If you’re someone who loves interacting with others on the regular, a job at an insurance company might be for you. These businesses help connect people with services that protect their health and assets.
Working at an insurance company offers a variety of opportunities. These range far beyond the commonly envisioned roles like agents or brokers, although these are still good positions to look into.
Whatever position you’re interested in, I’ve got your back. Here’s a deep dive into how to get a job at an insurance agency as well as what you can expect throughout the hiring process.
Job Opportunities at an Insurance Company
In navigating a career in an insurance company, it’s incredible to see the myriad of job opportunities available. While most of us think that brokers are the only people who work at these offices, there are actually tons of other people behind the scenes to know about too.
Let’s take a look at some of the different job opportunities at an insurance company that you should be aware of.
Insurance agent/ Broker
As an insurance agent or broker, you would be directly involved in selling insurance policies to individuals and businesses. You’d essentially be the connection between the insurance company and clients, making sure clients fully understand and feel secure in their chosen policies.
Actuaries and Underwriters
Actuaries, on the other hand, are the analytical minds shaping the insurance world. As an actuary, you would need to extensively use mathematical models and statistical analysis to calculate risk and develop insurance policies.
Underwriters do similar work, assessing risk to determine coverage and pricing for potential clients.
Insurance Claims Adjusters and Investigators
Insurance claims adjusters represent another unique career path. Their role is to assess insurance claims and determine the payout clients receive.
They might also investigate cases to prevent insurance fraud. Their role is critical in ensuring fairness and preventing excessive losses for the insurance company.
Administrative Roles
Examples of administrative in an insurance company are office managers, administrative assistants, and human resources personnel. They ensure the smooth functioning of the office and help everyone else do their jobs more effectively.
Marketing and Public Relations Professionals
Marketing and public relations professionals help build the insurance company’s image and attract new customers. People in these roles need to be creative and strategic, especially in this digital age.
The Ideal Degree for a Career in an Insurance Company
As someone who has navigated the professional world for many years, I can attest that the path to a career in the insurance industry can be diverse.
Different roles within an insurance company often require different sets of qualifications. But facing the question about whether there is a ‘best’ degree for insurance, I would encourage you to consider what’s relevant.
Insurance, as an industry, encompasses diverse fields such as:
- Business
- Finance
- actuarial science
- Law
- and even healthcare
Therefore, a degree in Business Administration, Economics, Mathematics, Finance, or Actuarial Science can be particularly useful. However, there’s a little more nuance than just that.
The key here is not the ‘best’ degree, but the ‘right’ degree – one that aligns with your career goals and interests. Through the right training and education, you can leverage your skills and talents to launch a promising career in the insurance sector.
Let’s break this down a little further to give you a better idea of what I’m talking about.
Bachelor’s Degree in Business Administration
This degree can equip you with the holistic understanding of business principles, which is essential for roles such as insurance underwriting, claims, and policy services.
The course curriculum usually involves studying subjects, including marketing, management, business law, which can apply directly to the operations of an insurance company.
Degrees in Finance, Economics, or Mathematics
For those interested in a more analytical side of insurance, like risk assessment or being an actuary, these degrees might be advantageous. The heavy focus these degrees place on analysis, problem-solving, and statistical modeling are highly relevant to predicting future risk and cost probabilities.
Degree in Law
This degree could lead to becoming a legal advisor or taking up other policy-related roles within the company. The knowledge of insurance law, business law, and liability are often sought-after attributes.
Healthcare and Nursing Degrees
Someone with a healthcare or nursing degree could also find great opportunities within the health insurance sector, doing important work such as claims processing, underwriting or being a medical coordinator.
Certifications Needed for a Job at an Insurance Company
Certifications play a crucial role in the insurance industry. They can widen your opportunities and establish your credibility in the field. Keep in mind that while not all positions demand certifications, having them can significantly set you apart from others, especially for competitive roles.
These programs involve exams which often require a few months of study. They need an investment of time, effort, and often money. However, the return on investment regarding the career opportunities they open up makes it more than worthwhile.
It’s also important to note that maintaining certifications often requires continuing education to ensure that you stay current as industry practices evolve. A demonstration of your commitment to ongoing learning can significantly boost your reputation amongst colleagues and superiors alike.
Chartered Property Casualty Underwriter (CPCU) Designation
It’s recognized as a mark of expertise within the property-casualty insurance industry. To earn this designation, you must pass eight courses covering topics such as risk management, insurance operations, and business law, among others.
Most successful CPCUs spend between two to three years earning this respected designation.
Certified Insurance Service Representative (CISR)
This certification is useful, primarily for people working in agency and customer service positions within the insurance industry. This certification program consists of five courses.
