Insurance allows businesses and individuals to take risks and invest in themselves. In fact, insurance is so much a part of our modern society that nothing can happen without it.
And yet, insurance as a career choice remains a mystery to students and recent grads, even while the industry is experiencing its biggest talent need in decades. And, some have even mistakenly labelled it boring even while it plays a key role in dynamic sectors like the arts and technology.
To help clear up some of these misconceptions, we thought it would be worthwhile to look at the top five reasons why you have a place in the insurance industry:
1.High demand sector
First off, insurance is hiring! By 2022, the Canadian insurance industry will see up to 43% of its management and 28% of its specialist personnel leave the industry for retirement. That's roughly 25,000 people. This means between now until the mid-2020s, companies operating in the insurance sector will be actively hiring new grads to help fill projected vacancies.
In fact, across Canada, graduates with an insurance business diploma and/or degree programs see near 100% placement rates. Meanwhile, students graduating with degrees in finance, engineering, and even the arts are seeing similarly high placement rates in the insurance industry
2. Advancement with unlimited earning potential
Not only are jobs plentiful in the insurance sector, but so are the advancement opportunities. Recent graduates with ambition and a solid work ethic will find many opportunities for growth; just read the insurance career stories of Drew Collins and Heather Strength to see exactly where your career can go!
And if you earn a property & casualty insurance industry designation (like the Chartered Insurance Professional) while you are hatching your career in the industry, then there's also greater earning potential.
Next, whether you have a passion for sports, music, film, tech or business, there are insurance careers that can touch all of these industries.
In fact, insurance services exist in every industry, and within each, there's a wide variety of insurance roles to choose from. So, whether you want to advance upwards towards management, transfer sideways to learn other insurance specializations, or switch industries or even countries altogether, there are insurance opportunities for whatever direction you want to take your career.
4.Lifelong learning and growth
In addition to offering challenge and variety, the insurance sector also values and heavily supports professional training and education for its employees—especially as the sector works to fill the growing number of openings left from its retirees.
Depending on the company, this can mean a full or partial subsidy to attain insurance designations, including the Chartered Insurance Professional (CIP) and the Fellow Chartered Insurance Professional (FCIP). These designations are the property/casualty insurance industry's professional education programs; they are recognized nationally and internationally and designed to give new grads a solid level of technical insurance expertise.
5.Making a lifelong difference
Finally, the insurance industry has a 500-year track record of continued growth to a point where, in Canada alone, it is now a $30 billion industry.
This success and longevity is by no mistake. It's earned through the value it offers daily to the wider Canadian business community and each individual.
For businesses, insurance services enable them to invest in their growth confidently, while property and casualty insurance minimizes financial risk and prevents outright financial ruin.
Likewise, for individuals, insurance services enables people to take greater personal risks to build their personal and professional lives, while also supporting them during their times of need and their times of loss.
For these reasons, insurance is an industry that will likely survive well into the future. It is also an industry that you can be a part of to create a positive change in your community. So the next time you’re wondering what it’s like to work in insurance, we hope you keep this in mind!
To learn more about the insurance industry and the opportunities available within it, please visit the resources at Career Connections.