Are you looking for a career with stability, room for growth, and flexibility?
If you answered yes to any of these, then you should strongly consider a career in insurance.
The insurance industry is often one of the most ignored career options for business majors. Most graduates try to break into “cool” tech startups or pursue corporate finance jobs on Wall Street. But here’s a little secret…
The insurance industry is booming. There are hundreds of thousands of retirement-age insurance professionals set to retire within the next five years AND more companies are hiring remote insurance specialists than ever before. According to the Bureau of Labor Statistics, 400,000 insurance professionals are expected to retire between 2021 and 2026. If you’re a business major looking for job security in your career, there has literally never been a better time to get into insurance.
That’s right. Whether you’re looking for insurance specialist jobs in Tucson or fully remote insurance jobs, opportunities are plentiful. And business majors are perfectly poised to take advantage of this shift.
In this post, you’re going to learn:
- Why Insurance Is the Perfect Career Path for Business Majors
- Different Types of Insurance Careers to Consider
- The Rise of Remote Insurance Jobs
- Skills You’ll Need to Succeed
- How to Start Searching for Insurance Jobs
Let’s dive in.
Why Insurance Should Be Your Next Career Move
When most business graduates start searching for jobs, they all begin hunting for the same roles. Marketing, accounting, finance, management. But what if there was another industry that checked all of those boxes PLUS offered you:
Job security?
As a business major, you have skills that insurance companies are dying to hire. So let’s talk about why insurance is the perfect next step in your career.
Everyone needs some form of insurance whether it’s health, home, life, vehicle, or business. That’s why the insurance industry is one of the most stable industries you can get into.
Not only is the insurance industry stable, but it’s also got plenty of room for growth. With so many baby boomer insurance professionals retiring, there are thousands of companies trying to fill those positions by training new talent. That means whether you’re interested in entry-level positions or more senior management roles, your opportunities are wide open.
You might be wondering…
“What about pay? Are insurance jobs as well compensated as other finance jobs?”
Absolutely! In fact, most insurance careers offer better compensation than your average business career. From underwriters to claims managers to insurance specialists. The salaries and benefits packages are outstanding.
Types of Insurance Careers You Should Know
If you’ve never really given much thought to a career in insurance, it’s easy to see how you might think insurance agents only sell policies door-to-door. While there are agents that do go door-to-door, the vast majority of insurance careers look nothing like what you think.
Here are just a few careers in insurance that are hiring right now.
Insurance Specialist
Insurance specialists typically handle policy administration, claims processing, and customer service. This is one of the most common remote insurance jobs that companies are hiring for.
Underwriter
Underwriters process and evaluate insurance applications to determine whether to accept or deny that application. Underwriters usually have strong analytical skills and at least an associates degree.
Claims Adjuster
Claims adjusters investigate insurance claims by analyzing damage and determining how much the insurance company should pay to settle that claim.
Risk Manager
Risk managers help businesses identify and analyze potential risks. If you’re interested in strategy and business, this might be the role for you.
Insurance Analyst
Insurance analysts are business professionals who use data to evaluate insurance pricing, trends, and overall performance.
There are dozens of other insurance career options available. These are just a few of the roles that business majors tend to qualify for right out of college.
The Rise of Remote Insurance Jobs
The big game changer in insurance careers right now is remote jobs. As companies have shifted to hybrid and remote work models, insurance companies have followed suit.
One study found that 75% of insurers plan to maintain a hybrid work environment post-COVID. Which means only a small percentage of companies will require you to work in-office on a daily basis.
If you’ve been searching for insurance jobs in your area, this couldn’t be better news. Instead of being forced to live in a city with a large insurance headquarters, you can now work as an insurance specialist from virtually anywhere.
Companies are finding that remote insurance jobs actually perform better than traditional in-person employees. From increased focus to better work-life balance, remote employees are the new norm.
If you’ve been searching for a career with more flexibility and location independence, there are tons of remote insurance jobs to explore.
Skills You Need to Start Working in Insurance
Like any career, experience and skill matter when it comes to landing an insurance job.
Here are some of the skills employers are looking for:
- Technical Proficiency. The insurance industry is going digital. Companies are investing in technology, remote software, and data analysts to streamline the insurance process. Familiarity with these tools and platforms is a huge bonus.
- Communication. Whether you’re communicating with clients or explaining risk assessments to your boss, communication is key.
- Attention to Detail. One wrong checkbox can cost you thousands of dollars. Attention to detail is imperative.
- Analytical Skills. Odds are, if you were a business major you already have analytical skills. Insurance jobs require you to be able to read data and make informed decisions.
- Licensing & Certifications. Each state has different licensing you may need in order to practice. Additionally, there are tons of certifications you can earn as an insurance professional. While not all are required, they can help you stand out from the crowd.
Don’t worry if you don’t have experience with all of these. Most insurance companies will pay for you to get trained on their systems (some will even sponsor your license). The best time to start your insurance career is now.
How to Start Searching for Insurance Jobs
Now it’s time to put everything together. You know all about different insurance careers, and the skills you need. You just need to know how to break into the field.
- Research. Take some time to figure out what type of insurance career interests you. There are many different fields of insurance such as property and casualty, life and health, commercial lines. Each one has different career paths you can take.
- Network. Start talking to insurance professionals on LinkedIn. Find insurance groups on Facebook. The insurance industry is a small world. Most people will be willing to offer advice if you ask.
- Get Certified. Even if you haven’t found the perfect role yet, you can start working on getting certified. There’s no time like the present to get your insurance license.
- Apply, Apply, Apply! Don’t be afraid to throw your name in the hat. With so many remote opportunities available, you can apply to positions all over the country. Spend some time customizing your resume and cover letter to each position and start applying.
- Leverage your Degree. You have a degree in business! That’s something most applicants don’t have. Whether it was a course in finance, analytics, management, or communication. Use the strengths of your degree as selling points when applying to positions.
Conclusion
Starting a career in insurance isn’t as glamorous as starting a career at a big tech firm or on Wall Street. But what it does offer is stability, pay, and opportunities for growth. Not to mention flexibility with remote insurance jobs.
Companies are struggling to find and train new talent to fill the massive retirement gap that’s about to happen. If you have a degree in business, you have what insurance companies are looking for.