Insurance Careers 101

Learn The Basics Of Working In The U.S. Insurance Industry

 

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How Much Do Workers In The Insurance Industry Make? 

top insurance careers pay statistics

As you can see in the above chart, some of the highest paying insurance jobs are that of the insurance actuary, followed by personal finance advisors, insurance underwriters, risk consultants, and insurance agents. 

What Are The Pros Of Being In The Insurance Career? 

The Insurance Industry Is Extremely Versatile

With the rise of online insurance and cross-state policies, many professionals in this sector can work from home or in a different location. Insurance agents have access to a variety of ways in which they can reach out and connect with customers. They might be able to, for example, use email or phone calls and arrange personal appointments at times that work best for both parties!  

The Insurance Industry is Expected to Grow

The Insurance Industry is one of America’s most stable and well-paying industries. Regardless of the economy, insurance will always be in demand because people want to protect themselves from financial losses, medical expenses, and more!  

According to the US Bureau of Labor Statistics, employment of insurance sales agents is expected to expand at a rate of 7% from 2020 to 2030, roughly in line with the national average. Similarly, an average of 50,400 opportunities for insurance sales agents are expected over the next ten years.  

The Insurance Industry Offers Lucrative Benefits

What is the average salary for an insurance agent? The sky is the limit regarding what an insurance agent can earn. Many factors determine how much they make, like their level of experience and where in North America their company operates – but no matter which one you pick, there will always be plenty of opportunities for earnings!  

The more clients you have, the higher your potential for earnings. This is because commissions are based on a percentage of their entire premium. Moreover, the insurance industry rewards agents who can build up a loyal client base, which means agents make more money when their clients renew policies annually and enroll in new ones with the company over time!  

There Are Plenty of Entry-level Insurance Job Opportunities in the Industry  

The insurance industry is always looking for entry-level employees. Becoming an insurance agent is not as difficult or a long-winded process. The process usually entails passing the sales aptitude test – but an additional degree or certification in business-related fields will help get your foot into that profession.  

You Can Work For Yourself

Independent agents can pursue career choices that will allow them to acquire more independence by having their businesses. If you’re looking for the ” freedom” of working in your own time, this may be an option worth considering. One of the great things about being an independent agent is that you’re more in control.   

Similarly, as an independent agent, brokers can pursue jobs with companies from various industries to acquire skills needed when working on their timeline without having any set hours as other people do. 

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What Are The Cons of Being In The Insurance Career

Rejections are normal

When making cold calls or sending emails, expect the word “no” to come up frequently. Keep in mind that various insurance packages already protect most people, so you’ll need an exceptional product/service offer if your company is going after them specifically.

You might find that persuading customers to enroll in a new type of insurance is not an easy feat. They may have doubts about whether they should take this step, and you’ll need time before making any significant amount of money from the endeavor.

Competing with Others

Many websites offer insurance without requiring you to interact with an agent, but it’ll still be tough competition until affiliate partnerships come into play for independent agents. Artificial intelligence, such as AI, can help speed up matching customers with insurance policies.

Insurance Industry Can Be Challenging

There are many reasons why working in the life insurance industry could be considered a stressful job. Working as a life insurance agent can be psychologically and emotionally draining. It is necessary to be able to deal with stress and work long hours. Agents who are looking for more leads may have to work on weekends. Furthermore, the compensation may not be as significant as you imagine when you first start.

Overview of Pros And Cons

Pros

Cons

The Insurance Business is Highly Diverse   You’ll have to cope with a lot of rejections. 
The Insurance Market is Expected to Expand   High Competition 
The Insurance Industry has Endless Earning Possibilities 

 Insurance Industry can be challenging 

 

There are numerous entry-level insurance positions available in the industry. 
You can work for yourself.

What Skills Are Required In The Insurance Industry?

Communications and Negotiation

Working in the insurance industry means working with a diverse group of people from different backgrounds. Adapting your communication style based on the type of people you meet is one of the most important skills you can have and develop.

Similarly, negotiation is an essential skill for all contracts, but it’s especially crucial when dealing with insurance. The key to a successful agreement is finding the right balance of what each party wants.

Decision-Making and Problem Solving

The insurance industry is competitive, and every day you’ll need to come up with solutions to challenges, or you could risk losing a client. You will be expected to promptly assess an issue and determine the best course of action so that deadlines can still be met.

