are paid 100% based on years of service.
Other benefits include:
- Medical, Dental and Vision Plans
- 401(k) plans, including profit sharing and matching contributions
- Basic Life/AD&D Insurance
- Flexible Spending Accounts (Health Care and Dependent Care)
- Health Savings Account with Company Contributions
- Employee Recommendation Award
- Professional Education and Leadership Development Opportunities
- Educational awards and tuition reimbursement
- Scholarship opportunities for employees’ children
- Paid and floating holidays
- flexible work options
- Employee Assistance Program
- Home and Auto Insurance Discounts
- mother’s room
- Free breast milk delivery for traveling mums