5 of the Best Insurance Career Paths for Young Professionals
Are you thinking about a new career? There are several insurance career paths that lead to a rewarding future.
A lot of people think about insurance agents when they think about insurance career paths. It’s understandable. Agents and salespeople are the face of many insurance agencies. That’s the person you talk to about a new policy. It’s the neighbor you see when you want to add a vehicle to your auto insurance. But it takes a lot of work to keep the insurance industry moving, and though sales is a great career path, it isn’t the only one.
If you’re looking for a new or different career and wondering if there are other insurance industry career paths than in sales, take heart. There are plenty of other job opportunities within the insurance industry that are interesting, challenging, and stable. Best of all, the industry is growing, so there is plenty of room for anyone interested.
Challenging and Rewarding Insurance Career Paths
Whether you’re just out of college or looking for a new line of work.
1. Human Resources
While an HR job might not be what you’d expect to read about, it’s a vital field within the insurance industry. For instance, at Pekin Insurance, our Human Resources Department is responsible for a variety of functions related to the needs of employees. This includes recruitment and onboarding, employee engagement, training, communication, compensation and benefits administration, and, most recently, change management! Most HR professionals have either a Bachelor’s degree or a Master’s degree.
If you find statistics and data interesting, this might be a good direction. Actuaries analyze statistics to forecast risk and liability. They weigh critical information to establish rates and premiums for insurance policies. The Casualty Actuarial Society and the Society of Actuaries both have professional level classes and exams for people interested in this work.
3. Auto insurance adjuster
If you like working with automobiles and don’t want to spend too much time at a desk, working as an adjuster is one of the insurance career paths that can fit the bill. Adjusters assess vehicle damage and estimate repair costs for customers who have been in an accident. State laws vary, but in most states, you need to pass a licensing exam to work as an auto insurance adjuster. You may also need experience working in the automotive field.
3. Loss control representative
As a loss control expert, you’re in the field helping businesses improve their safety through both immediate and ongoing consultations. You may provide a liability survey for one client and review OSHA compliance with another. You’ll need excellent customer service skills, as well as a keen eye for details and a strong interest in continued learning.
4. Software developer
If you love working behind the scenes to ensure all the technical pieces fit together, working in the insurance industry as a software developer may offer a lot of opportunities. With new technology reaching the market every day, it’s vital for insurance companies to keep up with what customers expect. Whether it’s perfecting an automated payment system or optimizing a website for the best user experience, this is an insurance career that will only grow with time. In fact, the Bureau of Labor Statistics estimates that the field will grow by 24% over the next decade.
Even with the many other possibilities, we really can’t talk about insurance career paths and skip over insurance agents. One of the many appealing things about selling insurance is that you can truly specialize in something you love. Maybe you love sailing and want to specialize in working with marinas or individuals with boats. A motorcycle aficionado could focus on motorcycle insurance. Perhaps your previous career was working as a carpenter. You could market yourself toward contractors. There’s really no limit to what direction you might choose.
Many insurance companies may require a Bachelor’s degree as a condition of employment. However, you don’t always need a college degree to work as an insurance agent, although you do need state licensing.
For a young professional, many insurance career paths offer stability while also giving you the chance to learn, grow, and challenge yourself every day. There are plenty of possibilities once you start thinking about it.