We know the stereotypes. You hear ‘insurance’, and you draw to mind one of the two possibilities: someone bored to tears in an office cubicle, or a slick, fast-talking manipulator who can’t wait to sell policies no one needs.
Well, that’s not what insurance industry is like.
Unfortunately, there is not enough information given to millennials that promotes the exciting employment opportunities in the industry. It is an industry that affects almost everyone in this country, from businesses that need liability coverage to individuals who simply want health insurance.
The insurance industry is actually what many Millennials are looking for! And with nearly 25% of the industry expected to retire by 2018, the opportunity to get in is NOW. Insurance is one of those rare industries that lets you combine your skills, talents, and interests and apply them to a wide range of careers.
If a recent graduate is looking forward to making a career in any of the BFSI (Banking, Financial Services and Insurance) industry for a short-term or even a longer term, insurance is the industry to look up to. If developing skills that can transfer to several different industries is a priority, then insurance can provide that too. Insurance used to have a reputation as a boring industry, but technological advances are moving it into the 21st century at a dramatic pace.
So what does the insurance industry offer?
1. Financial Stability
The insurance industry has been around for centuries. Insurance isn’t going anywhere. It’s been around since ancient times, and it will stay as long as people continue to drive cars, own homes, and run businesses. Not even the Great Recession could slow down the insurance industry. Employment with an insurance company or an independent agency offers job security that will help you pay off your student loans and start building a glorious career for the future.
2. Opportunities for Career Growth
Your growth opportunity in this field is endless. Once you have a foot in the industry, you’ll be exposed to a variety of career paths and educational opportunities to match your interests. You may start in underwriting or customer service, or marketing. Most insurance companies will support you on the path that best suits your skills.
3. Insurance careers are sustainable
Insurance is something that one has to buy as a part of prudent financial planning. Everyone has to purchase insurance in some form or fashion. In India, it is mandatory to carry motor insurance in order to legally drive a vehicle. Health insurance is now a requirement as well and the market for this coverage should only grow over time. On the business side of the industry, Workers’ Compensation is required by law. General liability insurance is also a requirement for most industries. Because of the requirement to purchase coverage, this industry provides recent graduates with an industry that will stay relatively stable for the foreseeable future. Shipping companies and logistics industry take up marine insurance policies to cover the risks faced by their enterprise.
4. There’s always a job for your skill-set
The insurance industry has vast career options that suit many different skill sets… For example, if you have a background in finance, you could be an ideal do candidate for a risk management or underwriting position. Larger agencies and as of late, even the smaller independent agencies are hiring for marketing, human resources and administration roles.
5. There is a huge shift in the workforce on the horizon
In less than a decade, the insurance industry is set to experience a major talent drought when a large portion of baby boomers retire. This will lead to a generational shift in the talent market and a need for fresh recruits! Recent college graduates and mid-career professionals from the health and financial-services industries should consider insurance as a viable option for their career path.
Here’s the best part! Many Millennials are looking for a job where they won’t get bored. The insurance industry, especially the agency side, never gets boring. With the ever-evolving laws and regulations and continued technology changes, there’s never a dull moment in this business. Plus, you are dealing with people every day and learning about their businesses or their families.
If you’re looking for a challenging career that still gives you some flexibility, there are few businesses out there like insurance. Unfortunately, we don’t tell our story well enough in this industry. Ask anyone in insurance if they enjoy their job, and you will most likely hear a resounding “YES.”
It is not an easy job, but it is a very rewarding career!
By Ms Neha Pokharkar
Batch 2016 – 18 | National Insurance Academy, Pune