by Amy Collett
If you’re recently unemployed and looking for a field with rosier job prospects, you might want to consider insurance. The insurance industry accommodates fast-paced routines (e.g. with jobs in short-term insurance) or long-term relationship building (e.g. with jobs in life assurance). Regardless of your background, skill set, or outside interests, you’re bound to find something that suits you. Lewis Training Services shares a few potential roles you may find interesting.
Available Roles
Depending on whether you find a job with a brokerage or you work directly for an insurance company, your position may require you to fill one or more of these roles.
- Sales: This position involves signing clients up for various insurance policies after performing a needs analysis. Sales roles have the potential to be really high-paying, with commission structures and incentives being awarded to the best-performing agents.
- Underwriting: Insurance is largely dependent on whether an insurance company can accept the risk a specific client poses. Underwriters are experts whose job is to determine the severity of risks and what premiums need to be charged to the client in order to cover them.
- Client Services: Client service staff take care of all changes made to policies after the initial sale. These may be as basic as updating personal details or as complex as adding or removing items from the cover.
- Retention: Since insurance companies depend on the premiums collected from clients in order to pay out claims, it’s of utmost importance that they remain on the books as long as possible. For this reason, specially trained staff are equipped with saving tools, like discounts, to prevent cancellations.
- Actuarial: While underwriters determine the risks of specific clients, actuaries develop procedures and policies for the company overall using mathematics and statistics. The role is very well-paid and requires candidates to have extensive education together with an affinity for critical thinking.
- Administration: Admin-related roles in the insurance industry often require staff to provide support to other agents in performing basic tasks that can be repetitive and time-consuming. These may include capturing claims, making appointments, or requesting authorizations from senior staff.
- Claims: Insurance adjusting involves assessing the damage to the client’s property during the claims stage and identifying to what extent the insurance company is liable. Some adjusters investigate incidents in person, while others work remotely, relying on reports and pictures from contractors to settle claims.
Education
Once you’ve identified which sector of the insurance industry is best-suited to your abilities, you’ll need to ensure you meet the requirements to apply for vacancies. Although there may be a few entry-level positions available, some positions will require a bit more expertise. Take advantage of opportunities to gain fully-online insurance-related qualifications that are offered through institutes. To stand out among other applicants, tailor your resume to the role you are applying for and ensure that the specific skills and achievements cited are relevant to the industry.
Opening an Agency
If you’re better suited to a managerial role and would prefer to hire agents of your own who already have the necessary expertise, starting an insurance agency is made simple through the registration of an LLC. Your company will be equipped to sell and manage insurance portfolios using existing insurance products, while also benefiting from tax breaks and the potential for flexible growth in the future.
Venturing down a new career path can be daunting if you’re not familiar with the field you’re interested in. Although the insurance industry may appear complex to newcomers, the relevant skills and experience are easy to pick up with the right educational tools and business-related resources at your disposal, and can ultimately lead to a rewarding and lucrative career.
Lewis Training Services provides you with notary services, insurance training, and information. Learn more about us by emailing customerservice@lewistraining.online.
