Woody Allen said famous: “There are worse things in life than death. Have you ever spent an evening with an insurance agent?”
Do you like the challenge of creating a budget? Are you fascinated by market fluctuations and are they not put off by a few stereotypical jokes? If so, a career in the insurance is perhaps the perfect place to use your talents and fulfill your interests.
We are all familiar with the stereotype of the boring seller vanilla insurance. That said, it’s time to disprove the myth that the insurance is boring. After all, what is more interesting than the use of mathematics, statistics and your analysis to support people in their time of need?
There is more to insure than selling
The truth is that you do not have to be a seller to work in insurance. There is an abundance of roles behind the scenes that require specialist knowledge, an enthusiasm for finances and a passion for crunching the number.
The insurance sector is based on a delicate balance between market forecasts, risk assessment, money management and security. So if you are interested in financial crime such as fraud and money laundering, there is a role for you. The interests of your customers must be protected. And the company can be vulnerable to fraudulent claims if there is no good control system.
If you are interested in sociology, market fluctuations and statistics, there is also a place for you. One of the most interesting areas on which you can build an insurance career is in the actuarial and analysis teams.
Actuarial teams are responsible for billions of dollars in reserve within their company. This reserve forms a balance between charging their customers an accurate and reasonable amount, the profitability of the company and having enough money to handle the financial impact of a worst-case scenario.
An evolving industry
It is an evolving industry – and not only in the tools and methods that are used to calculate the reserve. The fact is that the insurance sector evolves in the way it adapts to the changing financial climate. So if you are adaptable, motivated and innovative in the way you think, you can apply your problem -solving skills in a rapid industry that is crucial for the lives of millions of people.
Of course the internet is a good place to start your research. There is a lot of information about what is happening behind the scenes in the insurance. Whether you have the qualifications and want to apply them in a practical area, or you have a passion for personal finances, chances are that you will find a niche that suits you.
Photocredit: Steve Snodgrass
#finance #insurance #career