Overview of the Insurance IndustryInsurance Industry Careers

If you’re only starting in the workforce or are prepared to make a transition, it can be a daunting job to search for the right profession. If you’re wondering which career is right for you, figuring out where to start can be overwhelming.

Working in the insurance sector is a choice that you should consider strongly. In this field, which has a long, rich past, and a bright future, well over 2.5 million people in the United States work. You can follow several career paths, but you’ll want to make sure you pick a job that not only helps you make a living, but also makes sense and offers you plenty of opportunities to expand your career.

Why deal for an insurance company? Eight fantastic explanations are going to be addressed, including the work outlook, salary, different career paths, and more. Consider these eight reasons why an insurance career is an excellent choice if you want a safe, fulfilling work that you can start immediately.

1. Insurance is a Stable, Growing Industry

While certain sectors come and go, insurance has been, and will always be, an integral part of our culture. We will still need protection, as long as life requires risks. As old as human culture itself, the idea of insurance is. As far back as 4000 to 3000 BCE, the earliest evidence of insurance comes from.

The first insurance company in the United States was the Philadelphia Contributionship, initiated in 1752 by Benjamin Franklin. Cigna, which today is a multinational health insurance corporation, was founded in 1792 in Pennsylvania as a marine insurance company, making it one of America’s oldest companies.

The insurance industry has a long and rich history, needless to say, and is not going anywhere anytime soon. That is because, as times shift, insurance does not lose its significance. Culture shifts, technology evolves, our economy has its ups and downs, and insurance remains an integral part of the lives of people despite it all. Individual insurance companies can come and go, but to remain stable, you can rely on the industry as a whole.

The insurance industry is the ideal choice if you want to work in an industry where you can count on finding a relevant role in society for decades and even centuries to come.

2. High Demand Professional

Not only is the insurance industry stable, but it’s also rising. Employment is projected to increase by 10 percent from 2016 to 2026 for insurance sales agents, who make up the majority of workers within the insurance industry. The projected growth is significantly higher for other occupations than the overall national growth. More precisely, over the coming years, the BLS forecasts a particularly rapid growth rate in the jobs of health insurance sales agents.


For anyone considering a career in the insurance industry, and particularly in insurance sales, such quick growth is great news. They leave endless opportunities in their wake as the workforce dominating this sector leaves to retire. These positions need to be filled by insurance firms, which means you have excellent prospects for finding a position as a new employee entering the industry.

If you want to pursue a profession that is in high demand for your energy and expertise, then the insurance industry is a perfect option. Just as you can count on the industry to stay stable, the demand for your services to help keep this critical industry going can always increase.

3. Many People Succeed without a College Diploma

Another great reason to consider an insurance career is that once you decide you want to give it a shot, it’s easy to get started. To even be regarded for a position, many jobs require you to have a four-year degree. For more than 40 percent of the population who do not have a college degree, this necessity poses a difficult challenge.

While attending college is nothing wrong, many people find that they can find fulfilling jobs without devoting years and thousands of dollars to acquiring a degree. The great news in the insurance industry, especially if you want to be a sales agent, is that you do not need a degree. The only academic prerequisite is usually a high school diploma or equivalent.

You don’t need prior experience because you undergo on-the-job training, either. For employees who are irritated by the skill criteria that many job ads provide, this is fantastic news. Don’t be disheartened by the fact that degrees or years of experience are needed for so many jobs. All you need to be successful is the right passion and mindset if you want to work in the insurance industry.

4. High Earning Potential

For every job, the pay is always something to consider. In the case of insurance, one of the key advantages you’ll want to remember is working in the insurance sector. If you’ve heard that the income of insurance agents is not reliable because their pay is entirely based on commission, this may come as a surprise to you. If this is valid, then some confusion would be involved in getting paid.

Luckily, the notion that the compensation of an insurance provider comes purely from the commission is largely incorrect. While commission-based pay can be a fantastic incentive that rewards your accomplishments along the way, you would still be able to rely on a steady wage in most cases.

The earnings of insurance workers are not only stable, they are relatively high. In 2018, the average salary for an insurance sales agent was over $50,000, which for all professions is well over the national average. This kind of salary will help you make the comfortable living you want, particularly considering that you don’t have to take on student loan debt before you can work in the insurance industry.

There are other places to consider if you want to receive a higher salary in the insurance sector, such as, for example, an actuary. This job requires a bachelor’s degree, but because actuaries earn six figures, it might be worth the schooling, and employment prospects for this career path are rising at an incredibly high rate of 22 percent.