You can decide whether to take all five courses in a specific area for a specialty designation or diversify the course topics to gain a wider range of knowledge.
Associate in Insurance Management (AIM)
For those of you who aspire to become leaders within your organization, you might consider the Associate in Insurance Management (AIM). This designation focuses on effective insurance management principles and practices at both operational and strategic levels.
Essential Skills Required to Work at an Insurance Company
It’s not just certifications you’ll need if you want to work at an insurance company; you’ll also need some soft skills.
Let’s break down the various capabilities you might need, ranging from broad, universally desirable skills to specific technical abilities required in certain roles.
Communication Skills
It’s virtually impossible to work in insurance without dealing with people. Whether it’s interpersonal communication within your team, negotiations with other companies, or providing customer service, excellent communication can set you apart.
For example, if you’re an insurance adjuster, clarity in your discussions with clients can help reduce misunderstanding and stress during claim settlement processes.
Numerical and Analytical Skills
These other valuable assets in this industry. Remember, insurance often involves calculating risks and premiums, interpreting statistical data and trends, and making financial projections.
So, from actuaries to agents, a knack for numbers can go a long way. If you’re an underwriting assistant, for example, you’ll need a keen eye for detail and a logical, analytical mindset to assess applications and data accurately.
Organizational Skills
From managing client data to multitasking numerous tasks, staying organized enables you to work more efficiently and accurately. For instance, an insurance claims clerk with exceptional organization skills might handle claims more effectively, ensuring timely follow-ups and prompt processing.
Technical Savvy
This is crucial, given the increasing digitization of the insurance process. Whether you’re using specialized underwriting software or mastering a CRM to manage clients, comfort with technology will make your life much easier.
As an example, insurance sales agents who effectively use technology to present and sell policies may see better results than those less technologically adept.
Problem-Solving Abilities
Whether it’s addressing a client’s concerns, ironing out issues in a claim, or identifying potential risks for a policy, your ability to think on your feet and find effective solutions is invaluable.
Consider an insurance broker who identifies and solves coverage gaps for clients – this problem-solving capacity would lead to more satisfied clients and better job performance.
How to Get Into the Insurance Industry
Are you wondering where to start your insurance career journey? The beauty of the insurance industry is that it offers a diverse range of roles that cater to various interest areas and skill sets.
Whether you decide to do some networking and grab contacts that way or you make your way into a company through internships, there are tons of ways to break into the industry.
Let’s go over a few ways that you can get started in the insurance industry.
Networking
Embrace every chance you get to network. Your connections can be a valuable source of industry knowledge and potential job openings. Attend industry events, join professional networking platforms like LinkedIn and take part in online forums dedicated to the insurance industry.
Furthermore, consider joining a professional association, such as the National Association of Insurance and Financial Advisors (NAIFA) or the American Insurance Association (AIA). They offer resources and networking opportunities that can be beneficial to your growth in the industry.
Internship Programs at Insurance Companies
This is another excellent place to start your career. Internships equip you with valuable industry knowledge and give you the opportunity to network with professionals in the field.
If you’re a student or a recent graduate considering a career in insurance, reaching out to your college career center for internship opportunities is a great initial step.
For instance, Allstate’s internships offer you the chance to work on impactful projects, network with professionals and learn from leaders within the industry. Similarly, Geico offers paid, full-time internships, where you can learn about their auto damage service process and claims operations.
Entry- Level Positions
Starting with positions like a customer service representative or administrative assistant within an insurance company, is a great avenue to consider.
These roles will expose you to the dynamics of the industry, introduce you to industry-specific terms, and provide a hands-on understanding of different insurance products.
Remember, everyone has to start somewhere, and these foundational roles can provide the stepping stones for more advanced positions, like an underwriter or a claims adjuster, down the road.
Where to Look for a Job at an Insurance Company
Having the right skills for a job is critical, but knowing where and how to apply for the job is equally as important.
Here’s how to apply for a job at an insurance company.
Start Your Job Search Online
There are a number of job boards that cater specifically to the insurance industry, offering listings for a variety of positions. Sites like InsuranceJobs.com and GreatInsuranceJobs.com provided a plethora of opportunities, from entry-level positions to more specialized roles.
Insurance Company Career Pages
Another great place to browse job openings is on the career pages of insurance companies. For instance, companies like Allstate, Geico, and State Farm regularly post job vacancies on their websites.
The beauty of these sites is that they provide detailed information about each job role, the qualifications required, and the application process.
Not only can it offer a wide range of job vacancies, but it can also allow you to connect directly with hiring managers and key decision-makers within insurance companies. Updating your LinkedIn profile with your skills, experience, and career aspirations can prove to be advantageous.
