Benefits of Working in Insurance Industry

Working in the insurance industry can be one of the most rewarding ways to right your career path, whether you are entering the job market or changing professions. Like with many industries, there are a few misconceptions about the occupation, which is why Park Insurance is stepping in to clear it all up.

5 Reasons Why Working in Insurance Will Change Your Career Path for the Better

1. Few Barriers to Entry

Far too often great talent is kept from entering an industry because they haven’t spent the required $200K on a university education or put in the 10,000 hours to gain direct experience, or both. This backwards mentality ends up robbing each respective industry of the opportunity to foster and build a sustainable talent pool that will help drive the future of the economy and nation as a whole. The insurance industry does not count itself amongst this lot.

Instead, we look at a different set of credentials, including ambition, work ethic, interpersonal communications and charisma, raw talent, and the proverbial je ne sais quoi. We’ll take that “x factor” over a university degree more often than you’d think!

If you’re looking for a place that will recognize what you bring to the table while providing effective on-the-job training and management development, then you have indeed found your calling within the insurance industry.

2. No, it’s Not Commission-Only Based

This is definitely one of the biggest misconceptions out there. If you’re joining a reputable independent brokerage such a Park Insurance, you are not part of some Boiler Room or Glengarry Glen Ross (movie references contingent upon your generation) environment.

Instead, you’re entering a profession where you will enjoy a competitive salary that is benchmarked against the Canadian insurance sector. And when with a firm such as Park, that salary is likely to exceed that of the rest of the industry. Of course, some of you uber-ambitious individuals may be wondering about benefits, bonuses and other opportunities to earn more for your hard work. Well, let’s just say this – your salary is only one element of a very well-rounded compensation package!

3. Opportunity for Growth and Diversification

We spoke to the opportunity for growth above when we addressed our training and management development programs, but it’s also important for you to realize that just because you may be entering the insurance industry in one role, it doesn’t mean you have to stay there.

Like many diverse organizations, there is no need for plateauing. There are so many areas of specialization that there will be something to match your personal interests and passions. For example, let’s say you are fascinated by the tech sector and cybersecurity. That means you can dive on into cyber liability in the future, an industry that is expected to grow exponentially as our world heads towards total digitization. Other engaging areas of specialization include (but are not exclusive to) corporate risk management, arts and antiquities, entertainment, sports, travel, and more. By entering the insurance industry today you open up a world of opportunities, even if you don’t yet know where your unique talents will take you.

4. It’s Actually Pretty Darn Exciting

OK, so we’ve got your attention, but a lot of you may be thinking that for all of the professional opportunities, the industry may be too boring for you. This couldn’t be further from the truth.

In addition to the ability to specialize by your interests in the future (as noted in item #3 above), the field of insurance is chock full of not only interesting but downright wacky circumstances that never cease to amaze the most seasoned insurance professional.

Think about it, insurance provides risk management for businesses and people as it applies to their activities, assets, and possessions. Now think about every single contingency that can arise with each. It’s impossible to list them all, but it is possible to insure for almost every single one of them.

Your day to day “office” experience includes engaging brainstorming sessions with colleagues and ongoing interactions with current and prospective clients. You get to help real people, entrepreneurs, and families plan for their future, protecting them from all that can occur. You’ll end up feeling pretty darn good about what you do when you return home at the end of the day – how many people can say that?

5. Stability

The only thing that’s certain in life is death and taxes, and insurance. As long as there are people, places, and things, something can and will go wrong and insurance is here to protect from it all.

The industry is also free from the threat of recession. Businesses and households aren’t going to stop insuring during economic uncertainty, quite the opposite in fact. While your friends who work in finance, marketing, construction, retail, energy, hospitality, transportation, legal, pharmaceutical, communications and more continue to stress about the stability of their profession you’ll have peace of mind in knowing that you’ll be working in the field for as long as you want to. But don’t just take out word for it, look to reputable career resources such as Monster Worldwide Inc. who state that this industry is the where to be if stability is important to you.

It’s a fair assessment to say that the best insurance policy you can take out on your career, is to find a career in insurance.


Have we peaked your interest? Park Insurance is proud to announce that we have two available positions in Greater Vancouver BC. View more about these exciting career opportunities here.