Believe it or not, there aren’t many people working for insurance companies or agencies who grew up dreaming of insurance careers. Unless insurance is a family business, most people are not even aware of the opportunities this field offers.
The insurance industry offers exciting, lifelong career paths that professionals in many areas of expertise can find fulfilling. In this article, we explore what it’s like to work in the insurance industry, what kind of experience and education is required in the field, and how to decide if an insurance career is the right fit for you.
What does an insurance career look like?
There are many stereotypes about working in the insurance industry. From nauseating spreadsheets to piles of paperwork to tough suits, misconceptions abound. Some even believe that insurance people are uptight, boring or out to take advantage of others.
Nothing could be further from the truth.
First, many different insurance careers are available to professionals beyond those to which these erroneous stereotypes refer. In 2021, the insurance industry employed approx 2.8 million people; 1.6 million for insurance companies, 1.2 million for agencies, brokers and other insurance-related companies.
These figures also support the diversity within the industry. Employees in insurance organizations represent many different backgrounds, educations, experiences and interests.
Where those with numbers might end up in underwriting, for example, a person with great skills might find a home in customer service. Similarly, employees with creative passions can work in insurance marketing, while those with a technical background can lend their skills to innovative insurance engineering projects.
Regardless of your path, an insurance career is what you make it.
Who is a good fit for an insurance career?
Insurance is often referred to as a relationship business. People assume that if you work in insurance, you will likely have to interact with your colleagues and peers in other organizations.
For some roles in the industry, this is true. If you’re a people person, there are countless opportunities to embrace career paths that allow you to connect with others, sell products and services, and share your knowledge.
However, there are countless other options for those with different skills and backgrounds. Assessors, administrators, actuaries, legal, support staff, marketing, design, IT and product development all offer career tracks for different personalities and preferences.
Overall, people who work in the insurance industry generally enjoy the service aspect of their work. We come to work every day wanting to help others by providing coverage that protects what matters most to them or helping pay for damages so they can get on with their lives after a loss.
We also enjoy supporting our communities. The Insurance Information Institute estimates that as of June 2020, insurance organizations had donated $280 million to charitable foundations in response to covid-19.
At Central, we support our community in several ways, including ours United Way provides campaignhosting blood drives, providing Christmas gifts to local families in need and much more.
What skills will give me a successful insurance career?
Whether you work directly with agents and policyholders or across internal teams, insurance is a very people-focused industry. Insurance careers are ideal for anyone who enjoys solving problems and helping others. Regardless of the job title, here are some general skills that will be useful regardless of your role:
- Collaborative spirit
- Clear communication (written and verbal)
- Problem solving skills
- Innovative way of thinking
- Flexibility and adaptability
- Team oriented
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What are my insurance career options?
For many, a claims agent is often the first role that comes to mind when thinking about an insurance career. Although claims representatives do very important work as our first point of contact with agents and policyholders, you may be surprised to learn that there are a range of careers waiting to be explored behind insurance company doors. Career areas at Central include:
- Personnel department
- Fraud and Loss Prevention
- Customer service
What are the benefits of an insurance career?
Career opportunities abound in the insurance industry across a range of interests and skills. The 2022 Insurance Labor Market Survey found that 68% of insurance companies plans to expand the workforce over the next 12 months. Almost two-thirds of companies surveyed said their main reason for hiring is an expected increase in business volume in the coming year. Others want to fill understaffed areas, including technology, underwriting and claims.
Income and benefits in insurance are also consistent. For example, between February and May 2020, the average hourly wage for insurance workers increased by 1.8%.
How do I know if an insurance career is right for me?
Most insurance companies have a mission. They are each slightly different, but often include core pillars such as privacy, security, protection and excellence. These statements express What we strive to do and Why we do it. The best companies want to hire people who share these values and embrace a shared sense of culture.
If you’re considering a career in insurance, look at the company’s mission statement and consider how it aligns with your values. With that focus as your north star, you’re sure to find the right place to start a long, happy career in an industry that may surprise you.
A career at Central is more than a job
Central offers challenging and rewarding employment opportunities in many different specialist areas. We are proud to foster a culture that prioritizes our employees.
Employees live our core values every day and fulfill the promise to make a difference in the lives of others. Central rewards their hard work and dedication with a competitive, comprehensive benefits package designed to meet changing needs, maximize flexibility, provide work-life balance and help build financial security for the future. These are just a few of the benefits and programs we have implemented to achieve this:
- Vacation time: Each new employee receives at least 20 days of vacation on their date of employment (proportionately on the month of employment). Additionally, employees with 10-24 years of central and/or relevant industry experience will receive 25 days, and those with 25+ years will receive 30 days.
- Paid parental leave: 12 weeks of 100% paid leave for the birth, adoption or placement of a child in foster care.
- Paid family care leave: Eight weeks of 100% paid leave to care for a family member with a serious medical condition.
- Mourning/funeral days: Eight weeks with 100% paid leave for the death of your spouse or child. Five days plus necessary travel time in case of death of a parent, parent-in-law, brother, brother-in-law, sister, sister-in-law or grandchild.
- Pay sick days: Ten new sick days each year with a maximum of 20 bank days (proportionately based on month of employment) to be used for the employee’s personal illness, injury, doctor’s visit or to care for a family member.
- Short-term disability: A 100% paid benefit based on years of service.
Other benefits include:
- Medical, dental and vision plans
- 401(k) Plan with profit sharing and matching contributions
- Basic Life/AD&D Insurance
- Flexible spending accounts (health care and family care)
- Health savings account with company contribution
- Referral price for employees
- Opportunities for vocational training and leadership development
- Educational incentives and compensation for teaching
- Scholarship opportunities for employees’ children
- Paid holidays and floating holidays
- Flexible work opportunities
- Personnel Assistance Program
- Discounts on home and car insurance
- Mom’s room
- Free shipping of breast milk for traveling mothers
Are you ready to find your insurance career at Central?
Visit our Careers page to explore current job opportunities or LinkedIn to learn more about our culture and the benefits of a career at Central.