Can you name one of the fastest growing industries for new college graduates to begin a professional career? Did you say insurance? If not, perhaps you should consider taking a closer look at this job sector.
According to the National Association of Colleges and Employers (NACE) Job Outlook Survey for 2013, the insurance industry is projected to grow by nearly 13%. While this projected growth has made jobs in the insurance industry one of the hottest categories in the finance sector, insurance companies offer a wide variety of jobs and recruit students from all academic majors – both business majors and non-business majors alike.
Here is a sample of the types of careers available in the insurance industry and some of the required skills for each position:
- Underwriting – Insurance underwriters review and evaluate insurance applications to assess the degree of risk involved. They also help to determine coverage amounts and premiums. Underwriters need to have solid communication skills, critical thinking abilities, and problem-solving skills.
- Claims Adjuster Appraiser – Claims adjusters investigate, analyze, and evaluate insurance claims. They help to determine whether an insurance company must pay a claim and, if so, how much. Claims adjusters must have the ability to think critically, utilize complex problem solving skills, and demonstrate solid judgment and decision making.
- Personal Financial Advisors – Some insurance companies also offer clients a variety of investment tools and resources. Financial advisors work with clients to assess financial objectives, insurance coverage, risk tolerance, and income to establish personalized investment strategies. They must have the ability to communicate effectively, analyze complex data, and actively listen to the needs of their clients.
- Broker/Agent – Insurance agents and brokers sell life, property, casualty, health, automotive, or other types of insurance. They explain various policy options to customers and help them choose the products that are right for them. Agents must have excellent communication skills, the ability to build relationships, and negotiate a sale with clients.
- Actuarial – Actuaries analyze statistical data, construct probability studies, forecast risk and liability. They work with clients to develop strategies and policies that minimize the cost of that risk. Actuaries need to have strong technical skills and the ability to analyze and solve complex problems.
For more information about careers in the insurance industry, I encourage you to utilize these resources:
- UW-Whitewater College of Business and Economics which offers an emphasis in Insurance within the Finance department
- Occupational Outlook Handbook produced by the Bureau of Labor Statistics – a useful resource to research information on hundreds of occupations
- Hawk Jobs – providing access to insurance jobs (and other opportunities!) advertised to students at UW-Whitewater
Photo by Images Money.