While working in the insurance industry might sound boring to most, it’s a very large industry filled with different careers. When you choose a career path, you want it to provide the financial gain you desire, but you probably want to like what you do for a living, also.
The insurance industry offers plenty of financial benefits, and many careers in insurance offer advancement opportunities. Whether you actually want to sell insurance or you want to work in one of the many diverse careers in this industry, there are plenty to choose from.
Before you choose to enter the world of insurance, let’s look at the outlook, requirements, and some of the jobs you will find in this industry.
Career Path Outlook
Known as one of the most stable industries you can work in, insurance has been around since the middle of the 18th century in the USA. Originally, it started with offering fire and life insurance but has grown into a $420+ billion industry in the United States alone.
According to the Insurance Information Institute, the insurance industry is responsible for employing more than 2.9 million people across the country in 2020. It offers many options when it comes to careers within the industry.
While there are many different careers in the insurance industry, a quick look at the projected growth of insurance agents should help you see the career path outlook. According to AmericasProfessor.com, the insurance industry is expected to grow by about 10% by 2022 compared to where it was in 2021. Insurance sales agent jobs are expected to grow by 11%, while total jobs in the insurance industry are expected to grow by 7%.
Along with the growth for insurance agents, Recruiter.com also shows the growth of insurance adjusters, examiners, and investigators has increased by more than 11% from 2010 to 2018. The biggest areas in the US for growth in this specific position include California, Texas, Florida, and Pennsylvania.
Is the Insurance Industry Growing?
The life insurance market is expected to grow to about $3.6 trillion by 2022, according to PolicyAdvice.net. The property and casualty sector is still the largest insurance sector in the United States and continues to grow. It’s expected to see market growth over the next few years.
Educational Requirements
While a college degree isn’t necessary for this career path, it’s preferred for many positions. The requirements will vary from one position to another. It’s important to look at the type of job you’re interested in before deciding what you need as far as educational requirements.
For example, if you want to be an insurance underwriter, you will need a bachelor’s degree in business, economics, math, or finance coursework. However, if you want to be a claims examiner, you won’t need a college degree at all.
While insurance agents don’t need a college degree, they will need to get an insurance license from the state they wish to become an agent in. Licensing requirements are different from one state to another, but you will likely need to pass a state licensing exam and take required courses. Agents may need multiple licenses, depending on the type of insurance they plan to sell.
Jobs in this Career
There are many jobs found within the insurance industry. Whether you want to be out front selling insurance or in an office underwriting policies, there are many job choices within this career path. Some of the most common jobs found in the insurance industry include:
- Actuary – This job title will include actuarial analyst, actuarial associates, actuary manager, and actuaries.
- Claims Adjusters – This job title includes adjusters, claims adjusters, claims analysts, claims examiners, claims managers, claims representatives, claims specialists, claims clerks, estimators, examiners, and field adjusters.
- Customer Service Representatives – Also called customer service associates and customer service managers.
- Loss Control Specialists
- Sales Agents
- Risk Consultant
- Insurance Underwriter – This job title includes underwriters and underwriting managers.
- Policy Processing Clerk
- Insurance Investigator
There are many job titles in the insurance industry with several different positions that need to be filled regularly. When considering an insurance career, it’s best to research a few options to better understand what you’re getting into. Even if you want to become an insurance agent, there are several types of agents in the insurance industry.
Benefits of an Insurance Career
The stability the insurance industry provides is a pretty big benefit. However, this type of position comes with even more benefits than just stability.
The insurance industry already offers many opportunities and is planning to offer even more. About 50% of the insurance workforce is expected to retire by 2028, and only about 4% of millennials are interested in insurance right now. This will leave the field wide open for opportunity and getting started in a career in insurance that might lead to incredible advancements in the future.
Along with the opportunity and stability, you’ll have the opportunity to develop many skills in the insurance industry. Many workers in this industry will regularly use communication, problem-solving, analytics, research, and organizational skills. It’s also very common to develop skills with technology as you work in the insurance industry.
Jordan Fabel
Covering different 'paths' that people's lives can take. Creative, foster parent, ticket dismissal, you get the idea. Exploring the requirements, certifications, exams, and obviously, approved courses along each path.