Innovator Insights | Benefits of Working in the Insurance Industry
The insurance industry is a great place to build a sustainable career, as you can grow in your profession, develop new skills and be successful. Amid economic uncertainty, a career in the insurance sector may offer stability and ample potential.
The insurance sector has the second-largest employment share (32%) of the finance and insurance, real estate, and rental and leasing (FIRE) industry in the Atlantic provinces. Furthermore, insurance agents and brokers make up the largest percentage (10.4%) of all FIRE occupations. Looking ahead, recent growth in the insurance sector could further increase the industry’s share of the employment market. (Source: Statistics Canada)
WHY YOU SHOULD WORK IN INSURANCE?
Consider the following benefits of a career in the insurance industry:
1. rISING dEMAND
Currently, more people are leaving the workforce than entering it, and the insurance industry may face some of the most significant losses. As a result, insurance companies will compete to hire the best talent to replace people, perhaps even for succession planning purposes.
2. INCREASED JOB SECURITY
Insurance careers are sustainable, as there is always a need for coverage. Although all sectors are impacted by economic uncertainty, the insurance industry remains relatively stable.
3. gREATER FLEXIBILITY
Like many other industries, the insurance sector more readily accepts flexibility. Some workers are experiencing increased job flexibility to accommodate meaningful activities or responsibilities outside of work.
4. WIDENED SKILL SETS
Various roles in the insurance sector go beyond being an agent, including claims, accounting, marketing, and underwriting professionals. As such, there’s bound to be a position that matches your transferable skills and knowledge.
5. ADDITIONAL GROWTH OPPORTUNITIES
Many companies in the insurance industry offer learning and development opportunities, such as on-the-job training, self-study options or educational reimbursement.
6. bOLSTERED TEAMWORK CAPABILITIES
By joining the insurance sector, you are part of a larger team and working toward the greater good. Insurance is about protecting people and businesses against risk. Collaboration is key to business success in this sector.