A Stable Career

Insurance is the backbone of the global economy. Without homeowners' insurance, people could lose everything when a storm hits their community. Without medical malpractice insurance, doctors would struggle to treat patients because they could not afford the risk of ever making a mistake. A small baker could not open their shop doors if they were afraid that an accident on the premises would immediately put them out of business. All businesses and individuals need insurance to operate successfully. Insurance is an essential part of the economy, and thus insurance professionals are an essential part of the global economy! During periods of growth or recession, there are often insurance jobs available, and there are often more jobs than individuals to fill them!

There is a career for EVERYONE in insurance

Career paths are varied in insurance, and you will be encouraged to move across disciplines. Young professionals can explore their preferences and determine what fits them and their working style and lifestyle. Studying risk, business or economics is not required or necessary to find a good role for young professionals in this industry.

Below are some examples of the types of careers you might find in insurance:

• Underwriting

o Seller/analyst of insurance product. An underwriter generates revenue by reviewing risks and providing a relevant insurance product in return for a fee (premium) from the customer or client.

o Your pay is likely linked to the profitability of the company you’re working for and the success of your team.

o You might need to travel on occasion to meet clients and brokers

o Common titles include Underwriting Assistant, Associate Underwriter, Underwriter and Senior Underwriter

• Brokerage/Agency

o Insurance facilitator and educator. A broker or agent needs to manage both sides of the buyer/seller relationship, but they ultimately represent the buyer.

o Compensation is typically salary plus commission, and frequent travel is often required.

o Common titles include Account Specialist, Insurance Specialist, Account Manager, Account Executive

• Claims: Professionals who determine if coverage from the policy that was purchased is applicable or not to the incident, and to make payments to or on behalf of the insurance buyers due to an incident.
• Actuarial: Professionals use math and statistics to estimate potential losses and assess the viability of the insurance company

• Operations: Professionals with wide-ranging expertise, including marketing, accounting, finance, billing, IT, HR, recruiting, legal, compliance, business development, research, etc.

• Financially Rewarding

Salaries can vary depending on the role, level of seniority or complexity, and location of the role and the type of company you work for; however, as a rule, insurance can be a lucrative career once a young professional “learns their craft” and can demonstrate competence. This tends to be particularly true on the revenue-generating side of the business (i.e. an insurance broker that is successful in securing new clients or an underwriter that builds a large book of business).

If you’d like more information about careers in insurance, please check out our vacancies page!