The COVID-19 pandemic provided us with plenty of time to reflect on our careers. As we come out of the pandemic with employees returning to the workplace and employers actively trying to recruit workers, the time is right to consider switching to a career in the insurance industry. If you are a recent college graduate looking for the right career, the insurance industry is a good path to take for several reasons.
Advancement Opportunities
You do not have to land the perfect job as the first step towards your career progression in the insurance industry. Outside of the hospitality industry, no other industry offers more entry-level positions with the potential to increase professional responsibilities as well as compensation.
For example, landing a customer service job in the insurance industry is an effective way to determine which career path to take down the road. If you consider yourself to be a data-driven professional, landing an entry-level job in claims or accounting represents a smart career move in the insurance industry.
Here are just a few examples of the different career paths you can take in the insurance industry:
- Actuary
- Accountant
- Claims Adjuster
- Agent
- Auditor
- Broker
- Claims Processor
- Customer Service Representative
- Digital Marketing Specialist
- Loss Control Representative
- Underwriter
Insurance is Not Going Anywhere
One of the most important career-related decisions concerns the staying power of the industry that interests you. The insurance industry is the financial backbone of many communities because of its incredible staying power. Not only is insurance here to stay, but it also should grow at a faster than average rate over the next few decades. Government programs such as the Affordable Care At (ACA) increase the revenue insurance companies generate.
The insurance market for all types of insurance in the United States represents one of the largest markets in the world. In 2020 at the height of the COVID-19 pandemic, insurance premiums written in the United States exceed one trillion U.S. dollars. Based in New York, MetLife generated revenues of nearly $30 billion from American business operations during the same year.
Aging Workforce
The United States Bureau of Labor Statistics expects nearly 400,000 employees to retire from the insurance industry within the next few years. If you are a recent college graduate or a professional considering making a career change, you should have no problem finding a position in the insurance industry that matches your skills and interest. With many experienced insurance industry professionals close to retirement age, the time is now to take advantage of their professional expertise before they leave the workforce.
Great Pay and Benefit Packages
Insurance professionals need to acquire technical skills to master their professions. This means workers in the insurance industry receive intensive training and complete education requirements before assuming the responsibilities of a technically-driven career. Gaining the skills and knowledge needed to thrive in the technical careers within the insurance industry translates into higher pay and more lucrative benefit packages.
Learn Something New Every Day
Unlike many other careers, a career in the insurance industry introduces new challenges every day. Whether it is understanding a new law passed at the state level, learning about emerging risks such as cyber or handling numerous claims after a natural disaster, the insurance industry is never boring. Constant advancements in technology help keep insurance industry professionals mentally and emotionally invested in their respective careers.
Drones, 3D printers, and driverless cars are just three examples of newer and evolving technology that makes the insurance industry an exciting career.
Continuing Education
All the rapid changes that make working in the insurance industry an exciting career means you have the opportunity to continue your education. Whether you take online courses at night, pursue a professional designation or attend industry conferences, you will have an incredible opportunity to grow your knowledge significantly. Many insurance companies reward employees who take courses that advance their careers.
The Bottom Line
The Bureau of Labor Statistics, which operates under the management of the Department of Labor, expects the insurance industry to grow an average of seven percent a year between 2022 and 2030. Now is the best time to consider choosing the industry to launch or relaunch your career.
Further Your Insurance Career with Acadia Insurance
At Acadia, our employees and our strong culture are our greatest advantage over our competitors. Our people-first approach applies to how we treat our employees, agents, and our policyholders, and inspires us to deliver unique value to our customers that distinguishes Acadia Insurance in the marketplace.
We want employees to feel comfortable bringing their whole selves to work, to love coming to work each day, and to know they are making a difference. We value difference and diversity of perspective to achieve better outcomes for customers, to find new and better ways to work. We reward collaboration because we believe we are better together. At the same time, we expect employees to be individually accountable for their contributions to our success. We help employees grow and advance by making substantial investments in training programs, continuing education and employee development. At Acadia, everything counts, everyone matters. Interested in a career at Acadia Insurance? Check out our website to learn more: https://www.acadiainsurance.com/careers/.
Nothing herein should be construed as either legal advice or the provision of professional consulting services. This material is for informational purposes only, and while reasonable care has been utilized in compiling this information, no warranty or representation is made as to accuracy or completeness.