Besides LinkedIn and online networks, you can also go to local networking events or hiring events. These can also be great ways to learn about open positions in the insurance industry.
Apply with a Customized Resume and CV
When you find a job that matches your skills and career aspirations, take the time crafting a customized resume and cover letter. Make sure to highlight your relevant skills, incorporate relevant industry keywords, and adequately express your interest in the role and the company.
Tips for Landing a Job at an Insurance Company
Securing a job at an insurance company may seem like a daunting task, but fear not! I’m here to give you some top-notch advice.
Here are a couple of tips to help you land a job at an insurance company!
Preparation is Key
The more you know about the company and role you’re applying for, the better. In my time as a career coach, I’ve seen candidates who practice thoughtful research outperform those who don’t, almost every time.
For instance, if you’re applying for a job at Geico, take time to learn about their business models, their insurance products, the market they serve, and their company culture. This knowledge will not only help you tailor your application and interview responses but also show your genuine interest in the company.
Translate your Experience and Skills into Insurance Language
Let’s say in the pas, you’ve worked in a customer service role. In your application or interview, you could highlight this experience in terms of how it has developed your client-facing skills, problem-solving abilities, and capacity to deal with difficult situations – all of which are highly sought-after skills in the insurance industry.
Familiarize Yourself with Industry-Specific Terminology
The insurance world has its own language, from premiums and deductibles to underwriting and liability. Dazzle your interviewers with your understanding of these terms.
Let’s take an example: If you’re interviewing for a job in claims adjusting, casually highlighting the way you’d handle a ‘subrogation’ definitely shows your dedication and understanding of the industry.
Show off Your Soft Skills
Showing off your soft skills can be a game-changer too. The insurance industry is all about relationships. So, ensuring you convey your excellent communication skills, empathy, and team spirit can help position you as a desirable candidate.
Show Your Initiative
Don’t be afraid to show your initiative. Ask insightful questions during your interview. For example, you could ask about the company’s stance on digital transformation in the insurance industry or their strategies towards risk management.
Salaries at Insurance Company Positions
A major part of applying to any job is knowing what kind of compensation you can expect.
At an insurance company, it’s important to remember that salaries can vary greatly depending on factors such as the specific role, your location, level of experience, and the size of the company.
With that in mind, here’s a basic overview of different salaries you could earn while working for an insurance company.
Entry-Level Salaries
In entry-level positions, such as a customer service representative or administrative assistant in an insurance company, you could earn a salary starting from around $35,000 annually. It’s a modest beginning, but remember, we all have to start somewhere, and these roles often come with training that can help you climb the industry ladder.
As an insurance claims adjuster, after gaining some relevant experience, you could be looking at an average annual salary of around $60,000.
Specialized Role Salaries
As you gather more experience and move into more specialized roles, the salary potential grows. For instance, an insurance underwriter’s average salary is around $95,000 while actuarial roles, which require extensive mathematical skills, can offer an enticing average salary of about $125,000.
Benefits of working at an insurance company
In any career, it’s essential to understand not only the duties and requirements of your potential job but also the benefits that come with it. So, let’s delve into the multifaceted advantages of working in the insurance industry.
Job Security
One of the most attractive aspects that many people find in the insurance field is the remarkable sense of job security. The insurance industry has a critical role in daily life and the global economy at large.
People will always need insurance – be it for their health, vehicle, home, or life. This constant demand provides a pivotal level of stability in our ever-changing world. This aspect brings considerable peace of mind knowing that the industry we belong to is here to stay, and we are consistently contributing something of value.
Insurance Company Bonuses and Profit Sharing
Many insurance companies offer performance-related bonuses and profit sharing, which can significantly boost your earnings. This can be a great way to add salary bonuses to your base pay, boosting your overall earnings.
Career Growth Potential
Many insurance companies value career development and progression. They often provide on-the-job training programs and encourage employees to pursue professional certifications.
For example, you can start your career as a claims adjuster. With the mentorship and development programs that are offered by many companies, you can climb the career ladder to a position like senior claims manager.
Financial Rewards and Benefits
Competitive salary packages, bonuses based on performance, retirement plans, and health benefits are some of the monetary advantages that employees can enjoy. This can help make your compensation more worthwhile.
Step Into a Career in Insurance
The insurance industry offers tons of different types of jobs to aspiring applicants. Regardless of what type of career you’re interested in pursuing, there are plenty of pathways out there to explore. Better yet, many of these pathways come with hefty financial rewards!
In order to ensure that your journey toward working in insurance is a successful one, however, it pays to have someone guiding you through the application process. Reach out to one of our career coaches to help you land a job in this exciting business.