The insurance industry offers fantastic opportunities and is an all-round interesting place to work – but you may not think so. Perhaps you've bought into the myths about careers in insurance you might have heard, but there are many benefits to working in the industry – here are some that may not have crossed your mind.
There are few industries that offer the same variety and diversity that insurance does. No matter your skill set, there is a role that will suit you – whether you want to be a claims investigator, an actuary, a broker or even an IT specialist, accountant or marketing executive.
Insurance covers so many risks and sectors that there are always new challenges and the nature of your work will change as the industry evolves. As the use of technology becomes increasingly important in every facet of society, new products are constantly being developed to cover the associated risks – for example cyber insurance and even drone insurance. As a result, new job roles have been created in order to implement these products in the areas of cyber security and data protection.
2. Unlimited opportunities
Insurance is a vast and vital industry for Ireland. There are over 28,000 people employed in the Irish insurance industry, with an increase in entry-level jobs from small brokers to multi-national corporations.
While in the current economy very few jobs could be classified as secure, the nature of the insurance industry allows you to build your contacts through networking, advance yourself with qualifications and take advantage of internal promotions as they become available.
3. Earn as you learn
As a member of the insurance industry, you’ll be given the opportunity to earn first class, internationally recognised professional qualifications through The Insurance Institute.
Customer protection is one of the most important factors the insurance industry must take into account. As part of the Central Bank of Ireland’s Minimum Competency Code (MCC) 2011, those working in regulated, customer facing roles must hold an insurance qualification within four years of entering the industry. This is to ensure professionals who are advising customers are capable, ethical and confident in their work.
If you’re looking to move up the career ladder quickly, undertaking more advanced qualifications will allow you to take advantage of every opportunity to do so.
In addition, the recent launch of the Insurance Practitioner Apprenticeship gives you the opportunity to earn a degree along with your professional qualification as you work.
4. Challenge yourself
New cases, claims and situations often arise when you’re working in insurance, which means you’ll be constantly kept on your toes. You’ll have the opportunity to challenge yourself and use your problem-solving skills to ensure the best outcome for you customers. You’ll also be working with various other industries and professionals to investigate claims or tailor insurance products to fit their needs.
There’s no ‘one size fits all’ when it comes to insurance, so you can rest assured that your job will never be dull.
5. Personal and job satisfaction
If you want a career in which you play a vital role in protecting people and helping them put their lives back together when the unthinkable happens, then a career in insurance could be the perfect fit. Ethical, caring and committed people are always welcome in the industry, where you’ll be able to professionally develop while also contributing to something constructive and crucial.
In addition, many insurance companies run extensive Corporate Social Responsibility (CSR) programmes, which allow you to get involved in charitable initiatives and give back to the community in a meaningful way.