Insurance jobs / Career in Insurance / Jobs in Insurance

Career Guide to Insurance

Looking for a career where you can help people without physically exerting yourself?  A career in insurance can help you protect people for everything from fire and theft to flooding and loss of their homes or cars!

Insurance agents have to ensure that their customers have the right insurance for their needs, as well as making sure that the terms of the insurance companies are met.

When a company or business looks for insurance, there may be a set requirement for insurance on their lease or loan for the business. In these cases, lack of the proper insurance can result in them losing everything.

On the other hand, insurance companies require a specific type of insurance for different types of businesses. For instance, if an insured company is high risk for theft, then they require much more theft coverage insurance as well as a higher premium to cover the potential losses.

If this sounds like something your interested in, then a career in Insurance might be for you!

The insurance industry consists mainly of insurance carriers (or insurers) and insurance agencies and brokerages. In general, insurance carriers are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers. While some of these establishments are directly affiliated with a particular insurer and sell only that carrier’s policies, many are independent and are thus free to market the policies of a variety of insurance carriers. In addition to supporting these two primary components, the insurance industry includes establishments that provide other insurance-related services, such as claims adjustment or third-party administration of insurance and pension funds.

Many workers in the insurance industry—especially those in administrative support positions—work a 5-day, 40-hour week. Those in executive and managerial occupations often put in more than 40 hours. There are several occupations in the insurance industry where workers may work irregular hours outside of office settings. Those working in sales jobs need to be available for their clients at all times. This accommodation may result in these individuals working 50 to 60 hours per week. Also, call centers operate 24 hours a day, 7 days a week, so some of their employees must work evening and weekend shifts. The irregular business hours in the insurance industry provide some workers with the opportunity for part-time work. Part-time employees make up 8 percent of the workforce.

What Education/Certifications do you need for:
Insurance jobs / Career in Insurance / Jobs in Insurance

A few jobs in the insurance industry, especially in office and administrative support occupations, require no more than a high school diploma. However, employers prefer to hire workers with a college education for most jobs, including sales, managerial, and professional jobs. When specialized training is required, it usually is obtained on the job or through independent study during work or after-work hours. Many insurance companies expect their employees to take continuing education courses to improve their people skills and their knowledge of the industry. Opportunities for advancement are relatively good in the insurance industry.

Other qualifications. For actuarial jobs, companies prefer candidates to have degrees in actuarial science, mathematics, or statistics. However, candidates with degrees in business, finance, or economics are becoming more common. Actuaries must pass a series of national examinations to become fully qualified. Completion of all the exams takes from 5 to 10 years. Some of the exams may be taken while an individual is in college, but most require extensive home study. Many companies grant study time to their actuarial students to prepare for the exams.

Current & Future Job Outlook for:
Insurance jobs / Career in Insurance / Jobs in Insurance

Job prospects. Workers in property and casualty insurance, particularly in auto insurance, will be most affected by increasing reliance on the Internet. Auto policies are relatively straightforward and can be issued more easily without the involvement of a live agent. Also, auto premiums tend to cost more per year than do other types of policies, so people are more likely to shop around for the best price—and the Internet makes it easier to compare rates among companies.

Insurance companies will continue to face increased competition from banks and securities firms entering the insurance markets. As more of these firms begin to sell insurance policies, they will employ increasing numbers of insurance sales agents. In order to stay competitive, more insurance companies are expanding the range of financial products and services they offer, or are establishing partnerships with banks or brokerage firms.

 Employment change. Wage and salary employment in the insurance industry is projected to grow about 7 percent between 2006 and 2016, compared to the 11 percent growth projected for wage and salary employment in all industries combined. While demand for insurance is expected to rise, job growth will be limited by corporate downsizing, productivity increases due to new technology, and increasing use of direct mail, telephone, and Internet sales. However, some job growth will result from the industry’s expansion into the broader financial services field, new types of insurance entering the market, and growth in demand for medical service and health insurance.