Ensure a Good Future In The Insurance Industry

Ensure a Good Future In The Insurance Industry Source: CareerProNews What would happen if the sewer system in your town backed up and your home was covered with a foot of muck? Or what if someone snipped through your lock and rode off with your bike? Thanks to the insurance industry, you probably wouldnt have much to worry about. Insurance is designed to cover these types of losses. The insurance industry is huge. Doctors, lawyers, actuaries, computer experts and public speakers are just a few of the talented individuals who come together to make the industry tick. No matter what your skills are, the insurance industry is a viable career option. Insurance can mean so many things, says Heather Clowater. She is an assistant manager of human resources at a group of insurance companies. Our market is the high-end client the $2-million home, the yacht and the jewelry collection, she says. But wealthy people arent the only clients in the insurance business. Churches, homes, people, cars, bicycles, clothing all of these things are insurable. Insurance works like this: everyone pays a little to cover the losses of a few. The money (premiums) goes into a big pot at the insurance company. When someone suffers a loss, they are able to take money from the pot to recover what theyve lost. Remember the Y2K millennium bug at the turn of the century? According to Phillips Nizer Benjamin Krim and Ballon (a law firm), Nike attempted to claim as much as $110 million in insurance for the costs of fixing up the Y2K mess. If it werent for insurance, companies like Nike would have been forced to fork out millions of dollars. Insurance is Here to Stay The insurance industry has a bad rap for being boring. Trudy Lancelyn is the deputy executive director of the Insurance Brokers Association of British Columbia. She points out that its a very traditional industry. Theres been insurance for hundreds of years and there always will be, she says. Its not something that goes through fads. Unlike some high-tech industries, the insurance industry isnt grabbing the worlds attention. It is, however, a stable industry. And its here to stay. Insurance is one of those products that is not so volatile, says Clowater. Everyone needs insurance. Clowaters company is a prime example of just how stable this industry is. Its been around since the 1880s and its still growing at a steady pace. This year alone, we hired 10 or 11 trainees, says Clowater. So, certainly we are growing. The insurance industry needs workers with hundreds of different talents and specialties to make it run smoothly. Clowaters firm, for example, has an accounting department, a collections department, a customer service department and an IT department. Just imagine how many different skill sets are called upon in each of those separate departments! Here are just a few of the titles that insurance employees may hold: actuary, actuarial assistant, case manager, underwriter, broker, casualty adjuster, customer service rep, sales rep, marketing rep and auditor. Since the industry experiences steady growth, there is always a well-rounded selection of jobs available. Our vacancy positions [are] across the board, says Clowater. Its not just underwriting or claims or IT jobs. This is a very traditional, pen-and-paper industry, although Lancely says that there are IT positions available. Like anything else, she says, the large, multi-branch brokerages would probably have an in-house IT person. But there certainly isnt a wild cry for IT experts in the world of insurance. Getting There Since the insurance industry is so diverse, there isnt a standard educational pathway for getting involved. It depends on the company you work for, the state or province youre working in and the position youre after. In fact, Clowater believes that this lack of structure may be the biggest stumbling block for students the career path simply isnt straightforward. For anyone who is going to get into actuarial sciences, there are undergraduate programs out there, says Gretchen Schaefer. She is the media relations director for the American Insurance Association. She adds that actuaries take courses and classes throughout their careers. Its just an ongoing education. For anyone becoming an insurance agent, there are licensing requirements. These differ from state to state. In some cases, a generalist background combined with a pleasant demeanor is all youll need. For example, the human resources department at Clowaters company isnt necessarily looking for someone with an insurance background. Were just looking for someone that has a general business background or a university degree, explains Clowater. Take Schaefers background, for example. I had a communications and marketing background, she says. It was enough to get her foot in the door. Its really a matter of learning the industry, she says. Once youre in the industry, there is no shortage of certificates or professional examinations that you can obtain to improve your status, ability and wage. For certain positions, like actuary, youll be expected to upgrade your qualifications continually. Clowater encourages young people to stop and think about just how huge the insurance business really is. Whatever your interests are, think of it as an option. If you have any doubts at all, pay a visit to a local insurance company. See if you like the atmosphere and start making your connections. There is a lot to learn. Its a very interesting industry, says Schaefer. Net Sites American Insurance Association A great source for industry info http://www.aiadc.org/ Insurance National Search, Inc. Linking employers with job hunters http://www.insurancerecruiters.com/ Insurance Journal Online industry news http://www.insurancejournal.com Speaking of Insurance Learn the lingo http://www.insurance-canada.ca/consinfogeneral/lingo.php Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Reddit (Opens in new window)