5. Your Career Path is Not Set in Stone

One reason the insurance sector should be viewed by everyone is that there are several career paths within the industry to fit a range of skills. Second, for specialization, there are wide fields, such as health insurance, life insurance, car insurance, and so on. In any kind of insurance firm, there are also distinct roles that play an important role. A potential career choice is each of these positions, so you can find which one suits you best. Such positions include:

  • Actuary: The persons who set premiums are actuaries. To help insurance firms sustain an overall profit, this requires complicated equations that balance out the potential risk.
  • Claims Adjuster: When a person makes a claim, the case is reviewed by a claims adjuster to see what kind of cash benefits can be earned by the client. This includes the scene being inspected, talking to the client, and more.
  • Claims Examiner: Examiners are charged with evaluating claims that come in and determining if they merit compensation or if they are invalid and should be rejected.
  • Insurance investigator: Because insurance fraud is often committed by individuals, insurance inspectors are there to investigate suspicious claims and get to the bottom of what happened.
  • Insurance Claims and Policy Processing Clerk: Insurance needs a large deal of reporting, but the logistical aspects of the process are facilitated by claims and policy processing clerks so that all staff can access the paperwork and current information they need.
  • Insurance Sales Agent: Insurance sales agents assist individuals, families, and corporations in seeking insurance plans that suit their budget and fulfill their needs. Agents can either market one insurance provider’s policies or operate for a brokerage, where many insurers can sell policies.
  • Insurance Underwriter: Like actuaries, underwriters measure risk, but in this case, to decide if it is smart for an insurance firm to take them on as a customer, they concentrate on people to analyze their particular risk profile.

Beyond these job descriptions, there are many more options for specialization. You can draw on this for your insurance career if there is a particular market or region that concerns you. You can take your passion for antiques, electronics, travel, or just about anything else, and use it to come up with your niche in the market, as insurance covers almost any region you can imagine.

6. Mix It Up

If you’re the kind of person who doesn’t want a job that feels very boring, then insurance work should be considered. You get to connect with and learn about these industries and technologies, as insurance companies reach into so many different industries, which puts new demands on insurance companies. The insurance industry, for instance, needs to decide how to treat threats such as driverless vehicles, drones, and other technological inventions.

From year to year and decade to decade, these latest innovations will impact the insurance industry as a whole. However, you don’t have to wait for a major, modern technological breakthrough to experience any variance in your job when you work at the insurance agency. When you work in the insurance sector, every day is different.

You get to visit new locations and collaborate with many individuals. Many individuals want to travel for their work because it helps them to see the nation and have new experiences, all while being compensated instead of wasting money. Then you should consider becoming an insurance sales agent if you enjoy flying. You would undoubtedly be able to spend time traveling to visit clients, and you will even be able to fly to work or attend conferences with various colleagues.

7. Be a Mentor

One of the best reasons to work for insurance is that every day you get to support others. Research indicates that people care about important work being done. In reality, a Harvard Market Review survey reported that if it meant their jobs would have more value, 9 out of 10 individuals would take a pay cut. For a charity, meaningful work does not necessarily involve working. For-profit organizations can also support individuals, and this is true for insurance companies.

Getting insurance allows people to have peace of mind when things are going well and when bad things happen, it lets them pick up the pieces.

If you’ve ever had to file an insurance claim, then knowing you have insurance and don’t need to deal with an unforeseen financial burden, you can relate to the feeling of relief.

Getting insurance helps you to take care of things without going through a financial crisis if you unexpectedly need to fix your vehicle, restore your home, pay legal bills, or get the medical attention you need. You know how much of a blessing a life insurance policy can be if you’ve ever had to grieve the loss of a loved one you counted on financially.

Insurance firms are for-profit companies, but the fact that they support people every day doesn’t change that. You can play an important role in helping people plan for and get through tough times, whether you’re helping people pick the right policies for them or dealing with them when they file a lawsuit.

8. Become a Lifetime Learner

A great reason to pursue a career in the insurance industry, last but not least, is that you can never stop learning. Insurance risks and needs are changing as the environment changes. This ensures that those working in the insurance sector have to keep up to date with these trends and learn how to continue to support and remain successful for individuals. Insurance brokers must also keep the relevant regulatory legislation up to date.

You’ll learn new things about the industry and how to do your job even better all the time, whether you take classes, do your research, or attend conferences. It keeps your mind sharp to be a lifelong learner and can make your job more interesting and enjoyable. Your future is made more enjoyable by the chance to learn and develop instead of feeling stuck.

Every state has some standards for continuing education (CE) courses to ensure insurance staff keep their information and skills new. This continuing training helps insurance practitioners to retain their licences. Continuing education courses may often seem like nothing more than an obligation, but these courses help you sustain a mentality for development.