Expert Tips: How To Build A Promising Career In Insurance?

Expert Tips: How To Build A Promising Career In Insurance?

January 21, 2017 2 By alisonhenry1

The insurance sector is more than typical agents selling health, life, car or home insurance. The industry is vast, and millions of employees are part of it as agents, consultants, surveyors, underwriters, claim settlers, brokers, salvage dealers, etc. In past few years, the sector has observed enormous growth and has stood out as a potential career option.

If you think that insurance may prove to be an interesting career for you, the best thing you should do is to explore the industry while you are still a student. You can do it through research, building networks, or work experience, like internships, etc. It is an excellent way to gain knowledge, skills, and experience which in future may serve as a great platform to kick off a career in the industry.

Here, we are presenting a complete guide for anyone who is seeking a career in the insurance sector.

Knowing the basics

Even after being very popular, you may not know very much about the insurance industry.

Main types of insurance:

Life and health insurance – Life insurance protects a family by paying a lump sum benefit when an insured family member dies. Health insurance provides coverage in case of certain disease or accident.

Home, vehicle, and business insurance – All these insurance provide the insurance coverage against loss, damage, theft, and liability associated with owning a car, home or running a business. It is sometimes also referred to as ‘property and casualty’ or general insurance. This type of insurance policy aims at managing risks.

Social insurance – It includes government-administered programs, like universal health care, employment insurance, or workplace safety insurance. Social insurance means to provide financial support in case someone loses their job, meet an unfortunate accident or injury at the workplace.

Common roles in insurance

Insurance broker/agent

Insurance agents assist consumers to decide the right coverage plan to ensure their life, home, cars, business, health and belongings against any loss or accident. Brokers may represent either one or multiple insurance companies. However, the majority of agents are seen as more likely to sell policies of a single insurance company. As per their preference, an agent can either work independently or for a firm. A college, diploma or university degree in a subject is sufficient to give the entry in this profession.  A degree in finance, management, or business is considered as added advantage. In some states, insurance agents need CE course to renew their license, for example, New York insurance CE continuing education.

Loss adjuster

A loss adjuster is responsible for making sure that people who have suffered a loss receive the compensation for what they are eligible for. Whether a loss adjuster is employed by the insurance company or s/he works independently, their job includes investigating the accident, arrange the medical treatment and negotiate the final settlement to restore policyholders as closely as possible.

Underwriter

Underwriters assess the type of insurance required by different organizations, like the professional sports team, city government, construction company, manufacturer, etc. Their prime work is to examine every aspect of an organization’s operation and request for insurance. Then they decide the type of insurance company that can cover and the charges associated with it.

Key steps to building a career in the insurance sector

Identify a career goal within the sector

You will have to start your career path in the insurance industry through entry level jobs which are diverse. So, it is advisable to decide what your interests are and what roles are suitable according to your preferences. Then target your job search documents, employers and plot out the next strategy.

Employ your skills

First, know your skills and figure out that how you can employ them to the type of role you have chosen. Strong communication skills and professional approach are some skills which will always help you to grow in this sector. However, you can use other skills, like volunteer experience, camp counseling, etc. in this industry. Anything which is related to customer service and problem-solving can definitely aid your abilities.

Build your network

There are chances that you had already connections with at least one insurance profession through your life, home or car insurance. So you don’t need to start from the scratch. Communicate with the agent and show your interest in the industry. You never know that they can get you connected to someone from the insurance sector.

From here, you can extend and develop your connections by attending professional and social events of the industry. It introduces you to people you will need later on.

You can also attend conferences and conventions as a student or may volunteer at an event. Make sure that they fall within your budget.

Certification

Certification and licenses are dependent on the role you are willing to take. However, the criteria differ from state to state. Therefore, make sure that you have required certification to work in the insurance sector according to your state’s requirement. From time to time, you may also need to renew your license through required CE course.

Target insurance employers

There are different types of insurance companies in the market. Take some time to research them and find out the best ones as per your preferred role in the industry.

While applying for a job, identify your goals and project your education and experience to be relevant to the insurance sector. It is important to demonstrate to your potential employer that how can you justify a role given. You will have to connect your career dots and showcase it in the best possible manner.

Prepare for the interview

Preparing for a job interview in insurance industry includes lots of research and preparation. Keep full details about the role, the company, and current trends in the industry, structure of the company and its areas of specialty.

Insurance is a vast field and full of limitless opportunities. You can seriously consider this industry to start your career as this sector has been observing an enormous growth in past few years. Hope this quick guide will encourage you to do the same.

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