The best way to improve your career in insurance is by learning how you can solve problems.

Customer Service

To have a successful career in insurance, you must understand the policies your clients want and how best to provide them with what is necessary. You’ll also need good customer service skills to convince people that they can trust their needs will be met by working together- from beginning negotiations to closing out accounts at year’s end!

Good With Numbers

Math is a crucial skill for anyone, but it’s essential if you’re in the insurance industry. You’ll deal with figures daily, so you should have some math skills too. It’s critical to have a thorough awareness of how specific prices affect insurance coverage and how to strike a balance between affordable premium prices and high-quality coverage.

When submitting claims as an insurance agent, you must always calculate rates and avoid any mathematical errors or inaccuracies because even a minor mistake could cost your client a lot of money.

Organization Skills

The line of work in insurance can be tedious, but precision is always necessary. It’s crucial to stay organized so your time doesn’t get wasted on mistakes or confusion because those few minutes could have been used elsewhere.

Insurance brokers deal with an overwhelming number of clients, which requires maintenance and upkeep of many records. Keeping your workstation tidy will allow you to keep detailed information about each client so that you can operate more efficiently or quickly for them when needed.

Technological Skills

The insurance sector is constantly evolving to meet the demands of customers. Firms in the insurance sector are looking for workers who can utilize social media, digital marketing, and cyber communication skills. This is necessary as customer needs change to accommodate new technologies that facilitate instant access to information on your behalf.

skills for insurance careers

What Qualifications or Trainings Are Required To Work In The Insurance Industry?

Most insurance companies offer wide-ranging job opportunities for people with various skill sets, which is why insurance is a great industry to seek a career in. Insurance agents are often seen as the most well-known job in this field, but it also takes other critical job roles to make sure that an insurance company has everything they need for success.

Although there are many different careers in insurance, they all have some common requirements. The following are the general requirements for entering the insurance industry:

High school diploma

Only high school graduation is required for some jobs, such as claims adjuster or insurance sales agent. Some insurance sales jobs, for example, might not necessitate a degree if you possess great communication, sales, and interpersonal skills.

Bachelor’s Degree

A bachelor’s degree is required for insurance jobs that focus on the analytical and business components of the field. Business, finance, and marketing degrees might help you prepare for a career in the insurance industry.

Some jobs in insurance are difficult and require a lot of experience to master. For instance, an actuary needs not only database management skills but also SQL coding knowledge in order for them to have a successful career in insurance.

Experience

Having prior insurance experience is a must for those aspiring to become an associate or senior-level employee at any company. Internships are an excellent way to get practical experience in insurance. Attaining a certification in your desired profession can also give you an edge during job hunting in the insurance industry. If there are no educational opportunities available in your area, online courses might help.

License

Licenses for Sales Agents

State-issued insurance licenses are a necessary step to becoming an agent in any state. Separate licenses are necessary for industrial fire and burglary insurance, motor vehicle rental insurance, and surplus lines insurance, in addition to life, health, car, and property insurance.

Claims Adjusters

To work as a claims adjuster, you’ll need another form of insurance license. Appraisers are normally licensed by their state’s real estate commission to determine the value of real estate for the purpose of issuing homeowners’ insurance.

Insurance Trainers

Most insurance businesses that provide in-house agent training demand that their instructors have substantial experience in the subject matter they’re teaching, as well as active licenses.

insurance career 101

Remote Insurance Jobs

The insurance industry has been most affected by the rise of new technologies. In recent years, we have seen a dramatic shift from traditional office work to remote work. This trend is only expected to continue in the coming years.

So, how many remote insurance jobs are available? The answer may surprise you. There are quite a few! In fact, there are many part-time insurance jobs available as well.

Top Trending Remote Insurance Jobs

  • Insurance Verifier
  • Independent Insurance Agent
  • Captive Insurance Agent
  • Property Claims Adjuster
  • Customer Service Representative
  • Claim Specialist
  • Underwriter
  • Cybersecurity Specialist
  • Travel Insurance Consultant
  • Claims Support

What Are the Top Companies Hiring for Remote Insurance Jobs?

  • Progressive
  • Liberty Mutual
  • Boost
  • GoHealth
  • Root Insurance
  • Clearcover
  • The Hartford
  • Chubb Insurance
  • Assurant
  • Hippo Insurance
  • Nationwide
  • Travelers Insurance
  • MetLife

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