How to Get Into the Insurance Industry: Roles and Skills

Note: This article was originally published on gogpac.com/knowledge-center.

The insurance industry has experienced exponential growth in the past decade. It is not only one of the biggest industries globally, but the US insurance market remains the largest worldwide. Alongside the finance industry, they have an estimated revenue of 6 trillion dollars. No wonder why many professionals aim to get into the insurance sector.

Fortunately, as big as its revenue is, the insurance industry has one of the largest labor markets and keeps growing. This means there are a lot of opportunities for everyone attracted to this industry. But then, how can you get into insurance? Stay on this read and learn everything you need to succeed in this industry.

How to get a job in insurance 

The insurance industry offers a wide variety of careers, allowing professionals with different backgrounds, skill sets, and education to get into insurance smoothly. Depending on the job role that interests you, the best course of action will be to research the required certifications, knowledge, and qualifications to perform it. 

However, if you want to get ahead and set the groundwork for your career change, here are some recommended actions for getting into the insurance industry. 

• Identify a role that aligns with your profile: Think about the goals you want to achieve in the insurance industry and the tasks that will make you feel more comfortable. Keep in mind your current skills when doing so, but don’t limit yourself to positions related to your expertise; instead, consider new activities that attract you. 
• Identify transferable skills and experience: Insurance roles usually have functions related to other industries, such as finance, tech, or marketing; therefore, it’s most likely you already have qualities and valuable knowledge for insurance. Once you’ve identified them, it’ll be easier to cover the skills gap for your transition. 
• Get the required education for the role: Although many high-paying insurance jobs only require a high school diploma or bachelor’s degree, there are executive roles where having a master’s degree is preferable. On the other hand, if you aim to become an insurance agent, you’ll most likely have to get a license to sell insurance policies.  
• Grow your network: Leveling up your networking skills will help you make your way into the insurance industry and succeed in it. Networking lets you stay updated with trends that can set you up for success, and making your name known is an excellent way to land new clients and work opportunities. 
• Update your resume: Before applying for your desired job role, make sure to update your resume following recruiter best practices. The main goal is to highlight why your profile is the right fit for the job. If you want to go one step ahead, tailor your CV to the job description and company you’re applying for so it stands out to the interviewer. 

Is it hard to find insurance companies to work for?

If you’re pursuing an insurance career, there are many companies you can apply for, even if you prefer a flexible or completely remote position. From known large corporations such as Allstate, New York Life, Allianz, and Farmers to regional or local insurance firms, there’s a wide range of potential employers you could search for to make your transition into the insurance industry. 

In case you want assistance with your search and application, you can work with a recruiter to find a job in insurance or any other industry. As search consultant specialists, recruiters can guide you throughout the interview and hiring process. 

Even if you haven’t sourced an insurance company, recruiters have a portfolio of clients with available job opportunities. As long as you have a clear idea of the role you’d like to perform, they can suggest positions and employers that align with your needs. They can even advise what aspects of your profile you should improve to shift careers or recommended skills to acquire.  

If you aren’t aware of the benefits of working with a recruiter or haven’t found one specializing in this industry, contact one of gpac’s insurance recruiters to plan your career change. 

What skills are needed for insurance?

Insurance is a highly welcoming industry, as its wide range of roles allows professionals from many backgrounds to get into it. Although core soft skills are needed to build and maintain client relationships, other technical and transferable skills will let you fulfill other key functions, such as assessing data and completing administrative tasks.  

Here are some essential traits and abilities that will set you up for getting into insurance successfully. 

Customer service

As mentioned before, interpersonal skills are the cornerstone of many positions. Whether it’s a face-to-face or remote interaction, many insurance jobs rely on customer service. If you become a broker, claims executive, underwriter, or adjuster, you’ll interact and sometimes negotiate with clients, stakeholders, or even colleagues. 

Communication

While communication skills are a must for effective customer service, their impact goes beyond this aspect. Since most of your clients, as an insurance agent or representative, will have basic or below knowledge about insurance services, you’ll have to be a proficient communicator to explain basic information about coverages and policies clearly and in simple terms. 

Attention to detail

Since many insurance jobs involve calculating and processing payments, attention to detail is necessary to enter this industry. A typo or miscalculated figure can make or break your customer’s trust in your work and your personal branding to gain more clients. 

Having sharp attention to detail involves understanding your responsibilities above and beyond, so make sure to be clear about them and clear any concerns during your training. 

Administrative and organization

Many insurance roles have structured administrative procedures for issuing policies and other documents, processing payments, reimbursements, etc. To perform effectively, you’ll need to be proficient in following these processes and setting a clear organization for your day-to-day activities, customers’ organization, and any other tasks related to your internal management.

Math literacy

Another highly valued skill for getting into insurance is numeracy. This industry has various mathematically demanding roles. Finances-related positions such as actuaries, auditors, and financial managers and analysts require more in-depth knowledge as they process and model statistics on a day-to-day basis, while other roles, like claim examiners, who analyze numbers more simply, only need a more basic proficiency. 

Analytical

Aside from analyzing numbers, insurance job roles require evaluating a situation from a broader standpoint. For example, as an insurance agent, you’ll have to examine your clients’ conditions to offer them different insurance policies according to their needs. Truth be told, in any insurance role, you’ll face situations that will demand that you use your analytical skills. 

Problem-solving

But what’s the point of applying your analytical skills if it’s not for solving problems? If you aim to get into insurance, you’ll need sharp conflict resolution skills, whether for dealing with dissatisfied customers or calculating and solving any policy’s risks. 

If you’re getting into insurance, you’ll face many kinds of issues, so any employer will highly treasure your ability to think creatively about solutions for them. 

Types of insurance jobs

If you’ve been pursuing a career change and one of your options is getting into insurance, but you’re still figuring out how to do it or which position you could land, there are many options depending on your background and needs. 

Assistance or support positions

If you’re just finishing college or have an entry-level profile, you could start with assisting positions. Many jobs within insurance companies have the primary objective of providing support to insurance agents, customers, or management. Here are some of the most common ones. 

• Administrative assistant
• Junior underwriter
• Processing clerk
• Claims assistant

Analyst roles

As mentioned above, other vital roles within the insurance industry are those related to analytical work, whether evaluating revenue and sales or clients' risk factors, prices, and coverages. 

• Risk analyst
• Actuary
• Financial analyst
• Benefits analyst
• Accountant and auditor

Remote jobs

If the only thing getting in the way between you and getting into insurance is the work-life balance, nowadays, there are many remote insurance jobs, so there’s no need to jeopardize your family time by landing one of these flexible-schedule roles. 

• Denials specialist
• Claims examiner
• Insurance service representative
• Call center representative
• Risk adjustment auditor

People-oriented positions

The most common job roles in the insurance industry are those whose day-to-day activities involve working with clients, whether to guarantee they receive the proper attention throughout any process or those focusing on providing them compensation and insurance packages that best fit their needs. 

• Underwriter
• Insurance agent/salesperson
• Claims adjuster/representative
• Customer service representative

Make sure to check all the boxes to guarantee a smooth transition when prepping for a career change. The suggested actions, positions, and skills will help you plan your transition to the insurance industry, and partnering with a recruiter along the process will ease the burden of doing all on your own. The best thing is you won’t have to spend a dime out of your pocket.